Portfolio Recovery Associates (PRAA) reported first quarter net income of $2.10 per share after the close Tuesday, compared to $1.54 per share last year. The consensus estimate was for EPS of $2.10.
Portfolio Recovery Associates gapped open sharply higher Wednesday and rose sharply in early trade, before settling into a range. Shares finished up by 8.13 at $130.88 on above average volume. The stock has broken out past resistance and has set a new high for the year.
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