Shares of Nxt-ID Inc. /zigman2/quotes/205603226/composite NXTD -0.22% rocketed 60% on heavy volume in premarket trade Monday, after the company said its FitPay Inc. subsidiary entered into a network services agreement with Discover Financial Services /zigman2/quotes/208747867/composite DFS +12.52% . Volume topped 1.9 million shares ahead of the open, making the stock the most actively traded ahead of the open. The agreement will allow Discover cardholders to make secure "contactless payment transactions" at retail locations with wearable devices. Under the agreement, FitPay's payment and digital wallet platform will be integrated with DDX, which is Discover's tokenization platform. "Consumers should have options in how they pay, and this agreement makes cutting-edge payment devices available to Discover cardholders," said Nxt-ID Chief Operating Officer Michael Orlando. Discover's stock was inactive in premarket trade. Over the past three months, Nxt-ID's stock has run up 59.1%, Discover shares have gained 21.4% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.48% has tacked on 5.6%.
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U.S. stocks extend gains as tech shares rally