This company realy has a great thing going.
NEW YORK (AP-Dow Jones)--Morgan Keegan & Co. believes Affinity Technology Group Inc.
(AFFI) 'has the ability to alter the $1 trillion installment debt market' through its automated lending
system.
Those bullish comments, in a Morgan Keegan research report rating the Affinity stock an initial
buy, certainly altered the company's shares, catapulting them 19%.
Recently, Affinity shares were up 1 1/2, or 16.7%, at 10 1/2 on Nasdaq volume of 1 million
shares, compared with average daily volume of 220,000.
Though generally positive, Morgan Keegan allows that it is not certain the Columbia, S.C.,
company will indeed substantially change the manner in which consumer loans are handed out.
'Affinity is still in the highly risky initial stages of product development, only one product (an
automated lending machine) is being sold commercially, and the company has a very limited track
record.'
The company's stand-alone automated lending machines can process loan applications and then
deliver the money in less than 10 minutes.
The firm estimated that Affinity Technology will lose 19 cents a share this year, but will earn 45
cents a share next year.
Company officials weren't immediately available for comment.
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