Whereas, earlier in the month, stocks were decidedly on the upswing, with many payments stocks posting double-digit gains (and declining issues basically flat), this past week was much more even-keeled. And by even-keeled, we mean that there were more varied swings this past week.
The biggest gainer for the period came with Verifone. The stock gained 10 percent on the week, with the latest quarterly results — with a beat but guidance below expectations — doing little to sway investors. The reduced guidance comes on the heels of a push out on EMV at the pump. Seems that investors were a bit more sanguine about the longer-term outlook for EMV uptake elsewhere (read: away from the pump).
Ingenico trailed Verifone on a percentage basis for the week at a 5 percent gain, and this came on the heels of the firm getting an “outperform” rating from sell-side research firm Macquarie. Similarly, sell-side research helped buoy shares of Square, which gained a bit more than 3 percent on the week, as Needham set forth coverage on the stock with a buy rating and a $17 price target, as compared to a closing price of $14.30 recently.
Among names that showed losses for the week, ACI Worldwide gave up a bit more than 5 percent on the week.
Company-specific news showed that the firm was named by EBA Clearing as one of the frontrunners for the pan-European credit scheme to go live in a little less than a year.
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