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Stock Market & Financial Investment News

News Breaks
July 31, 2014
08:51 EDTAXP, V, MAAmerican Express CEO takes stand in antitrust suit, defends practices, WSJ says
American Express (AXP) CEO Kenneth Chenault took the witness stand as part of a lawsuit that the Justice Department filed against the company in 2010 that contends that its rules for merchants inhibit competition with peers Visa (V) and MasterCard (MA), reported The Wall Street Journal, which noted that Chenault stated that the "most damaging thing that can happen to the American Express brand is when our card members are discriminated against at the point of sale" in the company's defense. Reference Link
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September 15, 2014
12:17 EDTMAMasterCard to host investment community meeting
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12:03 EDTAXPAmerican Express reports August write-off rate 1.5% vs. 1.5% last month
Reports August 30 days past due loans 0.9% vs. 0.9% last month.
September 14, 2014
12:15 EDTAXPAmerican Express could rise almost 30%, Barron's says
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September 12, 2014
06:35 EDTAXP, V, MAApple getting discounted card fees for Apple Pay, NY Times reports
Banks are charging Apple lower than usual credit card fees for the tech giant's new mobile payment system, according to The New York Times. The banks hope that participating in Apple Pay will enable them to process transactions that aren't currently being paid for with credit cards, the newspaper explained. The banks and credit card networks also hope to use Apple Pay to prevent technologies that don't incorporate banks from becoming popular, The Times reported. Publicly traded credit card networks include American Express (AXP), Capital One (COF), Discover (DFS), MasterCard (MA) and Visa (V). Publicly traded banks include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC)..Reference Link
September 11, 2014
16:12 EDTVVisa to deposit $450M in litigation escrow account
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08:46 EDTVApple at work to bring Apple Pay service to Europe, FT says
Apple (AAPL), which is introducing its Apple Pay wallet technology only in the U.S. at launch, is in talks with banks and credit card organizations to expand the service to Europe, but there is still uncertainty over the timing, reported Financial Times. The periodical quotes Steve Perry, the chief digital officer at Visa Europe (V), as saying, "We are working closely with Apple and with our member banks to bring this new service to market in Europe." Reference Link
06:47 EDTMAEU rejects MasterCard appeal regarding card fee veto, Reuters says
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September 10, 2014
08:14 EDTV, MA, AXPVisa best positioned among card networks for Apple Pay, says Pacific Crest
Pacific Crest believes that Visa (V) is the best positioned to benefit from Apple Pay among credit card networks, as the firm notes that Visa cards were prominently displayed in the demonstrations, that accompanied the launch of the service. The firm thinks that Visa's technology leaves it well-positioned to play a critical role in fostering mobile payments with Apple and potentially others like Google (GOOGL). Pacific Crest adds that Apple Pay is also positive for MasterCard (MA) and American Express (AXP). It keeps an Outperform rating on Visa and Sector Perform ratings on MasterCard and American Express.
08:02 EDTV, MA, AXPApple Pay positive for Visa, MasterCard and American Express, says BofA/Merrill
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September 9, 2014
15:14 EDTVVisa to support consumer payments with Apple Pay
Visa (V) announced it is supporting consumer payments with the new iPhone 6, iPhone 6 Plus and Apple (AAPL) Watch. Thanks to a new capability called Visa Token Service, participating financial institutions in the U.S., and eventually abroad, will be able to add Visa debit and credit cards to Apple Pay, Apple’s new payment service, and enable their customers to make easy and secure purchases at select U.S. merchants both in stores and in apps. Visa Token Service technology works by replacing sensitive payment account information found on plastic cards with a digital account number or “token” that can be safely stored on mobile devices and used for in store and in app purchases. Visa will roll out the service to financial institutions in phases, initially supporting early participants in the Apple Pay launch, and then extending the service availability to all of its U.S. clients.
15:11 EDTMAMasterCard works with Apple to integrate Apply Pay
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14:54 EDTV, MA, AXPApple announces Apple Pay
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14:38 EDTVVisa launches Visa Token Service for ecommerce and mobile payments
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13:59 EDTMA, VVisa, MasterCard near highs of day after Apple confirms mobile payment plans
07:28 EDTAXP, MAThe Money Event, Inc to hold a conference
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September 8, 2014
10:17 EDTAXPAmerican Express President says won't comment on press speculation on Apple
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07:24 EDTAXPBarclays to hold a conference
Global Financial Services Conference to be held in New York on September 8-10.
September 5, 2014
07:30 EDTMA, VApple iWallet would be positive for payment networks, says JPMorgan
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07:26 EDTAXPApple strikes transaction fee discount deals, Bank Innovation says
Apple (AAPL) has reached deals with American Express (AXP), JPMorgan (JPM), Citigroup (C), Capital One (COF), and Bank of America (BAC) to lower card transaction fees for its soon to be launched payments venture, said Bank Innovations, citing an earlier report from Tom Noyes and confirmation by its own sources. Apple has both convinced them to consider its transactions as “card present,” which carries a lower discount rate, and has also managed to bump down the actual “card present” rate by 15 to 25 basis points, according to people with knowledge of the matter, the report noted. Reference Link
06:37 EDTMA, VMasterCard, Visa to roll out new 'tokenization' technology, WSJ reports
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