Why MoneyGram International Soared Over 25% Today
Shares in money-transfer and digital-payments company MoneyGram International (NASDAQ: MGI) have been soaring all month and are up 23% today as of 3 p.m. EDT.
While the gains month-to-date have come from updates on the performance of the business, today's move looks to be related to something entirely different.
With no company-specific news today, the drastic rise in shares is likely related to another transaction in the sector. It was announced today that Visa (NYSE: V) has taken a minority stake in the U.K.-based fintech, payments-processor Global Processing Services (GPS).
Source Fool.com
