Green Dot's Stock Soars After Renewing Debit Card Deal With Walmart

Green Dot Corp.'s stock soared 21% in after-hours trade Monday, after the provider of prepaid debit cards said it signed a new five-year deal to be the program manager and issuing bank for Walmart's MoneyCard debit card products. The new deal started effective May 1, and replaces the current agreement which would have expired at the end of this year. "To be chosen again as Walmart's partner against a wide field of fine competitors brings a wonderful feeling of accomplishment and satisfaction for all of us at Green Dot Corporation who work so hard on behalf of our customers, our business partners and our investors," said Green Dot founder and chairman Steve Streit. Separately, Green Dot announced a $150 stock repurchase program. The stock had tumbled 25% year to date through Monday's close, while the S&P 500 had gained 3.1%.