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AMZN

Visa Inc (V) and Mastercard Inc (MA) are planning to increase credit card fees, primarily for online transactions, in October and April. This could cost businesses significantly, with merchants potentially paying an additional $502 million in fees yearly. The fee increase is justified as necessary for covering expenses related to fraud prevention and innovation. The revenue from these fees often funds credit card rewards programs. The fee hike is also seen as a response to the surge in online spending, as reflected in Amazon.Com Inc's (AMZN) successful Prime Day event.

Portfolio Pulse from Anusuya Lahiri

August 30, 2023 | 1:58 pm

EWW

SPY

The S&P's Head of Emerging Markets Research predicts that Mexico's monetary policy rate will remain stable for the rest of the year, with potential for interest rates to begin lowering at the start of 2024.

Portfolio Pulse from Benzinga Newsdesk

August 30, 2023 | 1:22 pm

Visa and Mastercard are reportedly preparing to increase credit card fees, leading to a rise in their stock prices.

Portfolio Pulse from Bill Haddad

August 30, 2023 | 1:05 pm

Visa and Mastercard are preparing to raise credit-card fees. The fee increases are scheduled to start in October and April, according to the Wall Street Journal.

Portfolio Pulse from Happy Mohamed

August 30, 2023 | 1:04 pm

AAMC

Altisource Asset Management Corporation (AAMC) announced the resignation of CEO Jason Kopcak. The company is restructuring its lending operations and has made significant progress on cost-cutting initiatives and enhancing liquidity. Danya Sawyer, COO of Alternative Lending Group, has been appointed as Interim CEO. The company has reduced costs, streamlined operations, and reduced reliance on short-term lines of credit.

Portfolio Pulse from Happy Mohamed

August 30, 2023 | 12:09 pm

MCFT

MasterCraft Boat has projected its FY24 sales to be between $390M and $420M, significantly lower than the estimated $569.27M. The company also expects its adjusted EPS to be between $1.46 and $1.88, lower than the estimated $3.94. This is due to the anticipation of a downturn in the economy, elevated interest rates, tightening credit standards, and reduced retail demand visibility. Despite the expected decline in earnings, the company plans to generate positive free cash flow through cost control efforts.

Portfolio Pulse from Benzinga Newsdesk

August 30, 2023 | 11:39 am

AMZN

BBY

CTLT

ELF

GOOG

INTC

META

MMM

MSFT

NIO

China is taking measures to shield its economy from the real estate sector crisis by reducing bank deposit and mortgage rates. President Biden targets cancer and diabetes drugs in a controversial Medicare price battle. Google collaborates with Nvidia in AI expansion. 3M Co settles a multi-billion dollar lawsuit. Catalent Inc finalizes a deal with Elliott Investment Management and reports mixed Q4 earnings. e.l.f. Beauty acquires Naturium skincare brand. Intel Corp eyes a next-generation data center chip. Meta Platforms Inc tackles China-linked disinformation surge. Microsoft's president cautions against weaponizing AI. Amazon raises its free shipping minimum for non-Prime customers. Google ventures into renewable energy mapping. Nio Inc and Best Buy Co Inc report their Q2 results.

Portfolio Pulse from Vandana Singh

August 29, 2023 | 2:06 pm

KBE

KRE

SPY

XLF

US banking regulators plan to enforce a new requirement on regional banks with at least $100 billion in assets to hold a layer of long-term debt that would absorb losses in case of a government seizure. This move is aimed at protecting depositors in the event of more bank failures. The most impactful change for shareholders of regional banks is the requirement to raise debt levels.

Portfolio Pulse from Happy Mohamed

August 29, 2023 | 2:05 pm

UBS

UBS Group AG has settled a lawsuit with Zurich-based finance blog Inside Paradeplatz, originally filed by Credit Suisse over allegations of abusive reader comments. Credit Suisse had sought $339,390 in damages and the removal of 52 articles. Inside Paradeplatz has deleted reader comments and adjusted parts of two publications. UBS has also terminated the Loss Protection Agreement related to the Credit Suisse Takeover, worth $10.3 billion, with the Swiss government.

Portfolio Pulse from Lekha Gupta

August 29, 2023 | 1:44 pm

ARBK

Argo Blockchain PLC's H1 2023 revenue declined by 31% Y/Y to $24.0 million due to lower Bitcoin price and higher global hashrate. The company reported an EPS loss of $(0.03), narrower than $(0.08) a year ago. ARBK achieved a mining margin of 42%, higher than 33% in H2 FY22. The company generated power credits of around $1.1 million in Q2 2023 and expects to generate more in Q3. ARBK raised $7.5 million through a share placement post Q2 and used a portion to repay around $1.8 million in debt.

Portfolio Pulse from Lekha Gupta

August 29, 2023 | 10:37 am