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Stock Market & Financial Investment News

News Breaks
June 3, 2014
12:29 EDTEZPW, FCFS, DLLR, CSHCash America sinks after analyst sees high regulatory risk
Shares of payday lender Cash America (CSH) are falling after research firm Janney Capital downgraded the stock to Neutral from Buy, saying it faces high regulatory risks. WHAT'S NEW: Cash America's risk/reward ratio has become less attractive, as the company faces high regulatory risks and scrutiny in the U.S. and the U.K., Janney Capital analyst Sameer Gokhale wrote in a note to investors earlier today. The U.K. has already placed limits on payday lenders and America's Consumer Financial Protection Bureau is in the process of developing rules for the industry, the analyst stated. The CFPB's regulations could limit rollovers of loans and place limits on the size of loans, Gokhale predicted. The new rules could negatively affect Cash America's profitability, warned the analyst, who thinks that the shares appear to be fairly valued and the stock's ability to rise is limited. PRICE ACTION: In early afternoon trading, Cash America dropped 5.7% to $45.45. Other payday lenders also fell, with First Cash Financial (FCFS) losing 1.4% to $52.33, EZCORP (EZPW) dropping 2.7% to $11.96, and DFC Global (DLLR) retreating 0.5% to $9.35.
News For CSH;FCFS;EZPW;DLLR From The Last 14 Days
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July 28, 2015
11:35 EDTCSHCash America management to meet with Sterne Agee CRT
Meetings to be held on the West Coast August 3-4 hosted by Sterne Agee CRT.
06:43 EDTEZPWEZCORP to host conference call
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July 17, 2015
09:39 EDTEZPWEZCORP to restate certain financial results
EZCORP announced that it will restate its financial statements for FY14, including the interim periods within that year, and Q1 of FY15. This decision to restate was made by the company's board, upon the recommendation of management and the audit committee and in consultation with the company’s independent registered public accounting firms. The restatement adjustments, all of which are non-cash, will correct certain errors relating to the accounting for Grupo Finmart’s structured asset sales in FY14 and the Q1 of FY15. Following a comprehensive review of the terms and conditions of each of the structured asset sales, management has determined that the asset sales should not have been accounted for as sales, principally due to certain control rights that Grupo Finmart retained as servicer of the loans. Because of these control rights, the trusts to which the loans were sold should be accounted for as “variable interest entities” and consolidated pursuant to ASC 810-10 , and therefore, the sales should not have been recognized for accounting purposes. As a result of the consolidation, the prior gains on sale will be eliminated, the assets and liabilities of the trusts will be included in the company’s consolidated balance sheet and interest income will be recognized over the life of the loans. This process will result in a reduction in net income in the periods during which a structured asset sale occurred and an increase in net income thereafter. Although the company has not yet quantified the effect of reversing the sale accounting treatment, it should be noted that, as a result of the asset sales, the company previously recognized $39.6M of gain, $33.0M in FY14 and $6.6M in Q1 of FY15. That gain will be eliminated, but interest income in the periods subsequent to the asset sales will be increased. Grupo Finmart’s Mexican GAAP financial statements are unaffected by this adjustment.
July 16, 2015
06:28 EDTFCFSFirst Cash Financial CEO sees currency headwinds impacting sales growth
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06:22 EDTFCFSFirst Cash Financial reports Q2 gross margin on retail merchandise sales 38%
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06:14 EDTFCFSFirst Cash Financial sees Q3 EPS 60c-66c, consensus 70c
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06:14 EDTFCFSFirst Cash Financial lowers FY15 EPS view to$2.60-$2.75 from $2.75-$2.90
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06:11 EDTFCFSFirst Cash Financial reports Q2 EPS 47c, consensus 47c
Reports Q2 revenue $167.6M, consensus $168.69M. Reports Q2 SSS up 4% overall, (1%) in U.S. and 8% in Mexico.

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