Diamonds and Dogs
It doesn't Pay to be public. Payments company, VeriFone (PAY) is jumping 50% agreeing to be taken private for $2.6 billion in cash. In its most recent annual report, Verifone reported a lost of $174 million, up sharply from the $9 million it lost the previous year. Revenue has declined for the last two fiscal years, most recently coming in at $1.87 billion. Verifone is best known for providing more than 30 million credit card readers at grocery stores, retail shops and restaurants in 150 countries.
Not may S&P 500 components are trading lower this morning, but Hershey Foods (HSY) is coming up a little sour down 3% on a downgraded at UBS with a Sell rating. Hershey's has been struggling near its 52 week low. Good news is the dividend yield is moving higher up to 2.72%.