According to Wedbush, Citi North America and International volumes saw decelerated purchase sales growth year over year and quarter over quarter, while Bank of America's North America debit and credit volume posted a deceleration year over year and quarter over quarter.
JPMorgan's credit volumes growth and merchant processing volumes growth also decelerated year over year and quarter over quarter.
"Collectively, these trends mirror recent reported consumer spending data, which will likely be reflected in September's quarterly data from both Outperform rated [Visa (V)] and [Mastercard (MA)] (with respective largest issuers, JPM and C, respectively) as well as from the "deal stocks": Outperform rated [Fidelity National Information Services (FIS), Global Payments (GPN) and Fiserv (FISV)]," the firm's analysts said.
They do, however, believe that the outperform-rated Paypal (PYPL) is "relatively immune" from the trends because of the company's "aggressive monetization initiatives."
Price: 70.69, Change: +0.42, Percent Change: +0.60
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