Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of global payments handler Moneygram International (NYS: MGI) fell as much as 10% today on moderate split-adjusted volume.
So what: Yesterday, shares rose as Moneygram proudly announced a large deal with State Bank of India, but that source of enthusiasm turned sour today as The Wall Street Journal pointed out how weak the Indian rupee really is. Other stocks with tight bands to India also plunged today, including 6% drops or worse for local online services giant Rediff.com (NAS: REDF) and mining giant Sterlite Industries India (NYS: SLT) .
Now what: Moneygram just came off a 1-for-8 reverse stock split to stave off delisting threats, while also selling more shares in order to keep its underwriters happy. In short, I can't blame investors for being jittery. The company also faces stellar competition from eBay's (NAS: EBAY) PayPal division and Western Union (NYS: MU) , among others, so anything less than perfect execution becomes a slow death sentence.
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At the time thisarticle was published Fool contributor Anders Bylund holds no position in any of the companies mentioned. Motley Fool newsletter services have recommended buying shares of Sterlite Industries, Western Union, and eBay, as well as writing a covered straddle position in Western Union. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinion, but we all believe that considering a diverse range of insights makes us better investors. Check out Anders' holdings and bio, or follow him on Twitter and Google+. We have a disclosure policy.
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