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News Breaks
March 13, 2014
13:24 EDTWRLD, RM, CSH, DLLR, FCFSWorld Acceptance slides after disclosing government probe
Shares of World Acceptance (WRLD), which provides small loans to consumers, are tumbling after the company revealed that the Consumer Financial Protection Bureau had launched a probe of its business practices. WHAT'S NEW: World Acceptance reported earlier today in a filing that it was being investigated by the CFPB. The agency is trying to determine whether finance companies committed illegal acts involving marketing, offering, or extending credit, World Acceptance stated. The CFPB has sought documents from World Acceptance, and has requested that it answer questions as part of the probe, the company added. PRICE ACTION: In mid-afternoon trading, World Acceptance tumbled 18% to $80. Other companies in the sector declined, with Cash America (CSH) sliding 8% to $29.20, Regional Management (RM) sinking 6.5% to $26.25, DFC Global (DLLR) losing 2.25% to $8.70, and First Cash (FCFS) sinking 2.6% to $52.17.
News For WRLD;RM;CSH;DLLR;FCFS From The Last 14 Days
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October 28, 2014
16:30 EDTFCFSFirst Cash Financial acquires 15 pawn stores for $25.3M in cash
First Cash Financial Services announced that it is acquiring a chain of 15 large format pawn stores located in the states of Kentucky, Missouri, Tennessee and South Carolina. With this acquisition, the company now operates over 1,000 total store locations in 13 U.S. states and 29 states in Mexico. The company expects the acquired stores, all of which make pawn loans on a wide array of general merchandise collateral and have significant retail operations, to mesh well with First Cash's operating strategy and to become accretive to earnings in 2015. For the full year, the company now expects to add approximately 115 total locations. The purchase price for the all-cash asset acquisition of the 15-store chain is approximately $25.3M, subject to certain working capital adjustments. The company has completed the purchase for 13 of the locations and expects to complete the acquisition of the other two locations by year end. Including the impact of transaction costs and integration expenses, the company expects limited earnings accretion from these acquisitions in 2014.
October 23, 2014
06:28 EDTCSHCash America: Growth largely associated with customer demand for credit products
Management believes that the opportunities for growth in revenue and earnings will be largely associated with customer demand for the credit products provided by the company, which take the form of pawn loans and consumer loans and the disposition of unredeemed collateral by way of consumer spending on retail sales and the commercial sale of refined gold and diamonds. The fourth quarter, during the seasonally important holiday selling season, represents an important period of retail sales for the company, and results will be affected by consumer sentiments during the period. There are various other elements that could affect the growth in revenue, such as the regulation of consumer loan products and the development and growth of additional markets for the company’s e-commerce segment for consumer lending products. As the company enters the fourth quarter of 2014, management anticipates that demand for the company’s consumer loan products will continue on a similar pace to the one it has experienced during the first nine months of 2014, with a continued heavier weighting to the consumer loan portfolio and longer-term installment and line of credit products. Demand for the Company’s pawn lending products during the second and third quarters of 2014 have improved, and management expects a continued growth in the Company’s pawn lending business, but at moderate levels for the balance of 2014 and the first half of 2015.
06:16 EDTCSHCash America sees FY15 adjusted EBITDA $110M-$135M for retali services
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06:15 EDTCSHCash America sees FY14 adjusted EPS $4.40-$4.50, consensus $4.34
Management expects its consolidated fiscal year 2014 earnings per share to be in a range of between $4.40 and $4.50 per share as if the separation of the e-commerce business does not occur before year end 2014.
06:14 EDTCSHCash America sees Q4 EPS $1.00-$1.10, consensus 97c
Management is providing its expectations for the fourth quarter of 2014 as if the separation of the e-commerce segment, or Enova, does not occur before year-end 2014 in order to remain consistent with past practice related to reporting management’s expectations for future periods.
06:13 EDTCSHCash America reports Q3 EPS 82c, consensus 77c
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October 22, 2014
16:48 EDTCSHCash America board approves spin-off of Enova International
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06:37 EDTFCFS, CSHStates relax personal loan restrictions, NY Times says
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06:31 EDTWRLDWorld Acceptance experienced lower growth rates due to lower demand in US
Gross loans amounted to $1.19 billion at September 30, 2014, a 2.6% increase over the $1.16 billion outstanding at September 30, 2013, and a 9.0% increase since the beginning of the fiscal year.
06:31 EDTWRLDWorld Acceptance reports Q2 EPS $2.16, consensus $2.30
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October 16, 2014
06:20 EDTFCFSFirst Cash Financial sees FY14 EPS in low end of $3.00-$3.15, consensus $3.00
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06:05 EDTFCFSFirst Cash Financial reports Q3 EPS 68c, consensus 68c
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