MoneyGram reports 106% year-over-year digital transaction growth in June » 11:5207/0907/09/20
MoneyGram International reported 106% year-over-year digital transaction growth in June, stating that "strong consumer demand for its leading digital capabilities and customer-centric app continues to grow." Each component of the digital business - MoneyGram Online, digital partnerships, and sends directly to a wallet or bank account - contributed to the strong overall digital growth in June, MoneyGram stated. The company also announced the expansion of its consumer direct channel and online presence to Iceland.
|Over a week ago|
Western Union upgraded to Outperform from Market Perform at Northland » 07:4907/0107/01/20
Northland analyst Mike…
Northland analyst Mike Grondahl upgraded Western Union to Outperform from Market Perform with a price target of $26, up from $15. Western Union's late March and April were "rough," but Grondahl believes transactions have recovered better than expected, with May being down "only" 7% year-over-year and momentum continuing into June, the analyst tells investors. He also notes that digital money transfer transactions were up 99% year-over-year in May, which marked further acceleration from the previous two months.
MoneyGram announces partnership with Digital Financial Services » 14:3406/2506/25/20
MoneyGram International announced a partnership with Digital Financial Services, a joint venture of Etisalat and also Noor Bank, which was acquired earlier this year by Dubai Islamic Bank. "The partnership enables millions of eWallet customers to make cross-border money transfers in real-time to friends and family in over 200 countries and territories through an expansive network of mobile wallet operators, bank account deposit services, and walk-in locations," the company said.
MoneyGram announces partnership with South Korea's Global Money Express » 11:1906/2306/23/20
MoneyGram International announced a partnership with Global Money Express Co., which it calls "one of the largest money transfer and payment fintech companies in South Korea." The partnership enables GME customers to connect to the MoneyGram platform and distribution network in over 200 countries and territories and "will especially benefit consumers who send money from South Korea to China and South Asia," MoneyGram stated. Kamila Chytil, MoneyGram Chief Operating Officer and leader of the company's digital business, added: "We recently reported 100% year-over-year digital transaction growth May. Our new partnership with GME, one of the fastest-growing fintech companies in a key market, will further support this strong digital growth."
Western Union partners with AXA over insurance services » 11:5806/1806/18/20
Western Union (WU)…
Western Union (WU) announced a new strategic partnership with AXA (AXAHY) to leverage Western Union's global omni-channel platform to deliver affordable life and disability insurance offerings to consumers in France, sending money via www.westernunion.com to 10 African countries. The partnership will initially be a pilot program which Western Union and AXA hope to grow and scale over time. "This partnership shows the power of our global cross-border, cross-currency payments platform," said Western Union CEO Hikmet Ersek. "Our long-term goal is to leverage our platform and digital capabilities to forge more partnerships and become a financial services ecosystem. In enabling third parties, including banks and other financial institutions, to tap into our ecosystem capabilities, these companies can offer similar services for their customers. We are pleased to offer insurance services in collaboration with AXA to serve our customers and their families who both know and trust Western Union."
MoneyGram raises Q2 revenue view to approx. $275M, consensus $249.85M » 08:3406/1706/17/20
MoneyGram said in a…
MoneyGram said in a regulatory filing that "As previously announced, MoneyGram International reported 100% year-over-year digital transaction growth in May. In addition, the Company's walk-in business has begun to recover in many parts of the world. These trends have continued through the first half of June. Based on these trends, we expect second quarter 2020 revenue to be approximately $275 million on a constant currency basis. Combined with disciplined expense management, the Company now expects to deliver Adjusted EBITDA of approximately $55 million on a constant currency basis for the second quarter of 2020. In light of these improvements in operating results, effective June 27, 2020 for U.S. employees and July 1, 2020 for non-U.S. employees, the Board of Directors of the Company has approved returning the salaries of all employees, including Executive Officers of the Company, to the levels that were in place prior to the previously-announced 20% non-hourly employee salary reductions. The Board of Directors also approved returning non-employee director cash retainers to pre-reduction levels effective with the third quarter payment."
|Over a month ago|
Fly Intel: Top five analyst downgrades » 09:5006/1006/10/20
CSCO, WU, MGI, CVX, UAL, JBLU, MU
Catch up on today's…
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Cisco (CSCO) downgraded to Neutral from Outperform at Baird with analyst Jonathan Ruykhaver saying the current COVID-driven environment could lead to a de-emphasis on the corporate network, which would be a headwind to Cisco. 2. Western Union (WU) downgraded to Neutral from Buy at BofA with analyst Jason Kupferberg stating the stock has outperformed the S&P500 by 870bps since the start of April thanks to the broader market rotation to value names, the media speculation about the merger with MoneyGram (MGI), and the better than expected mid-quarter update last week. 3. Chevron (CVX) downgraded to Underperform from Sector Perform at RBC Capital with analyst Biraj Borkhataria saying its current multi-year high premium valuation leaves limited room for further outperformance. 4. United Airlines (UAL) downgraded to Neutral from Overweight and JetBlue (JBLU) downgraded to Underweight from Neutral at JPMorgan with analyst Jamie Baker stating he does not believe the "current pace of equity ascent" in the U.S. Airlines sector can be maintained for much longer. 5. Micron (MU) downgraded to Neutral on valuation at Wedbush with analyst Matt Bryson believing the stock is fully valued. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, Reference Link
Western Union downgraded to Neutral from Buy at BofA » 06:1506/1006/10/20
BofA analyst Jason…
BofA analyst Jason Kupferberg downgraded Western Union (WU) to Neutral from Buy with a $26 price target. The stock has outperformed the S&P500 by 870bps since the start of April thanks to the broader market rotation to value names, the media speculation about the merger with MoneyGram (MGI), and the better than expected mid-quarter update last week, the analyst tells investors in a research note. Kupferberg adds that Western Union's consumers are more resilient than expected when the pandemic began, but the reisk-reward on the stock is becoming more balanced.
Western Union downgraded to Neutral from Buy at BofA » 06:0506/1006/10/20
BofA analyst Jason…
BofA analyst Jason Kupferberg downgraded Western Union to Neutral from Buy.
MoneyGram reports May digital transactions up 100% » 08:4906/0906/09/20
MoneyGram International reported 100% year-over-year digital transaction growth in May - a significant acceleration from the Q1 where the company reported 57% growth. Overall digital growth in May was driven by the following components: MoneyGram Online, the company's direct to consumer channel, delivered 107% year-over-year transaction growth in May, with over 80% of transactions completed on a mobile device; Digital partnerships, driven by key partners in Asia Pacific and Middle East, accelerated from 67% year-over-year transaction growth in April to 92% growth in May; Account deposit & mobile wallet transactions increased 156% in May which is an acceleration from the first quarter where the company reported 80% year-over-year transaction growth. Growth has been driven by markets such as the Philippines where sends to mobile wallets have increased over 200% compared to the prior year.