Global Payments (NYSE:GPN) stock and EVO Payments (NASDAQ:EVOP) shares are both rising higher on Monday thanks to earnings and acquisition news.
Let’s start with the earnings report from Global Payments. The company reported adjusted earnings per share of $2.36 on revenue of $2.06 billion for Q2 2022. For comparison, Wall Street was expecting $2.34 per share and revenue of $2.07 billion for the period.
While those earnings are mixed, it’s not by much with adjusted EPS beating estimates and revenue only slightly missing. Also, both Q2 2022 adjusted EPS and revenue are up from the $2.04 and $1.94 billion reported in the second quarter of 2021.
GPN and EVOP Stocks Rise on an Acquisition Deal
Adding to that positive earnings report, Global Payments also announced plans to acquire EVO Payments. This will have it spending $34 per share to acquire EVOP stock. That payment will be made in cash.
Josh Whipple, senior executive vice president and CFO of Global Payments, said the following about the deal.
“We expect the acquisition of EVO Payments and the disposition of Netspend’s consumer business to close in the first quarter of 2023, subject to receipt of regulatory approvals and satisfaction of customary closing conditions.”
Today’s news is bringing extra activity to GPN and EVOP stock with both shares seeing heavy trading. As a result, GPN stock is up 6.5% and EVOP stock is up 22% as of Monday morning.
There’s more recent stock market news for traders to dive into below!
We’ve got all of the latest stock news traders need to know about for Monday! Among that is the short squeeze stocks to watch this week, the latest on Nikola (NASDAQ:NKLA) stock, as well as why Romeo Power (NYSE:RMO) stock is rising. You can find out all about these topics at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
