Moneygram International Inc (NASDAQ:MGI) is facing cutthroat competition from former major customer-turn rival Wal-Mart Stores, Inc. (NYSE:WMT). The U.S. is particularly challenging for the global money transfer company. Its domestic remittances declined in 3Q. As such, the company moved to lower the cost of transactions in the U.S. to reboot its domestic business. Wal-Mart launched a competitive money transfer service earlier this year, a move whose impact is now clear as Moneygram International Inc (NASDAQ:MGI) is losing ground in the home market.
In 3Q, Moneygram International Inc (NASDAQ:MGI) posted a loss of $3 million, translating to $0.05 per share. That was a far cry from a profit of $22.5 million or $0.31 per share in the same quarter last year. Revenue in the latest quarter also slumped 6.5% to $358 million. On an adjusted basis, the company earned $0.22 per share, which was still behind the estimate of $0.34.
Bottomline Technologies (NASDAQ:EPAY) has been downgraded at Canaccord Genuity despite the company trumping estimates in 1Q2015. The firm cut the stock to a “Hold” from a “Buy”. It also lowered target price on it to $28 from $38. Analysts at Raymond James also downgraded the stock to “Outperform” from “Strong Buy”.
Bottomline Technologies (NASDAQ:EPAY) increased its 1Q revenue by 21% to $81.3 million. Its net loss of $3.27 million or $0.09 per share was also better than the loss of $6.05 million or $0.17 per share last year.
There was very little to hold Clean Diesel Technologies, Inc. (NASDAQ:CDTI) up just a day after the ticker gained massively in a positive announcement. The emissions control company announced that it received two key patents in the U.S. cover its emission control technology.
It said the patents related to its technology that allows companies to replace platinum and rare earth metals from their catalytic converter processes. Clean Diesel Technologies, Inc. (NASDAQ:CDTI) said the technology will enable users to achieve effective emissions control and at much lower costs. Spending on platinum group, and rare earth metals run into billions of dollars annually. However, such costs can be reduced using Clean Diesel Technologies, Inc. (NASDAQ:CDTI) proprietary technology.