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VeriFone Systems (
PAY) are getting shellacked today after the firm announced earnings and then got downgraded by a deluge of analysts from Wedbush to Barclays to UBS to Jeffries. The firm reported earnings per share of 42 cents for the second quarter, short of analysts' 47-cent estimate. Worse, the firm announced that its third quarter earnings would likely fall in at around half of what analysts had been expecting. That revelation sent PAY down 18% early in today's session.
For now, shares are holding at $18 support. But that support level is tenuous enough that it could fail in the near-term. I'd recommend opportunistic buyers wait for PAY to establish a more meaningful support level before putting money into this name.