NEW YORK (
) -TheStreet Ratings' stock model downgraded
to 'Hold' from 'Buy'. Net income at this $51.3 billion market cap, credit card payment processing company shrank by 1.8% to $716 million in fiscal third quarter from the year earlier quarter.
TheStreet Ratings released rating changes on 20 additional U.S. common stocks for August 20, 2010. In total, 12 stocks were downgraded and nine stocks have been upgraded by our stock model.
Gross sales at Visa topped $2 billion for the first time ever in the fiscal third quarter of 2010. As the new rules governing credit cards have now been implemented, future revenue comparisons may be more challenging.
Also being downgraded to 'Buy' from 'Hold' is
. This $16.4 billion market capitalization, defense technology contractor, improved its top-line revenue by just 2.7%% to $6.3 billion in the second quarter over the same quarter last year as net income cratered by 57% to just $208 million over the same period.
-- Reported by Kevin Baker in Jupiter, Fla.
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Kevin Baker became the senior financial analyst for TheStreet Ratings upon the August 2006 acquisition of Weiss Ratings by TheStreet.com, covering mutual funds. He joined the Weiss Group in 1997 as a banking and brokerage analyst. In 1999, he created the Weiss Group's first ratings to gauge the level of risk in U.S. equities. Baker received a B.S. degree in management from Rensselaer Polytechnic Institute and an M.B.A. with a finance specialization from Nova Southeastern University.