Global Payments announces $125M accelerated share repurchase The ASR is part of the board authorized program to repurchase up to $300M of the company's common stock. Under the agreement, the company will receive and retire approximately two million shares at the inception of the ASR. The company anticipates that all repurchases under the ASR will be completed no later than May 31.
On The Fly: Analyst Upgrade Summary Today's noteworthy upgrades include: Bemis (BMS) upgraded to Buy from Neutral at BofA/Merrill... Gigamon (GIMO) upgraded to Outperform from Market Perform at William... Global Payments (GPN) upgraded to Overweight from Equal-Weight at First Analysis... Knight Transportation (KNX) upgraded on valuation, catalysts at Stifel... Macy's (M) upgraded to Buy from Neutral at Buckingham... Netflix (NFLX) upgraded to Buy from Neutral at Citigroup... Reckitt Benckiser (RBGLY) upgraded to Buy from Neutral at UBS... Union Pacific (UNP) upgraded on valuation, growth outlook at Stifel... Weatherford (WFT) upgraded to Outperform from Sector Perform at RBC Capital.
Global Payments raises FY15 cash EPS view to $4.77-$4.84 from $4.75-$4.83 Consensus is $4.78. Still sees FY15 revenue $2.75B-$2.8B, consensus $2.78B. The company also now expects annual fiscal 2015 core cash operating margins to expand by as much as 60 basis points.