Cash America shares fall a day after Ohio vote

The state legislature in Ohio passed a law capping the interest rates payday lenders in the state can charge. Analysts said this effectively kills the industry in the state.

The Fort Worth, Texas-based company said it planned to close its nearly 140 stores in Ohio and cut its profit guidance for the year by $2.85 per share to $3 per share, from the previous range of $3 per share to $3.15 per share.

Ferris Baker Watts analyst Henry Coffey said the adjustment to the company's outlook implies Ohio was expected to contribute 45 cents per share to profit this year. He thought it was only going to contribute 30 cents per share.

Shares of Cash America climbed Thursday after the bill passed. On Friday, the stock lost $2.32, or 6 percent, to $36.12. It is not clear why the stock rose Thursday and fell Friday.

JMP Securities analyst John Hecht cut his price target on Cash America to $45 from $52.