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Euronet shares plunge after earnings call

July 26, 2006

The Associated Press: Euronet Worldwide Inc. saw its shares fall in afternoon trading June 26 after Citigroup analyst Tony Wible downgraded the stock to "Hold" from "Buy," after the company issued third-quarter guidance that came in below Wall Street expectations. Shares of Leawood, Kan.-based Euronet fell $5.74, or 17 percent, to $27.95 on the Nasdaq. Wible said the company's third-quarter earnings guidance missed his estimate of 30 cents per share - a miss he attributed to soft revenue growth in the company's prepaid processing division. Wible remained optimistic about the long-term prospects in Euronet's ATM business, but said any upside is overshadowed by weakness in prepaid business.

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