NEW YORK (TheStreet) -- Kroger (KR) - Get Report stock is rising 3.59% to $36.40 on heavy trading volume on Monday afternoon after the grocery store chain sued Visa (V) over the credit card company's policies on debit card transactions.
Shares of Visa are down 1.75% to $73.74 this afternoon along with the overall market that is being pressured by the U.K.'s decision to leave the European Union.
Cincinnati-based Kroger claims that Visa threatened to raise its debit card fees after Kroger routed debit card transactions with a personal identification number through a network not owned by Visa, the Wall Street Journal reports.
Visa, which also allegedly threatened to stop allowing its customers to use their cards at Kroger locations, wants the grocer to only use its networks and has already fined Kroger $7 million.
In the lawsuit, filed in a U.S. District Court in Ohio, Kroger claims that Visa's actions are reducing the company's ability to accept Visa-branded debit cards, putting the grocery business at risk, the Journal added.
So far today, 14.14 million shares of Kroger have exchanged hands, compared with its average daily volume of 8.07 million shares.
Separately, Kroger has a "buy" rating and a letter grade of A- at TheStreet Ratings because of the company's revenue growth, growth in earnings per share, increase in net income, good cash flow from operations and notable return on equity.
You can view the full analysis from the report here: KR
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 article's author.