Payment Stocks Recover 1.6 Trillion Won in Market Cap After 7 Days of Decline

Global Payments Inc. (NYSE: GPN), whose shares had fallen for seven straight trading days, jumped 5.38% in New York yesterday to close at $68.70—roughly ₩100,000 per share. Volume topped 2.01 million shares, and its market capitalization climbed by about $1.07 billion (approximately ₩1.6 trillion) in a single session, recovering to $18.79 billion (around ₩28.6 trillion).

Over the past week, the stock had slid nearly 15%, but Wells Fargo yesterday reiterated its Overweight rating and $105 price target, calling the roughly 10% pullback an overreaction. In Q1, Global Payments reported a net loss of $6.59 per share due to one-time costs related to its Worldpay acquisition, while revenue surged to $2.97 billion (about ₩4.5 trillion).

Headquartered in Atlanta, Global Payments is a fintech firm that provides card and online payment infrastructure and software to merchants and businesses worldwide. In January, the company completed its roughly $24 billion (₩36 trillion) acquisition of Worldpay and divested its issuer solutions unit, restructuring itself as a pure-play commerce payments provider.