Today’s Research Reports on Stocks to Watch: MoneyGram International, Inc. and Xerox Corporation
Shares of MoneyGram closed higher on Thursday after it was revealed that the company and Ripple have started a new partnership where MoneyGram will pilot Ripple’s digital currency XRP. XRP is said to be the most efficient digital asset for payments. Shares of Xerox Corporation also closed higher after Wall Street learned that the company is in talks with Japan’s Fujifilm regarding potential deals.
RDI Initiates Coverage on:
MoneyGram International, Inc.
MoneyGram International, Inc. shares closed up a modest 0.50% yesterday on around 21.6 million shares traded. The company had big news on Thursday announcing along with Ripple that it has signed to run a pilot program that would test XRP, a digital currency that was created by Ripple, in its payments network. MoneyGram has 350,000 agents across the globe and is the second-largest money-transfer company in terms of total face value of remittances. Western Union takes first place in the arena. According to a company spokeswoman, this is the first time the two companies will be working together and that the open-ended pilot will not involve customers’ money. Ripple CEO Brad Garlinghouse remarked,"The inefficiencies of global payments don’t just affect banks, they also affect institutions like MoneyGram. Money transfer companies are incredibly important because they help people get money to their friends and loved ones. We are excited about this pilot and a long-term strategic partnership with MoneyGram. By using a digital asset like XRP that settles in three seconds or less, they can now move money as quickly as information."
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Xerox Corporation shares closed up 4.98% on Thursday with about 4 million shares traded. It was a big day of trading for the stock after it was revealed that the company is in talks with Japan’s Fujifilm. According to the Wall Street Journal, Xerox is in discussions with the Japanese camera maker and a potential deal could mean that there will be a change in control of the company. According to reports, the two companies are actually discussing several different deals, citing people close to the situation. The sources have said there is no guarantee that there will be a deal. Both Xerox and Fujifilm have been a part of a joint-venture for over 5 decades. According to the Wall Street Journal, Carl Icahn has a 9.7% stake in Xerox and he has been wanting more Board seats.
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Our Actionable Research on MoneyGram International, Inc. (NASDAQ:MGI) and Xerox Corporation (NYSE:XRX) can be downloaded free of charge at Research Driven Investing.
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