MasterCard rises on TSYS news

MasterCard rises on TSYS news

Shares in MasterCard hit a record high in trading yesterday as the markets reacted positively to a strong profit growth forecast for 2007 from e-payments processor Total System Services (TSYS).

MasterCard stock hit a new high of $110.22 after TSYS forecast earnings growth in 2007 of 14%-17%, excluding certain accounting charges, compared with a previously expected 10% profit growth.

Morgan Keegan analysts told reporters that some investors extrapolated TSYS results to MasterCard.

MasterCard's previous highest trade since its initial public offering in May 2006 was in November when the stock hit $108.60 on Nyse.

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