No Hang Up on VeriFone (PAY)

Posted in pre-market 
September 2nd, 2009

VeriFone Holdings Inc. (NYSE: PAY) is surging after earnings and after settling with the SEC.  For starters, it consented to a permanent injunction against violations of the reporting, internal controls, and other provisions of the federal securities laws.  The company also posted Q3 net income of $22 million or $0.26 EPS rather than a loss a ayear ago. Revenue was $211.2 million, down from $258.7 million a year ago.  We had estimates listed as $0.18 EPS on revenue of $202 million.  It also forecast this coming quarter-end revenues of $208 million to $215 million versus $202 million estimates.  We now have shares at 8:47 AM EST trading up over 8% at $12.04 on about 76,000 shares.  Average volume is close to 900,000 shares.  Every single buyer of stock that has bought shares since the end of 2008 is now profitable, and the 52-week high on VeriFone $21.17.  The highest volume seen in the last 90-days was over 3 million shares for each of the first 3 days in June and that is the sort of volume we’d expect today. -JON OGG

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