is among the market's biggest losers on Wednesday morning, with shares down by more than 10%.
The double-digit drop in Global Payment shares was a loss of more than $4 per share.
The payment processing company reported a drop in income in its after-hours earnings on Tuesday, and guided for 2011 earnings lower than Street consensus.
On Wednesday morning, Global Payment was downgraded by Janney Montgomery Scott and Barrington Research from outperform to neutral.
Global Payments guided in-line with Street estimates of fiscal 2011 revenue with a high-end of $1.7 billion, or 6% to 8% growth over fiscal 2010. Global Payment's 2011 earnings per share guidance of $2.68 to $2.77 was below a Street expectation of $3.17 per share. The 2011 results exclude 12 cents per share of startup expenses related to a new global service center in the Philippines.
Net income was $34.2 million, or 42 cents per share, down from $37.6 million, or 46 cents per share in the same quarter 2009.
Earnings from continuing operations of 56 cents per share was one penny short of the Street consensus of 57 cents.
-- Written by Eric Rosenbaum from New York.
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