Thu, Jun. 30, 11:49 AM
- Visa (V -2.2%) and MasterCard (MA -1.8%) move lower after the 2nd U.S. Circuit Court of Appeals rejects the 2012 settlement with retailers over credit card fees, calling the agreement “unreasonable and inadequate."
- The decision nullifies the settlement - billed at the time as the largest settlement of an antitrust class action case in U.S. history, and valued at the time at $7.25B - that resolved claims that the card networks overcharged merchants on swipe fees, when shoppers used credit or debit cards, and banned them from encouraging customers to use cheaper means of payment.
- One class of merchants that had accepted Visa or MasterCard during 2004-12 was to share in the $7.25B, while a second class accepting the cards after 2012 would get injunctive relief in the form of rule changes; the court ruled that the two classes should not have been represented by the same lawyers and that the second group was not adequately represented in the litigation.
Wed, Jun. 29, 3:19 PM
- Visa (V +2%) accuses Wal-Mart (WMT +1.2%) of secretly configured its payment terminals so only PINs could be used, after receiving complaints from customers who said they could no longer use their debit cards at WMT stores unless they had a PIN.
- Visa says WMT's actions violate the contract the companies had negotiated in which it told WMT that customers must be given the choice of using a signature; WMT sued Visa over the issue last month, saying PINs are more secure than signatures.
- Visa says WMT never told it that the signature choice had been eliminated, finding out only after noticing “a significant drop” in its debit transactions at WMT stores.
- Visa's rules are different than those of MasterCard (MA +1.9%), which lets merchants decide how they want customers to verify payments, WSJ reports.
Fri, Jun. 24, 12:28 PM
- Brexit is bad news for Visa (V -3.1%) and MasterCard (MA -3.8%), Sandler O’Neill says, seeing slowing overall GDP growth ahead for Europe at a time of already weak European growth, meaning that spending on Visa and MasterCard networks will slow.
- The firm cites four major downsides for card networks following the vote: slower consumer spending, less cross-border activity, forex headwinds to earnings in the U.K. and EU, and slower migration from cash to digital payments.
- The timing of Visa’s acquisition of Visa Europe now looks unfortunate, and guidance for the deal to be accretive to EPS in the high single digits in coming years could drop into the mid-single digits post-Brexit, the firm says.
Fri, Apr. 22, 7:41 AM
- Visa (NYSE:V) trades lower after issuing a forecast below expectations for FY16 as low gas prices dent consumer spending in some key markets.
- Sales are seen rising 7% to 8% this fiscal year, below a prior outlook of a high single-digit to low double-digit range. The company expects profit growth in a low double-digit range, down from prior guidance for midteens growth.
- Visa recorded payments volume growth of 12% to $1.3T in FQ2. Cross-border volume was up 5%. Total processed transactions were up 9% to 18.5B.
- During the earnings call, CEO Charles Scharf said trends in April are unchanged.
- Visa -3.29% premarket to $78.13.
- Now read the Visa earnings call transcript
Fri, Apr. 1, 11:46 AM
- Reiterating its $90 price target (about 20% higher than last night's close) and Outperform rating on Visa (V +1.6%), Bernstein notes an attractive valuation and a catalyst from the closing of its acquisition of Visa Europe.
- Longer-term, the team says the stock could double in four years.
- Now read: The Balance? (March 31)
Fri, Feb. 12, 11:36 AM
- CNBC reports Visa's (NYSE:V) stake in Square (SQ +8.5%), which was disclosed yesterday evening, stems from Visa's 2011 investment in the mobile card-reader/payment-processing firm.
- Visa was only now required to disclose the size of its Square stake; it didn't disclose the size of its investment in 2011. Square's IPO prospectus didn't list Visa as a major shareholder - Jack Dorsey and fellow co-founder James McKelvey were respectively reported to have 21.9% and 8.4% stakes, and VC firm Khosla Ventures a 15.5% stake.
- Of note: Visa only has a 9.99% stake in Square's Class A shares. Its total stake in the company is estimated to be around 1.1%.
- Regardless, Square remains sharply higher today, and is back above its $9 IPO price. Q4 results don't arrive until the afternoon of March 9.
Thu, Feb. 11, 6:54 PM
- Visa (V -2.3%) is one of the top five shareholders in payments firm Square (SQ -3.1%), according to a 13G filing posted this evening.
- The world's largest payment network operator has a 9.99% equivalent stake in Square Class A. It had invested in the start-up back in 2011.
- Shortly after Square went public in the fall, billionaire Leonard Blavatnik disclosed an 11.4% passive stake in the firm.
- Previously: BTIG: Three financials to buy amid the carnage (Jan. 11 2016)
Thu, Feb. 11, 10:44 AM
- The weaker U.S. economy and higher market volatility will continue to weigh on financial services names, says analyst Ken Bruce, downgrading Visa (V -3.1%), MasterCard (MC -3.7%), Capital One (COF -3.8%), and Discover Financial (DFS -4.7%) to Neutral from Buy. "The combination drives poor earnings visibility and likely constrained valuation, which we think can’t be ignored."
- He maintains Buy ratings, however, on Synchrony Financial (SYF -3.4%), Ally Financial (ALLY -4.4%), and OneMain Holdings (OMF -8.5%), calling each of the three oversold after major declines this year.
Thu, Jan. 28, 4:19 PM
- Visa (NYSE:V): FQ1 EPS of $0.69 beats by $0.01.
- Revenue of $3.57B (+5.6% Y/Y) misses by $50M.
- Shares +2.71%.
Nov. 2, 2015, 8:28 AM
- Visa (NYSE:V) says the acquisition of Visa Europe will add 1.5T annual payments and 500M European-based Visa cards into the company's hopper.
- The company also points out the enormous upside sitting in Europe where 37% of transactions are still completed by cash or check. Visa plans to push new mobile payment platforms with the acquired European business.
- Visa will issue senior debt of up to $16B to help finance the acquisition which will give it an initial debt leverage rate of 1.4-1.5X EBITDA. Over the long term, the leverage rate is expected to fall in a range of 1.1 to 1.5X EBITDA.
- Investors are cautious over the deal in early trading with shares down 1.78% to $76.20. FQ4 earnings are also in the mix.
- Previously: Visa misses by $0.01, revenue in-line (Nov. 02 2015)
- Previously: Visa lands Visa Europe in highly-anticipated deal (Nov. 02 2015)
Oct. 23, 2015, 11:03 AM
- Shares of Visa (NYSE:V) are down 1.50% after sitting in positive territory earlier in the day. There's some market chatter that Evercore ISI has warned that a massive acquisition of Visa Europe by Visa may not occur or be slimmed down.
- Visa popped early this year after it was reported to be in advanced talks for the European trade organization which has been independent of Visa since 2007.
- Previously: Visa +4.5% on report of talks to acquire Visa Europe (May. 08 2015)
- Previously: Visa closer to striking deal for European cousin (Aug. 20 2015)
Aug. 24, 2015, 8:47 AM
- Shares of Visa (NYSE:V) are down heavily in early action on concerns over global volume with markets swinging lower.
- The Dow component is down 7.5% in premarket trading to $65.87 to mark its lowest level since April.
- Growth potential in China is partially baked into Visa'a share price.
Jul. 24, 2015, 9:17 AM
Jul. 23, 2015, 4:38 PM
- Visa (NYSE:V) races higher after smashing profit estimates with its Q2 report.
- Payments volume was up 11% on a constant-dollar basis.
- Cross-border volume growth improved 8%.
- Total processed transactions rose 8% to 18.0B.
- Total operating expenses increased 11%.
- Visa says it sees "compelling" logic for it to combine with Visa Europe. An update on the progress of its discussions with Visa Europe is expected by the Q4 earnings call or sooner.
- Previously: Visa beats by $0.15, beats on revenue
- V +6.77% after hours to $76.50.
Jul. 23, 2015, 4:14 PM
- Visa (NYSE:V): Q2 EPS of $0.74 beats by $0.15.
- Revenue of $3.52B (+11.4% Y/Y) beats by $160M.
- Shares +7.1%.
Jun. 3, 2015, 4:29 PM
- FireEye (NASDAQ:FEYE) is partnering with Visa (NYSE:V) to launch a joint threat intelligence service relying on data from both companies. The companies assert the solution, known as Community Threat Intelligence (CTI), will allow merchants and card issuers to "quickly detect and respond to attacks against their IT and payment infrastructure."
- FireEye will operate the Web-based service, which will leverage Visa's "unparalleled view into global payments." It aims to replace the use of e-mail and static documents for sharing threat intelligence, and win over businesses on edge about payment card security following a number of major breaches. More features will be added in the future, with FireEye's Mandiant endpoint security/forensics unit playing a role.
- FEYE +1.5% AH to $48.40. FireEye struck partnerships with HP and Check Point in April.
Visa, Inc. is a global payments technology company that connects consumers, businesses, banks, governments and territories to fast, secure and reliable electronic payments. It operates processing networks, VisaNet, which offers fraud protection for consumers and assured payment for merchants.... More
Industry: Business Services
Country: United States
Other News & PR