Market Overview

Wednesday Market Movers


Verifone (NYSE: PAY): On Wednesday, Verifone announced that it has been awarded a five year contract by the District of Columbia Taxicab Commission that could be worth between $35 million to $45 million. Under this agreement, Verifone will develop and install support payment systems displays in cabs that will provide electronic trip reporting, credit card payment processing, display of news, safety alerts and other programs.

Mayor Vincent C. Gray stated, “This presents a rare opportunity to significantly enhance the driving experience of District citizens and visitors while improving operations for drivers. The Taxicab Smart Meter System provides the riding public with new payment options and the opportunity to view digital content during trips. In addition, it improves manageability and accountability of the entire taxi fleet.”

Verifone traded at up about 9% on Wednesday.

Socket Mobile (NASDAQ: SCKT): On Tuesday, Socket Mobile announced a partnership with Lightspeed. Socket Mobile is a provider of mobile productivity solutions. Lightspeed is a leading technology company that is reinventing the retail sales process. The partnership will allow Socket's barcode scanner to be combined with Lightspeed's iPad scanner application.

Dax Dasilva, founder and chief executive officer of LightSpeed, commented, “We are excited to partner with Socket Mobile as it will enable our customers to maximize the efficiencies of the sales process. The combination of the LightSpeed for iPad solution with Socket Mobile's Bluetooth Cordless Hand Scanner will empower retailers to spend more time engaging customers, eliminate lengthy checkout lines, and ultimately, lead to more sales."

Socket Mobile traded up about 11% on Wednesday.

Abercrombie & Fitch (NYSE: ANF): Shares of Abercrombie & Fitch traded up about 8% on Wednesday after it was rumored by the New York Post that the company could be planning a massive stock repurchase program. It was also rumored that the company plans to cut its European expansion.

Year-to-date, Abercrombie & Fitch has traded down about 28%, partially due to the crises in Europe.

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