Rumors of rate cut ?
from last week, but maybe sellers were not done ------------------- Update: Card issuers fall sharply following firms’ negative outlook on AXP The major credit card issuers are dropping significantly, after two research firms issued negative notes about American Express (AXP), and Citigroup © announced that it would lose about $2B on its credit card in Q3. Citigroup reduced their 2008 EPS estimate for American Express to $2.75 from $2.85, to reflect higher average net charge-offs as reported in the card issuer’s Master Trust data. The firm expects additional deterioration in consumers’ creditworthiness, and they are cautious on the stock. Credit Suisse reduced their target for American Express to $32 from $36, citing the company’s higher credit losses. The firm maintained their Underperform rating. American Express sank $2.96, or 7.49%, to $36.54, Capital One (COF) fell $4.47, or 8.19%, to $50.08, MasterCard (MA) retreated $18.05, or 9.72%, to $167.02, and Visa (V) lost $2.96, or 4.77%, to $59.08. source: TheFly
i would think V would be up as well then…