Why Shares of Cardtronics Tumbled Today
Shares of ATM operator Cardtronics (NASDAQ: CATM) slumped on Monday, after four of the largest banks in Australia each removed all direct transaction charges on their ATM networks. Cardtronics operates 10,200 ATMs in Australia, compared with 12,400 ATMs operated by all four banks combined. Cardtronics stock was down about 11% at market close.
The Commonwealth Bank of Australia (CBA), Australia and New Zealand Banking Group, Westpac Banking Corporation, and National Australia Bank Limited announced on Saturday that all transaction fees on their respective ATM networks would be removed, immediately in the case of CBA, and by October in the case of the other three banks.
Image source: Cardtronics.
Source: Fool.com
