Here's Why Shares Of Moneygram International Surged On Monday

Shares of Moneygram International Inc MGI surged on Monday after the company announced the extension of its new partnership with Wal-Mart Stores, Inc. WMT. Shares of Moneygram opened for trading at $5.56 and hit an intra-day high of $7.09. However, the stock gave up some of its gains and was trading higher by 13.58 percent at $6.02 heading into Monday's final hour of trading. Moneygram's stated in its press release it has extended its relationship with Wal-Mart an additional 3 years. The company will continue acting as Wal-Mart's domestic and international money transfer service and its bill pay and money order products at more than 4,000 Wal-Mart stores across the U.S. and Puerto Rico. Moneygram's relationship Wal-Mart dates back more than 17 years. "We are extremely pleased to extend our relationship with Walmart for an additional three years," said Alex Holmes, MoneyGram CEO. "For nearly two decades now, MoneyGram and Walmart have worked side by side to make money transfers and other financial services affordable and convenient for our customers." "Leveraging our size and scale to take on big challenges and create better ways to serve our customers is something we're always working on. MoneyGram is a great provider in helping us deliver results that matter to our customers, offering innovative products and services that help them better manage their finances for less," said Kirsty Ward, Walmart Senior Director, U.S. Financial Services.