Movements in payments stocks was decidedly to the downside, as declining names showed more dramatic shifting than did advancing issues.
Verifone Systems shares fell almost 10 percent on the week to $15.50, with corporate news coming out that the firm has launched a U.K.-focused point-of-sale financing app (which allows for installment payments). The app is being launched through the Verifone payments platform, which sits within its terminals. Though the stock slumped, it has retraced some of that drop as of Monday, gaining more than 6 percent. Likewise, USA Technologies showed losses of more than 7.5 percent, yet headlines specific to the company remained scarce.
Looking at names that rose in the past five sessions, WEX Inc. gained 4.6 percent, with the only recent headlines tied to the company coming from a ratings upgrade to buy from Zacks Investment Research from hold, with a $124 price target.
Square continued to ride the boost of analyst sentiment, improving as Deutsche Bank boosted its rating on the stock to buy, stating that the name remains undervalued and that there is “an inflection point” toward profitability. The gains in the stock, which have continued since an upbeat earnings report last month, continued to kick off the week, with a 1 percent gain on top of the 4 percent gains from the last five sessions.
