NEW YORK - Shares of RealNetworks Inc. soared in premarket trading Monday, following news that Yahoo Inc.'s online music subscription service customers will switch to RealNetwork's Rhapsody music service.
Yahoo, which is closing its online music subscription service, said the move allows Yahoo to focus on free, ad-supported music, among other media offerings.
Although financial terms of the deal were not disclosed, shares of RealNetworks soared 67 cents, or 11.3 percent, to $6.62 in premarket trading, having finished Friday at $5.95.
The Nasdaq-100 Premarket Indicator pointed to a slightly higher opening for U.S. markets, following positive earnings reports from Humana Inc., a Louisville, Ky.-based health insurer, whose quarterly profit surged 57 percent.
Also inching higher were shares of Google Inc., after David Drummond, Google's chief legal officer, said Microsoft Corp.'s $42 billion offer for Yahoo "raises troubling questions." Google has said it believes a combination of Microsoft and Yahoo will stifle Internet innovation, as both companies are much larger than Google in terms of e-mail and instant messaging.
Shares of Google inched up 55 cents to $516.45 in premarket trading, after closing at $515.90 on Friday. Yahoo advanced 11 cents to $28.49, following a $28.38 finish on Friday, and Microsoft Corp. rose 12 cents to $30.57, after ending at $30.45 in regular trading.
On the losing side, shares of Archer Daniels Midland declined in premarket trading, after a rise in demand and prices lifted quarterly profit, but the results missed Wall Street expectations by a penny.
The stock slipped 50 cents to $45, after ending at $45.50 on Friday.


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