MGI Wal-Mart effect slams results at MoneyGram International
MoneyGram International (NASDAQ:MGI) reports a 3% drop in money transfer transaction during Q3. The mark is +11% if transactions from Wal-Mart are backed out of the comparison. U.S.-to-U.S. transactions -37% Y/Y. U.S. outbound transactions +15%. The company notes that a white label product from Wal-Mart impacted its level of business activity during the quarter. MGI -10.4% premarket.
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