VeriFone Plunges After Profit-Forecast Trails Estimates
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VeriFone Systems Inc. plunged the most in more than four years after the maker of credit-card terminals forecast second-quarter profit that missed analysts’ estimates, amid weak economic conditions in Europe.
The shares tumbled 43 percent to $18.24 at the close in New York, for the biggest intraday decline since November 2008. Earnings excluding some items will be 45 cents to 50 cents a share in the quarter ending in April, San Jose, California-based VeriFone said in a statement yesterday. Analysts on average had predicted profit of 80 cents a share, according to data compiled by Bloomberg.