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Fly News Breaks for May 19, 2017
COF, SYF, AXP, DFS
May 19, 2017 | 08:02 EDT
Wells Fargo analyst Jason Harbes downgraded his rating on the Credit Card space to Market Weight from Overweight after attending Card Forum 2017 in Austin, Texas. The analyst keeps Overweight ratings on Synchrony (SYF) and Discover (DFS) and Market Perform ratings on American Express (AXP) and Capital One (COF). Credit trends have recently deteriorated primarily due to weaker underwriting, Harbes tells investors in a research note. The analyst is also concerned about slowing receivables growth following an extended period of acceleration from 2012-2016. He lowered his price target for Synchrony to $30 from $35, for Discover to $70 from $80 and for Capital One to $85 from $88. The analyst keeps an $80 target on American Express.
News For SYF;DFS;AXP;COF 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.
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