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Penson PNSN (news,
chart,
quote) - PNSN volatility Elevated; shares down on receivable exposure
PNSN, a provider of execution, clearing, custody and settlement services, is recently down $4.19 to $7.67. PNSN announced Evergreen Capital Partners closed down while owing $25 million in unsecured receivables to PNSN. BMO Capital Markets say's "We don't expect this to impact earnings power, but instead a reputational issue." PNSN December option implied volatility of 122 is above its 26-week average of 67 according to Track Data, suggesting larger price movement.
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