Shares of Internet postage group
skyrocketed Monday after it announced plans to phase out its Internet postage product line to focus on its Web-based shipping and logistics solutions.
The company also said it had struck a deal to direct its postage customers to French postal equipment maker
, which operates an online service called
Shares of E-Stamp surged 111%, or 31 cents, to 63 cents in
trading Monday morning.
E-Stamp said it will reduce staff by about 30% as a part of the reorganization.