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Stock Market & Financial Investment News

News Breaks
April 21, 2014
10:54 EDTWU, WMT, EEFT, MGIMoneyGram continues sell off with Wal-Mart entering space
Shares of MoneyGram (MGI), which enables consumers to transfer money, are plunging for a second straight day after Wal-Mart (WMT) announced that it was launching its own money transfer service. Today's decline also comes in the wake of a downgrade of the stock by research firm JMP Securities in a note to investors earlier today. WHAT'S NEW: MoneyGram is down over 10% today after dropping by more than 18% on Thursday. Wal-Mart on Thursday announced that it would introduce a money transfer service to allow consumers to transfer money to and from more than 4,000 Wal-Mart stores around the U.S. The new service will cost 50% less than competing offerings, the company said. The retail giant currently partners with MoneyGram to provide money transfer services at Wal-Mart stores. ANALYST REACTION: JMP Securities analyst David Scharf responded to the news by downgrading his rating on MoneyGram to Market Perform from Outperform. Money transfers among U.S. Wal-Mart stores generate 13% of MoneyGram's revenue and 9% of its gross profit, the analyst stated. If MoneyGram loses 50% of its revenue from transfers among Wal-Mart's U.S. stores, its pretax income would drop by 28%, the analyst estimated. Scharf said that he was cautious about MoneyGram going forward. WHAT'S NOTABLE: Wal-Mart's new service is being launched in partnership with Euronet Worldwide (EEFT) subsidiary Ria. Another money transfer company, Western Union (WU), saw its stock drop on Thursday, but its shares are rising this morning PRICE ACTION: In mid-morning trading, MoneyGram tumbled 11% to $13, while Western Union gained 1% to $15.50.
News For MGI;WMT;WU;EEFT From The Last 14 Days
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September 4, 2015
13:01 EDTWMTWayans says Morgan gets $90M from Wal-Mart, TMZ reports
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September 3, 2015
18:03 EDTWMTSam's Club partners with TrueCar for auto sales, Reuters says
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09:43 EDTWMTFly Watch: 'Force Friday' seen awakening shares of Disney, Hasbro
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September 2, 2015
19:00 EDTWMTWal-Mart to reopen five stores after claims of worker retaliation, Reuters says
Wal-Mart plans to reopen five U.S. stores after being accused by the UFCW union of closing the locations in retaliation against workers trying to organize, reports Reuters, citing spokesperson statements. The company will push former employees of the stores to reapply, said the spokesperson. Reference Link
August 31, 2015
09:51 EDTWMTWal-Mart reduces worker hours to cut costs, Bloomberg reports
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08:37 EDTWUWestern Union activates out-bound money transfers from Greece
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August 27, 2015
06:23 EDTWMTWal-Mart extends holiday layaway program two weeks, Reuters reports
Wal-Mart (WMT) plans to boost its holiday layaway program by two weeks ahead of an expected year-end demand for Star Wars toys, a Disney (DIS) property, Reuters reports. The retailer will jumpstart the program on August 28, two weeks earlier than last year, the report says, citing comments from Anne Marie Kehoe, VP of toys at Wal-Mart. Reference Link
August 26, 2015
14:52 EDTWMTWal-Mart phasing out sales of modern sport rifles, Washington Post says
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08:31 EDTEEFTEuronet management to meet with William Blair
Meeting to be held in Houston/Dallas on September 2 hosted by William Blair.

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