Aether Systems Skyrockets on AOL Pact

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Aether Systems

(AETH)

was gaining 27.1% to $8.40 before the bell in Instinet trading.

Tuesday morning, the company said it signed a deal with America Online, a division of

AOL Time Warner

(AOL)

, to develop and market Web and wireless services.

In addition, America Online will make a minority investment in Aether Systems, but details weren't disclosed.