Visa and MasterCard Post Strong Results Despite Concerns of a Slowing Global Economy
Five Star Equities Provides Stock Research on Visa and MasterCard
(firmenpresse) - NEW YORK, NY -- (Marketwire) -- 11/06/12 -- In the face of a slowing global economy credit card stocks have impressed investors with strong gains. Major companies such as Visa and MasterCard have surged recently after reporting financials that have topped analysts' estimates. Five Star Equities examines the outlook for companies in the Credit Services Industry and provides equity research on Visa Inc. (NYSE: V) and MasterCard Inc. (NYSE: MA).
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Companies' profits were boosted by strong consumer spending in the U.S., which rose more than forecasted last month. Consumer spending in the U.S. saw its largest gain in six months with a 0.8 percent increase in September, while income rose 0.4 percent. According to Bloomberg economists had predicted a gain of 0.6 percent.
"In the U.S., we saw an improvement in consumer confidence, which resulted in an increase in consumer-spending growth, although that growth is slower than 2011 or the numbers we saw in the first half of 2012," MasterCard's CEO, Ajay Banga, said in a conference call. "Housing-related categories of retail spending continue to perform well, which I think points to the underlying improvement in the housing market."
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Visa reported net income for the quarter surged 89 percent to $1.66 billion as a result of $627 million in reversed tax reserves. "Visa has a strong foundation for continued long-term growth as technology-enabled change continues to shape our global market," CEO Joseph W. Saunders said in the statement. "We see extraordinary opportunity for growth." Charles Scharf, JPMorgan's former head of retail banking, has recently replaced Saunders as Visa's new CEO.
MasterCard obtains approximately 40 percent of its revenues from the U.S. market. For the third quarter of 2012 the company reported a net income of $772 million, or $6.17 a share, an increase of 7.7% when compared to the prior year's quarter. According to Bloomberg analysts has expected a net income of $5.92 a share.
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Datum: 06.11.2012 - 07:20 Uhr
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