Yahoo Finance Today's Research Reports on Stocks to Watch: Square and PayPal
NEW YORK, NY / ACCESSWIRE / July 6, 2018 / Square shares closed higher on Thursday as Wall Street learned that the company has withdrawn its regulatory application to open a deposit-taking bank. A spokeswoman for the company had said that Square plans to resubmit it at a later date. Shares of PayPal also closed higher after it was revealed that the company has closed on its sale of consumer credit receivables with Synchrony.
RDI Initiates Coverage on:
Square, Inc.
https://rdinvesting.com/news/?ticker=SQ
PayPal Holdings, Inc.
https://rdinvesting.com/news/?ticker=PYPL
Square, Inc. shares closed up 3.89% on nearly 7.7 million shares traded yesterday. As reported first by American Banker, the company announced that it has withdrawn its regulatory application to open a deposit-taking bank but intends to refile the paperwork at another time. A representative for the company has stated, "We have been engaged in constructive dialogue with the FDIC, and our decision to withdraw and refile was a procedural step in the review process that will allow us to amend and strengthen some areas of our FDIC insurance application." The representative added, "We continue to work closely with the FDIC and Utah DFI on our applications." No time frame or date has been given on when Square plans to reapply with the FDIC. The company's application for an industrial-loan charter with the State of Utah Department of Financial Institutions still remains active.
Access RDI's Square, Inc. Research Report at:
https://rdinvesting.com/news/?ticker=SQ
PayPal Holdings, Inc. shares closed up 1.59% on nearly 3.9 million shares traded on Thursday. As reported by TechCrunch earlier in the week, PayPal has closed on selling $5.8 billion in consumer credit receivables to Synchrony Financial as part of an expanded relationship. PayPal had agreed to the sale last November. Synchrony has now acquired $7.6 billion in receivables which includes PayPal's U.S. consumer credit portfolio summing up to $6.8 billion and roughly $0.8 billion in participation interests that are held by third parties not affiliated. President and CEO of PayPal, Dan Schulman, stated earlier in the week, "We're pleased that we've completed the sale of our U.S. consumer credit receivables portfolio. Our agreement with Synchrony accomplishes every goal we set out for our asset light strategy. We look forward to working with Synchrony to double down on our innovative consumer credit experiences for our customers and profitably grow the portfolio over time."
Access RDI's PayPal Holdings, Inc. Research Report at:
https://rdinvesting.com/news/?ticker=PYPL
Our Actionable Research on Square, Inc. (NYSE: SQ) and PayPal Holdings, Inc. (NASDAQ: PYPL) can be downloaded free of charge at Research Driven Investing.
Research Driven Investing
We are committed to providing relevant and actionable information for the self-directed investor. Our research is reputed for being a leader in trusted, in-depth analysis vital for informed strategic trading decisions. The nimble investor can leverage our analysis and collective expertise to execute a disciplined approach to stock selection.
RDInvesting has not been compensated; directly or indirectly; for producing or publishing this document.
Disclaimer: This article is written by an independent contributor of RDInvesting.com and Nadia Noorani, a CFA® charter holder, has provided necessary guidance in preparing the document templates. RDInvesting.com is neither a registered broker-dealer nor a registered investment advisor. For more information please read our full disclaimer at www.rdinvesting.com/disclaimer.
CONTACT
For any questions, inquiries, or comments reach out to us directly at:
Address:
Email:
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
SOURCE: RDInvesting.com
