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☆ 12 portfolio companies report earnings in the week ahead. What we want to hear from each
▼ + stars: | 2024-04-27 | by ( Zev Fima | ) www.cnbc.com time to read: +15 min

The action quickly and sharply reversed back to the upside Friday after blowout earnings reports from Alphabet and Microsoft . In the week ahead, earnings are likely to drive the action again, though we'll get a few important macroeconomic reports. Earnings: We've got the biggest week of the earnings season ahead of us, with 12 Club holdings set to report. Eli Lilly 's report Tuesday morning continues to be all about sales of type-2 diabetes treatment Mounjaro and weight-loss drug Zepbound. In DuPont 's report Wednesday morning, we're looking for a continued rebound in its semiconductor business following a sequential increase last quarter.

Persons: Ford, we'll, Dow Jones, We've, Buckle, Eaton, Eli Lilly, Lilly, We're, Estee Lauder, Fabrizio Freda, we've, Linde, Bausch, Royal Philips, Woodward, SIRI, Archer, Johnson, Stanley Black, Decker, BAX, Cardinal Health, Parker, Belden, Jim Cramer's, Jim Cramer, Jim Organizations: Nasdaq, Microsoft, Meta, Google Search, Big Tech, Nvidia, Broadcom, Ford Motor, Honeywell, Danaher, Labor Department, Labor, PMI, Services PMI, GE Healthcare, Amazon Web Services, Starbucks, Deutsche Bank, DuPont, Bausch Health, U.S ., Appeals, Apple, iPhones, Vision, ON Semiconductor, Resource Partners, Franklin Resources, Paramount, Transocean Ltd, Semiconductors, Arch Capital, Logitech International, Lattice Semiconductor, F5 Networks, Sanmina Corporation, GE HealthCare, PayPal, 3M Company, McDonalds, Enterprise Products Partners, Cola Company, Melco Resorts, Entertainment, SiriusXM Holdings, Oatly, American Electric Power Company, Leidos Holdings, Marathon Petroleum, Daniels, Midland Co, Equitrans Midstream Corporation, HSBC Holdings, HSBC, Devices, Caesars Entertainment, Lumen Technologies, Mondelez, Pfizer, CVS Health, Barrick, Mastercard Inc, Cruise Line Holdings Ltd, Kraft Heinz Company, Marriott International, Ares, Generac Holdings, Johnson Controls, Cenovus Energy Inc, Qualcomm, Devon Energy, Paycom, Axcelis Technologies, Coeur D'Alene Mines, Sunnova Energy International, MGM Resorts International, MGM, Solar Inc, Oil, Allstate, Co, Tenable Holdings, Enovix Corporation, Gladstone Capital, Avis Budget Group, eBay, EBAY, LIN, Novo Nordisk, Natural Resources, PENN Entertainment, Apache, ConocoPhillips, InMode Ltd, Baxter International, Cardinal, Regeneron Pharmaceuticals, Apollo Global Management, LLC, Cinemark Inc, Dominion Energy, Coterra Energy, Coinbase, Bill.com Holdings, Booking Holdings, United States Steel, AXT Inc, Materials, Energy, Hershey Company, XPO Logistics, Cboe, American Pipeline, Amneal Pharmaceuticals, Brookfield Business Partners, Brookfield Renewable Corporation, Magna International, Jim Cramer's Charitable, CNBC, Traders, New York Stock Exchange, Bloomberg, Getty Locations: U.S, megaprojects, China, Eaton, Corning, Coeur D'Alene, Albemarle, ALB, Novo, New York

☆ 10 of our stocks report earnings next week. Here's what we want to see from each
▼ + stars: | 2024-01-27 | by ( Zev Fima | ) www.cnbc.com time to read: +16 min

All three major averages posted gains for the third consecutive week, lifted by solid quarterly earnings and positive economic data. Earnings season ramps up next week, with five of the Super Six mega-cap stocks delivering results. Employment numbers are the most important economic data, with Friday's January nonfarm payrolls report carrying the most weight. The January ISM Manufacturing report on Thursday and December's factory orders report Friday are expected to show the sector still in contraction mode. But earnings and commentary this week from peer Sartorious made us encouraged about a return to growth in 2024.

Persons: nonfarm, December's, Sartorious, We've, Stanley Black, Decker, We're, We'd, Royal Philips, Crane, Woodward, ServisFirst, Cadence Bancorporation, CADE, Johnson, Phillips, Avery Dennison, Columbus McKinnon, Robinson, SIRI, Cardinal Health, Parker, DOV, Pitney Bowes, Ferrari N.V, CSW, COLM, W.W, Grainger, Dwight Co, Jim Cramer's, Jim Cramer, Jim, Tim Cook, Justin Sullivan Organizations: Gross, Procter, Gamble, Gillette, Super, Consumer, JPM Healthcare, Amazon, Microsoft, Honeywell, Aerospace, Solutions, Apple Watch, Masimo, Vision Pro, Franklin Resources, Resource Partners, Bank of Marin Bancorp, Bank7 Corp, Pacific Premier Bancorp Inc, Provident Financial Holdings, Dynex, Cliffs Inc, Nucor Corp, Whirlpool Corp, F5 Networks, Capital Southwest Corp, Harbors Investment Corp, Crane Co, Payne, Equity, Heartland Financial, Cadence, FinWise Bancorp, Five Star Bancorp, PotlatchDeltic Corporation, Sanmina Corporation, Pfizer, General Motors Corp, United Parcel Service, JetBlue Airways Corporation, Smith Corp, Marathon Petroleum Corp, HCA Healthcare, Oshkosh Corporation, SYSCO Corp, Danaher Corp, Johnson Controls, M.D.C . Holdings, Commvault Systems Inc, Hope Bancorp, Hubbell Incorporated, Malibu Boats, Polaris Industries, Inc, Camden National Corp, Cambridge Bancorp, Microsoft Corp, Starbucks Corp, Devices, Electronic Arts Inc, Juniper Networks, Stryker Corp, Lending, Canadian, Canadian Pacific Kansas City Limited, Mondelez, Chubb Corporation, Modine Manufacturing, Partners, Management, Hawaiian Holdings, Manhattan Associates, Unum Group, UNM, Axos, Enova, Boston Properties, Boeing Co, Novo Nordisk, Mastercard Inc, Roper Technologies, Boston Scientific Corporation, MarketAxess Holdings, Fisher, Aptiv PLC, Hess Corp, Nasdaq, United Microelectronics Corp, Rockwell Automation, Teva Pharmaceutical Industries, Ltd, Avery, Avery Dennison Corp, Extreme Networks, Otis Worldwide Corporation, OTIS, Columbus, Columbus McKinnon Corp, Central Pacific Financial Corp, Brinker International, Fortive Corporation, Qualcomm, Technology, Metlife, Hanover Insurance, Barn Holdings, CONMED Corporation, DLH Holdings Corp, Meritage Homes Corporation, Honeywell International, Eaton Corp, Altria, Royal Caribbean Cruises Ltd, Merck, Co, Enterprise Products Partners, Dorian LPG, SiriusXM Holdings, Cardinal, Hannifin Corporation, Allegheny Technologies Incorporated, Tractor Supply Company, Trane Technologies, Dover Corp, Huntington Ingalls Industries, Brunswick Corporation, Dickinson, Canada Goose Holdings, Kirby Corp, WEC Energy Group, WestRock Company, Allegro MicroSystems, Ball Corporation, Broadridge Financial, BrightSphere Investment Group, CMS Energy Corp, Lancaster Colony Corp, Rogers Communications Inc, Sanofi, Apple, Atlassian Corporation, United States Steel Corp, Corp, Adtalem Global, Homes, DXC Technology Company, Eastman Chemical Company, Gen, Post Holdings, America, Columbia Sportswear Company, Exxon Mobil Corp, Chevron Corporation, Myers Squibb Co, CIGNA Corp, Regeneron Pharmaceuticals, Charter Communications, AON, Cboe, Dwight, Banco Santander, Jim Cramer's Charitable, CNBC, Apple Vision, Getty Locations: China, East, United States, Europe, Cleveland, Alexandria, California, Corning, Canadian Pacific, Teradyne, TER, Novo, Hanover, PBI, Skechers U.S.A, Bristol, Chile

☆ These stocks could break out to new highs if the Fed is viewed as market-friendly
▼ + stars: | 2023-09-20 | by ( Brian Evans | ) www.cnbc.com time to read: +5 min

Some stocks that were trading near 52-week highs before the Fed decision could now ride the coattails of the latest interest rate decision and move higher. Boston Scientific's previous 52-week high stood at $54.99 . Meanwhile, credit card giant Mastercard is well within striking range of a new 52-week high, with shares only 1.21% away from the benchmark. Some stocks that were trading near 52-week highs before the Fed decision could now ride the coattails of the latest interest rate decision and move higher. Consensus analyst estimates forecast a 10.4% rally to Arch Capital stock.

Persons: yearend, Jerome Powell, Drew Angerer, Baker Hughes Organizations: Fed, Federal, CNBC, CNBC Pro Stock, Boston Scientific, Boston Scientific's, Boston, Mastercard, Arch Capital, Arch Capital Group, . Federal, Federal Reserve, Washington , D.C, Getty, Capital Group, AIG American International Group, Amphenol, Bunge, Boston Scientific Corp, Design Systems, Everest Group, Emerson Electric Co, HAL Halliburton, ICE, Exchange, Jacobs Solutions, Mckesson, E Corp, Services, Constellation Brands, Targa Resources Corp, Visa Locations: Washington ,

☆ Mastercard ends Binance card partnership in latest blow to crypto giant
▼ + stars: | 2023-08-25 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Embattled cryptocurrency exchange Binance has lost some business with payment card networks Mastercard and Visa. Where available, users can also shop with crypto and send crypto using Binance Pay, a contactless, borderless and secure cryptocurrency payment technology designed by Binance," the company added. Mastercard confirmed that it is ending the partnership, with a spokesperson telling CNBC that, from Sept. 22, four pilot Binance co-branded Mastercard card programs the company had with Binance in Argentina, Brazil, Colombia and Bahrain "will no longer be in use." "This provides cardholders with a wind-down period to convert any holdings in their Binance wallet," the Mastercard spokesperson said. "There is no impact on any other crypto card program."

Persons: Binance Organizations: Visa Inc, Mastercard Inc, Mastercard, Visa, Twitter, CNBC, Binance, Bloomberg Locations: Tiskilwa , Illinois, U.S, America, Argentina, Brazil, Colombia, Bahrain, Europe

☆ A hedge fund manager shares 2 ChatGPT prompts and the AI plugin he used to filter top stock picks
▼ + stars: | 2023-08-12 | by ( Laila Maidan | ) www.businessinsider.com time to read: +9 min

He fed the LLM data from a terminal and asked it to filter its findings through top academic literature and fund managers. Building on the knowledgeIn his earlier experiments, Patel and his team manually pasted increments of stock data into ChatGPT's text box. Using Julius AI, Patel was able to input data for over 6,800 stocks to see if the outcomes or accuracy would change. The metrics Patel chose to input were based on company fundamentals that he felt were important when picking stocks. Patel concluded that whether it's a human analyst or AI that's picking stocks, there are no guarantees in the stock market.

Persons: Alpesh Patel, it's, Patel, Julius AI, Julius, Price, ChatGPT's, Warren Buffett, Cisco Systems Inc Patel, Johnson, Eli Lilly, Rahul Sonwalkar, you've Organizations: NYSE, Nasdaq, US Securities and Exchange Commission, FTSE, New York Stock Exchange, Alpha, Broadcom, Cisco Systems Inc, Apple Inc UnitedHealth, Johnson, Johnson Exxon Mobil Corp Visa Inc Tesla, Walmart, Taiwan Semiconductor Manufacturing Procter, Gamble, Chevron Corp Mastercard, Depot Inc, Pfizer, AbbVie Inc Merck, Co Inc, Cola Co, Pepsico, Broadcom Inc Alibaba

The Credit Card Competition Act was reintroduced last month in both the House and the Senate, after not being brought up for a vote in either chamber during the previous Congress. Retailers in support of the legislation argue credit card processing costs are hurting consumers by driving up the cost of business, and, in turn, the price shoppers pay at checkout. On the other side of the fight, major credit card processing networks like Visa , Mastercard , Discover and Capital One say the bill will actually hurt consumers by diminishing popular credit card rewards programs and lessening fraud protections. Visa and Mastercard account for 80% of all credit card volume, according to data from the Nilson Report, a publication tracking the global payment industry. On average, U.S. credit card swipe fees account for 2.24% of a transaction, according to the Merchants Payments Coalition.

Persons: Doug Kantor, Sen, Dick Durbin, He's, Nilson, Durbin, Harley Finkelstein, Finkelstein Organizations: Visa Inc, Mastercard Inc, Visa, Mastercard, Kroger, Walmart, Discover, Merchants Payments Coalition, CNBC, Main, Electronic Payments Coalition Locations: Tiskilwa , Illinois, U.S, Washington, Shopify, Target, America

☆ Mastercard launches global plan to recycle credit cards
▼ + stars: | 2023-06-21 | by ( Simon Jessop | ) www.reuters.com time to read: +2 min

Under the plan, Mastercard will provide shredding machines to HSBC, each of which is capable of holding 10,000 cards, equivalent to 50 kg (110 pounds) of plastic. Once full, it will be transferred to a plastic recycling facility. The pilot project, which will run for an initial six months, will allow customers to recycle any plastic card, including those from rivals. Currently, Mastercard said it has around 3.1 billion cards in circulation. Each year, it estimates around 600 million cards are produced by the industry, each with a life span of around five years.

Persons: Ajay Bhalla, Jose Carvalho, Nilson, Simon Jessop, Tommy Reggiori Wilkes, Jonathan Oatis Organizations: HSBC Mastercard, Payments, Mastercard, Wednesday, HSBC Holdings Plc, Mastercard Inc, HSBC, HSBC UK, Thomson Locations: Britain

☆ Mastercard profit beats estimates as consumers weather tough economy
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +2 min

Gross dollar volumes, a metric that represents the total dollar value of all transactions processed by Mastercard, rose 15% on a local currency basis to $2.1 trillion. Pent-up demand from consumers tired of lockdowns also helped, driving a 35% surge in Mastercard's cross-border volumes - a gauge of travel demand that tracks spending on cards beyond the country of its issue. Earlier this week, Visa (V.N) beat profit estimates and bet on sustained growth at its payments business. Mastercard's total operating expenses on an adjusted basis rose 10% to $2.4 billion in the first quarter ended March 31. On an adjusted basis, Mastercard earned $2.80 in the quarter, sailing past Wall Street estimates of $2.72 per share, according to Refinitiv IBES data.

☆ Factbox: Industry targets of U.S. Republicans' anti-ESG efforts
▼ + stars: | 2023-04-22 | by ( Ross Kerber | ) www.reuters.com time to read: +3 min

Here is a look at major efforts and, in some cases, their impact on specific industries. In addition, legislation pending in states, including Texas and Florida, aims to limit the consideration of ESG factors by pension funds, which could cut off fund firms from public contracts. Top fund firms such as BlackRock Inc (BLK.N) and State Street Corp (STT.N) - both NZAM members - have said their ESG efforts only support clients concerns, for instance the view that climate change poses investment risks. Several of the bills have been passed into law in states including Mississippi and West Virginia. Republicans failed to gain control of the U.S. Senate in elections held Nov. 8, however, limiting their investigative powers.

☆ US attorneys general condemn credit-card firms for backtracking on gun sale code
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +1 min

March 16 (Reuters) - A coalition of 14 attorneys general condemned payment networks majors including Visa Inc (V.N), American Express Co (AXP.N) and Mastercard Inc (MA.N) for pausing work on a merchant code to help detect suspicious gun sales in the United States. Visa, Mastercard and American Express did not immediately respond to Reuters requests for comment. Senators Bob Menendez and Elizabeth Warren have also called on federal regulators to help speed up the adoption of the MCC by payment networks. The MCC, aimed at identifying firearms sellers, would identify the type of store where consumers shopped, though not the individual items they bought. Reporting by Deborah Sophia in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

[1/2] Visa credit and debit cards are seen in this picture illustration taken August 2, 2022. REUTERS/Benoit TessierMarch 15 (Reuters) - A federal appeals court on Wednesday upheld a $5.6 billion antitrust class-action settlement with more than 12 million retailers that accused Visa Inc (V.N) and MasterCard Inc (MA.N) of improperly fixing credit and debit card fees. The operators and the companies both claimed to have been injured after accepting Visa and MasterCard for gas sales. The settlement resolved claims that Visa and MasterCard overcharged retailers on interchange fees, or swipe fees, when shoppers used credit or debit cards, and barred retailers from directing customers toward cheaper means of payment. Settling retailers would be barred from bringing further claims from within the 15-year class period, and for five more years after the settlement became final, court papers show.

☆ US Senators Menendez, Warren urge regulators to support new gun sale code
▼ + stars: | 2023-03-15 | by ( Ross Kerber | ) www.reuters.com time to read: +2 min

Senators Bob Menendez and Elizabeth Warren on Wednesday called on federal regulators to issue guidance to speed the adoption of a new merchant category code (MCC) by payment networks to identify firearms sellers. The Republicans say the codes could be used to improperly track gun purchases. The letter noted reports that mass shooters had used credit or debit cards to buy the guns and ammunition they used. There are more than 40,000 U.S. gun deaths per year, and regulations around guns are again emerging as a major political issue. On Tuesday, U.S. President Joe Biden issued an executive order that reinforced background checks for gun buyers.

☆ Visa, Mastercard pause work on new payments code for firearms sellers
▼ + stars: | 2023-03-09 | by ( Ross Kerber | ) www.reuters.com time to read: +3 min

The Geneva-based International Organization for Standardization (ISO) approved the new merchant category code (MCC) in September to help detect suspicious firearms and ammunition sales to combat gun violence. A Mastercard representative said on Thursday via email that such bills would cause "inconsistency" in how the code could be applied by merchants, banks and payment networks. "It's for that reason that we have decided to pause work on the implementation of the firearms-specific MCC," said the Mastercard representative, Seth Eisen. Accordingly, Visa is pausing implementation of the MCC," Visa said in a statement sent by a spokesperson. The moves mark a setback for gun-control activists, though the payment networks stopped short of saying they would reject the code outright.

☆ Analysis: US Republicans aim to stymie gun sale codes at state level
▼ + stars: | 2023-03-03 | by ( Ross Kerber | ) www.reuters.com time to read: +6 min

"I don't want card companies to raise interest rates or fees on merchants as a way to dissuade them" from selling guns and ammunition, Owen told Reuters. Visa Inc (V.N) declined to comment on the state bills. Other payment card companies Discover, Mastercard Inc and (MA.N) American Express Co (AXP.N) did not respond to requests for comment. Owen, the Mississippi state legislator, said he expects that payment companies could address any technical issues the bills could create. "I think the credit card companies are going to have to adapt on a state-by-state basis," Owen said.

The key to it all, of course, is money, and as organized and funded now, the World Bank would be stretched to meet those goals. He also serves on the advisory board of Beyond Net Zero, a climate finance fund. This will be especially difficult for the World Bank's top shareholder, the United States, due to political brawling between the Biden administration and the Republican-majority House of Representatives. The House has major sway over the country's purse strings and its leaders are not disposed to widen the World Bank's role in fighting climate change. In fiscal 2022, the World Bank committed more than $104 billion to projects around the globe, according to the bank's annual report.

☆ Germany signals support for U.S. pick to lead World Bank
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Feb 24 (Reuters) - The German government has signalled its support for the United States' nomination of Ajay Banga for president of the World Bank, with German Finance Minister Christian Lindner calling Banga's nomination a "very remarkable" proposal on Friday. U.S. President Joe Biden nominated former Mastercard Inc (MA.N) CEO Ajay Banga to lead the World Bank on Thursday, betting the India-born executive's ties to the private sector and emerging markets will jump-start the 77-year-old institution's overhaul to better address climate change. The finance minister added that Germany would follow the nomination with "great attention" and expressed "sympathy" for the proposal. French Finance Minister Bruno Le Maire had also previously showed support for Banga's nomination. Reporting by Christian Kraemer, Writing by Maria Martinez, Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ Biden to Nominate Former Mastercard Executive Ajay Banga to Lead World Bank
▼ + stars: | 2023-02-23 | by ( Andrew Duehren | Andrew Restuccia | ) www.wsj.com time to read: 1 min

Ajay Banga is a former CEO of Mastercard who expanded the business into payment technologies. WASHINGTON—President Biden intends to nominate Ajay Banga , the former chief executive officer of Mastercard Inc., to serve as president of the World Bank, moving swiftly to fill a vacancy atop an institution the U.S. is pushing to overhaul. As the largest shareholder in the World Bank, the U.S. typically selects the leader of the institution, a post that doesn’t require Senate confirmation, though the bank’s board will need to officially appoint Mr. Banga. The board of the World Bank said on Wednesday it would begin accepting nominees before interviewing a shortlist of candidates, with the aim of selecting a new leader by early May.

☆ Biden nominates former MasterCard chief Banga to head World Bank
▼ + stars: | 2023-02-23 | by ( Andrea Shalal | ) www.reuters.com time to read: +4 min

[1/2] Ajay Banga, CEO of MasterCard, speaks during the Women In The World Summit in the Manhattan borough of New York April 8, 2016. REUTERS/Lucas Jackson/File PhotoWASHINGTON, Feb 23 (Reuters) - U.S. President Joe Biden on Thursday nominated Indian-American business executive Ajay Banga to become president of the World Bank, lauding his experience forging public-private partnerships to address financial inclusion and climate change. “Ajay is uniquely equipped to lead the World Bank at this critical moment in history," Biden said in a statement. Banga's nomination is the first to be made public, but the bank will accept nominations from other member countries through March 29. That would enable the World Bank to serve "as a force multiplier for good" by catalyzing action from the wide range of players, she said, adding that the World Bank could not meet the massive needs of developing countries on its own.

☆ Exclusive: Discover to enable tracking of purchases at gun retailers from April
▼ + stars: | 2023-02-17 | by ( Ross Kerber | ) www.reuters.com time to read: +2 min

Proponents of the move, including gun control activists and Democratic politicians, say it will allow financial institutions to better assist authorities in investigating crimes involving gun violence in the United States. Discover said it will include the new code in its next policy and product update to merchants and payment partners, in April. A Visa representative declined to comment on its schedule for the new code. "The decision to use the new merchant category code is eventually left up to the users in the industry," the ISO representative said. Industry leader Visa had a 61% share, Mastercard 26% and American Express 11%.

☆ Mastercard, Binance launching prepaid card in Brazil
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +1 min

[1/2] Representations of cryptocurrencies are seen in front of displayed Binance logo in this illustration taken November 10, 2022. REUTERS/Dado Ruvic/Illustration/File PhotoSAO PAULO, Jan 30 (Reuters) - Mastercard Inc (MA.N) and Binance said on Monday they are lauching a prepaid card in Brazil, Latin America's largest economy, as part of the crypto giant's efforts to "broaden the connection between traditional finance and crypto". According to a statement, the so-called Binance Card is currently in beta testing and should be widely available in the next few weeks, making Brazil the second country in Latin America to receive it after Argentina. Brazil is one of Binance's ten-largest markets, the crypto said, adding that the prepaid card will all new and existing Binance users in the country to shop and pay bills with cryptocurrencies at Mastercard merchants. Reporting by Andre Romani; Editing by Steven GrattanOur Standards: The Thomson Reuters Trust Principles.

☆ Salesforce Names Three Directors, Braces for Proxy Fight
▼ + stars: | 2023-01-27 | by ( Dean Seal | ) www.wsj.com time to read: 1 min

Sachin Mehra, chief financial officer of Mastercard Inc., was named an independent director at Salesforce Inc.Salesforce Inc. has appointed three new directors, including the finance chief of Mastercard Inc., to its board as a potential proxy fight with activist investor Elliott Management Corp. looms. The business-software maker said Friday morning that Mastercard CFO Sachin Mehra , ValueAct Capital Chief Executive Mason Morfit and Arnold Donald , the former president and chief executive of Carnival Corp., have been named independent directors, effective March 1.

☆ Visa revenue growth slows more as tough economy sobers spending
▼ + stars: | 2023-01-27 | by ( Mehnaz Yasmin | ) www.reuters.com time to read: +2 min

REUTERS/Philippe Wojazer/Illustration//File PhotoJan 26 (Reuters) - Visa Inc's (V.N) revenue growth continued to wind back to pre-pandemic levels in the first quarter as the post-lockdown travel craze ebbed and consumer spending slowed in a tough economy. The growth was, however, far lower than a 40% surge in cross-border volumes in the first quarter of 2021 and a 20% jump in payments volumes. The firm's exit from Russia will impact reported payments volume growth rates in the second quarter, Prabhu said on a post-earnings call. Earlier in the day, rival Mastercard Inc (MA.N) forecast current-quarter revenue growth below expectations as pent-up demand for travel was seen slowing going forward. Visa reported a profit of $2.18 a share, comfortably above the $2.01 estimated by analysts, according to Refinitiv.

☆ DOJ probing Visa on U.S. debit card practices, competition
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +1 min

Jan 27 (Reuters) - Visa Inc (V.N) said on Friday the antitrust division of the U.S. Department of Justice had issued investigative demand earlier this month seeking documents and information about U.S. debit card practices and competition with other payment networks. The probe, which began in early 2021, followed reports the United States was investigating whether the credit card company uses anticompetitive practices in the debit card market. The Justice Department has previously investigated the credit card payments industry but settled with Visa and Mastercard Inc (MA.N) in 2010 when they agreed to allow merchants to offer consumers incentives to use a low-cost credit card. Both Visa and Mastercard have faced increasing scrutiny for their dominance in the credit card market. Visa, in 2019, had to settle a European Union antitrust probe over card fees.

☆ Visa, Mastercard pin hopes on China reopening as travel boom fades
▼ + stars: | 2023-01-27 | by ( Niket Nishant | ) www.reuters.com time to read: +2 min

Jan 27 (Reuters) - Mastercard Inc (MA.N) and Visa Inc (V.N) will rely on China reopening to give travel spending a boost, Wall Street analysts said, as the pace of growth in other parts of the world eases from a post-pandemic boom. Executives at the payments companies on Thursday pointed to further room for travel recovery in China, which earlier this month reopened its borders after dropping its stringent COVID-19 control measures. "However, the reopening of China should act as a modest boost." Shares of Visa climbed nearly 3% on Friday, while Mastercard was up nearly 1% in choppy trading. "Consumer spending has remained surprisingly resilient, but reopening has not been worked through in earnest – especially in Asia where there is pent-up travel demand post China reopening," said Macquarie Group analyst Paul Golding.

☆ Visa profit beats estimates on resilient consumer spending
▼ + stars: | 2023-01-26 | by ( Mehnaz Yasmin | ) www.reuters.com time to read: +2 min

[1/2] A Visa credit card is seen on a computer keyboard in this picture illustration taken September 6, 2017. REUTERS/Philippe Wojazer/Illustration//File PhotoJan 26 (Reuters) - Visa Inc's (V.N) first-quarter profit beat Wall Street targets on Thursday as its payments volume held steady with Americans still spending on international travel despite an economic slowdown. That was, however, far lower than last year's 40% surge in cross-border volumes and a 20% jump in payments volumes. Reuters GraphicsVisa's revenue rose at the slowest rate in seven quarters, gaining 12% to $7.9 billion. read moreThe company on Thursday reported a profit of $2.18 a share, comfortably above the $2.01 estimated by analysts, according to Refinitiv.

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