Diamonds and Dogs
Worldpay (WP) in play. The electronic payment processing firm, processing more than 40 billion transactions a year, is up 9% to new highs after agreeing to be acquired by Fidelity National Information Services (FIS) for $34 billion. FIS, which provides bank-office, credit-card processing and ATM services to banks, is a relatively small player in Worldpay's space. The two companies said in a statement that they will focus on the "high-growth e-commerce" services, creating as one analyst put it, a powerhouse in the payments business.
Not much going right at Synaptics (SYNA). The company that specializes in intuitive human interface solutions (they sell iphone parts) is down 22% near a 52 week low after lowering third quarter guidance and firing their CEO. The CFO left a month ago so there seems to be a brain drain at the company. Synaptics blamed demand softness in China for the weak guidance. One analyst on the ball downgraded the stock today with a lower price target. Thanks for nothing.