This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Visa: Financial Loser

NEW YORK ( TheStreet) -- Visa (V - Get Report) was the loser among major financial services companies on Thursday, with shares pulling back over 2% to close at $157.06.

The broad indexes paired earlier declines to end the session slightly lower, after some mixed economic reports. The KBW Bank Index (I:BKX) was down slightly to close at 54.80, with 15 of the 24 index components showing declines for the session.

The Department of Labor Department released its preliminary estimate that nonfarm business productivity declined at an annual rate of 2% in the fourth quarter, which was higher than economists estimate of a 1.3% decline, according to Zacks.

The Labor Department also said that initial unemployment claims for the week ended Feb. 2 totaled 366,000, declining by 5,000 from a revised figure of 371,000 the previous week. The consensus estimate was for new claims to come in at 360,000. The four-week average for initial claims was 350,000, down by 2,250 from the previous week.

The Federal Reserve said that consumer credit during December grew by adjusted 6.3% from a year earlier. Total consumer credit dollars increased by $14.6 billion during December from the previous month, which was in line with the consensus estimate.

Visa


Visa on Wednesday after the market close reported net income for its fiscal first quarter ended Dec. 31 of $1.3 billion, or $1.93 a share, increasing from $1.0 billion, or $1.49 a share, a year earlier. Excluding an 11-cent tax benefit, adjusted earnings came in at $1.82 a share, beating the consensus estimate of $1.79, among analysts polled by Thomson Reuters.

Net operating revenue grew 12% year-over-year to $2.8 billion during the fiscal first quarter, which the company attributed to "strong growth in service revenues, data processing revenues and international transaction revenues."

Visa's board of directors authorized a new $1.75 billion share repurchase program, bringing the company's total buyback authorization to $2.9 billion.

In its outlook for all of fiscal 2013, the company estimated annual revenue growth in the "low double digits," with an operating margin of roughly 60%, which matches the company's adjusted operating margin for fiscal 2012.
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
V $76.08 1.80%
AAPL $122.57 -0.66%
FB $96.20 0.95%
GOOG $624.15 -0.61%
TSLA $264.12 -0.26%

Markets

Chart of I:DJI
DOW 17,727.07 +96.80 0.55%
S&P 500 2,102.91 +9.66 0.46%
NASDAQ 5,098.2610 +9.0550 0.18%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs