Jackson Hewitt (JTX) disclosed yesterday evening that it may be without a funding source for its refund anticipation loan program during the 2010 tax season. The Santa Barbara Tax Products Group has agreed to provide only 50% of the funding to Jackson Hewitt for the 2010 season, and the remaining funding source is still unknown. Investors are worried the lack of revenue from the refund anticipation loan program could impact earnings this year and have sent shares lower by more than thirteen and a half percent.
Pacific Ethanol (NASDAQ:PEIX) shares are taking a breather this morning and posting gains of 140% over the last four trading days. The stock has pulled back modestly this morning, with shares down about seven percent right now.
And Barclays Capital downgraded shares of Affymetrix (NASDAQ:AFFX) from Equal Weight to Underweight. The firm is concerned that new sequencing technologies are emerging in the market that will make Affymetrix's product's obsolete. With the downgrade, Barclays slashed its price target for the company from $6 per share down to $3 and investors responded in kind by sending shares lower by more than twelve percent.
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