Walmart (WMT) Stock Higher, Begins to Block Visa Cards at Canadian Stores

Walmart (WMT) stock is increasing on Monday afternoon as the retailer began blocking the use of Visa (V) credit cards at three of its Canadian locations.
By Kaya Yurieff ,

NEW YORK (TheStreet) -- Shares of Walmart Stores (WMT) - Get Report are up 0.39% to $73.96 early Monday afternoon as the retail giant started blocking the use of Visa (V) credit cards at three of its Canadian stores.

This is the latest move in the intensifying battle between Walmart and credit card companies, the Wall Street Journal reports.

Walmart said it could not agree on terms with Visa and that fees it pays when customers use the cards are too high.

The Bentonville, AR-based company is no longer accepting Visa cards at locations in Thunder Bay, Ontario and plans to "roll out the change in phases across Canada," a spokesman for Walmart told the Journal. It has 405 stores in Canada.

The spokesman said Walmart has not set a timeline for the roll out to other Canadian locations yet.

Shares of Visa are increasing 0.17% to $78.43 in midday trading today.

Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on Walmart stock.

The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations and notable return on equity.

The team believes its strengths outweigh the fact that the company has had somewhat weak growth in earnings per share.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: WMT

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