Information Provided By:
Fly News Breaks for May 19, 2017
SYF, AXP, DFS, COF
May 19, 2017 | 08:08 EDT
Wells Fargo cut its rating on the credit card sector to Market Weight from Overweight. The firm noted that the sector's net chargeoffs increased to 3.6% last quarter, representing a four year high. The firm is also worried about slowing receivables growth and increased competition in the space. Despite the downgrade, it continues to recommend Discover (DFS) and Synchrony (SYF). It lowered its price target on Discover to $70 from $80 and cut its price target on Synchrony to $30 from $35. It keeps Market Perform ratings on American Express (AXP) and Capital One (COF).
News For DFS;SYF;COF;AXP From the Last 2 Days
AXP
Jul 25, 2017 | 13:21 EDT
In a regulatory filing, American Express (AXP) said that, in 2010, the DOJ, along with Attorneys General from Arizona, Connecticut, Hawaii, Idaho, Illinois, Iowa, Maryland, Michigan, Missouri, Montana, Nebraska, New Hampshire, Ohio, Rhode Island, Tennessee, Texas, Utah and Vermont filed a complaint in the U.S. District Court for the Eastern District of New York against the company, MasterCard (MA), and Visa (V), alleging a violation of Section 1 of the Sherman Antitrust Act .The complaint included allegations that provisions in our merchant agreements prohibiting merchants from steering a customer to use another network's card or another type of general-purpose card violate the antitrust laws. The complaint sought a judgment permanently enjoining us from enforcing our non-discrimination contractual provisions. The complaint did not seek monetary damages. Following a non-jury trial in the DOJ case, the trial court found that the challenged provisions were anticompetitive and on April 30, 2015, the court issued a final judgment entering a permanent injunction. Following our appeal of this judgment, on September 26, 2016, the Court of Appeals for the Second Circuit reversed the trial court decision and directed the trial court to enter a judgment for American Express. Following denial of rehearing en banc by the Court of Appeals for the Second Circuit, the trial court entered judgment for American Express on January 25, 2017. On June 2, 2017, the DOJ announced it would not petition the U.S. Supreme Court to review the Second Circuit's decision in favor of American Express. At the same time, 11 of the 17 states that are party to the case filed a petition with the Supreme Court seeking such a review. American Express noted that Hawaii has since withdrawn its claim in the case.
Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data provided by Interactive Data. Company fundamental data provided by Morningstar. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by Interactive Data Managed Solutions.


TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

IDC calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.