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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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June 29, 2015
15:45 EDTWUWestern Union to expand money transfer services with BANSEFI Mexico
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June 24, 2015
10:00 EDTMGIOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Autoliv (ALV) downgraded to Sell from Neutral at Goldman... Catamaran (CTRX) downgraded to Neutral from Buy at UBS... Citi (C) downgraded to Hold from Buy at Deutsche Bank... Esperion (ESPR) downgraded to Neutral from Outperform at Credit Suisse... Fortinet (FTNT) downgraded to Neutral from Buy at Citi... General Motors (GM) downgraded to Neutral from Buy at Goldman... Goldman Sachs (GS) downgraded to Hold from Buy at Deutsche Bank... IBERIABANK (IBKC) downgraded to Neutral from Outperform at Baird... Independent Bank (INDB) downgraded to Underperform from Neutral at Baird... Inphi (IPHI) downgraded to Market Perform from Outperform at Northland... MoneyGram (MGI) downgraded to Neutral from Outperform at Macquarie... Sensata (ST) downgraded to Hold from Buy at Cross Research... Teradyne (TER) downgraded to Buy from Conviction Buy at Goldman... Alcobra (ADHD) downgraded to Hold from Speculative Buy at WBB Securities.
07:30 EDTMGIMoneyGram downgraded to Neutral from Outperform at Macquarie
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06:22 EDTWMTWal-Mart to charge fees to ‘almost all’ vendors, Reuters reports
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June 23, 2015
18:04 EDTWMTWal-Mart poaches technology talent from eBay, WSJ says
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16:29 EDTWMTOn The Fly: Top stock stories for Tuesday
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13:37 EDTWMTOn The Fly: Top stock stories at midday
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07:05 EDTWMTGreen Dot price target raised to $24 from $22 at Piper Jaffray
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06:31 EDTWMTGreen Dot contract terms better than feared, says JPMorgan
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June 22, 2015
19:00 EDTWMTOn The Fly: After Hours Movers
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17:02 EDTEEFTRia Money Transfer acquires IME
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16:33 EDTWMTGreen Dot rallies sharply on Walmart deal
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16:28 EDTWMTGreen Dot up 27% after announcing deal with Wal-Mart
16:02 EDTWMTGreen Dot to remain program manager for Walmart
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June 19, 2015
08:22 EDTWMTChina to let foreign companies fully own e-commerce businesses, Reuters reports
China's Ministry of Industry and Information Technology announced that, effective immediately, foreign companies will be allowed to have full ownership of some e-commerce businesses, reported Reuters. Players in China's booming e-commerce market include market leader Alibaba Group (BABA) as well as JD.com (JD), Amazon.com (AMZN), Vipshop (VIPS) Wal-Mart (WMT), which holds a stake in shopping site Yihaodian, the report noted. Reference Link
June 18, 2015
12:40 EDTEEFTEuronet management to meet with Piper Jaffray
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08:48 EDTWMTWal-Mart holds ‘at least’ $76B in overseas tax havens, NY Post reports
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June 17, 2015
05:32 EDTMGIMoneyGram renews agreement with Bimedia
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June 16, 2015
19:25 EDTWMTWal-Mart ranks high among millenials, Ad Age says
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06:36 EDTWMTWal-Mart accused of using charity to increase expansion, NYT reports
Several community and labor organizations are accusing Wal-Mart of inappropriately using its nonprofit Wal-Mart Foundation to reduce local opposition to expansion efforts in places such as Washington, Boston, Los Angeles, and New York, the New York Times reports. The group of organizations claimed in a complaint with the IRS that the Wal-Mart Foundation violated the terms of its tax-exempt status by targeting millions of dollars in donations that would directly benefit the retailer, the report says. The complaint alleges that the foundation donated over $200,000 to organizations in Los Angeles in 2008 and 2009, but raised that figure to $1.4M in 2011, right as the company planned to open a store in that area. When the store was opened in 2013, donations fell to roughly $230,000, the report says. In a statement, the New York Times reports, Wal-Mart spokesman Kevin Gardner said that the Wal-Mart Foundation took tax code and regulations "very seriously" and that the allegations had no merit. Reference Link
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