VeriFone Systems (PAY) Stock: Here’s Why It’s Climbing


VeriFone Systems Inc (NYSE: PAY)

VeriFone Systems was off to a normal start to the trading session today. While the stock made it into the green, the movement wasn’t anything spectacular. That is, until minutes ago when the stock started to spike. Below, we’ll talk about what we’re seeing from the stock, why, and what we’ll be watching for with regard to PAY ahead.

What We’re Seeing From PAY Stock

As mentioned above, VeriFone Systems was off to a relatively normal day in the market today. With little movement, it wasn’t catching many eyes. Nonetheless, minutes ago, that all started to change as the stock started spiking toward the top. Currently (10:37), PAY is trading at $17.37 per share after a gain of $0.43 per share (2.54%) thus far today.

Why The Stock Is Climbing

As usual, as soon as we noticed that PAY was spiking, the CNA Finance team started to dig to see what was happening that was causing the gains. In our search, we found no fundamental news from the company that would suggest that these types of gains were coming. Nonetheless, we did find what we believe to be the cause of the VeriFone Systems spike.

All over social media, we’re seeing chatter surrounding PAY. According to social rumors, the stock is in the process of being acquired. The rumors even go as far as to say, that with multiple buyers out there, the company has hired Goldman Sachs to help. However, it’s important to remember that, at the moment, the movement on PAY is being caused by rumors. None of this has been confirmed yet.

What We’ll Be Watching For Ahead

Moving forward, we’ll be keeping a close eye on this story as it develops. After all, look at how VeriFone Systems shares are moving now with the story just being a rumor. If this comes to fruition, the stock could skyrocket. So, we’ll keep a close eye on PAY and bring you updates as they become available.

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[Image Courtesy of Flickr]


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