iPayment Jumps on Guidance - TheStreet

Shares in

iPayment

( IPMT) surged Monday after the credit and debit card processing company raised its 2004 earnings guidance by more than 13%.

The Nashville, Tenn.-based company said it now expects to earn $1.20 to $1.25 a share in 2004, compared with its previous forecast of $1.06 to $1.12 per share, thanks to the completion of an acquisition. The revised forecast is well above the Thomson First Call consensus estimate of $1.09 a share.

iPayment Monday said it had completed its $55 million acquisition of agent bank agreements and merchant accounts from a subsidiary of

First Data Corp.

(FDC) - Get Report

.

Shares were up $2.29, or 7.1%, to $34.50 in midday trading. The stock has doubled since its IPO in May.