CheckFree Shares Rise on Upgrade

Published on:
12 September 2006 at 10:19 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00020209-checkfree-shares-rise-on-upgrade/

CheckFree Corp. shares spiked Monday after Smith Barney upgraded the developer of technology for electronic commerce, citing confidence in management to navigate past an upcoming contract loss.

Shares of CheckFree rose $2.69, or 7.8 percent, to $37.09 in midday trading on the Nasdaq. The stock has dropped 18 percent from a recent peak of $41.96 on March 15 to Friday’s closing price of $34.40.

Smith Barney told clients that shares of the Norcross, Georgia-based company have been oversold on concerns that contract expirations at its Transpoint bill paying unit will hurt quarterly earnings. In 2000, CheckFree acquired Transpoint — a joint venture between Microsoft Corp. and First Data Corp. — for $1.16 billion in a deal that included five-year revenue guarantees with the sellers.

For this complete story, please visit CheckFree Shares Rise on Upgrade.

CheckFree Shares Rise on Upgrade

Unknown Author

Featured Resources

Webinars

RA Compliance Corner: Managing Your Service Providers- Do you really have it all in order?

About