GOP AGs push Visa, Mastercard, AmEx not to track gun sales
A group of Republican attorneys general are pushing the major payment networks _ Visa, Mastercard and American Express _ to drop their plans to start tracking sales at gun stores, arguing the plans could infringe on consumer privacy and push legal gun sales out of the mainstream financial network.
In a win for gun control advocates, Visa, Mastercard, and American Express plan to start separately categorizing sales at gun stores
The decision comes after the International Organization for Standardization, a Geneva-based nonprofit, approved the creation of a merchant code for gun retailers.news.yahoo.com
Almost 80% of small-business owners say 'shopping small' is more important than ever before — here's why
This year's Small Business Saturday comes at a crucial time for many small businesses in the U.S., as many are still recovering from widespread shutdowns at the height of the coronavirus pandemic in 2020.cnbc.com
Stocks making the biggest moves in the premarket: GE, Apollo Global, J&J, GameStop & more
The company's shares were down 1.7% in premarket trading as of 7:30 a.m. General Electric (GE) – GE shares are jumping in pre-market trading, after its fourth-quarter earnings report showed better-than-expected cash flow for the industrial conglomerate. Raytheon's shares rose 2.6% in premarket trading. GameStop (GME) – The video game retailer's stock continues its wild swings, rising as much as 20% in premarket trading. UBS shares rose 1.8% in premarket trading.cnbc.com
Stocks making the biggest moves midday: Roku, Peloton, DraftKings, American Express and more
American Express — Shares of American Express jumped 3.5% in midday trading after JPMorgan issued an upbeat note on the payments company and advised investors to buy the stock. The Wall Street firm said it sees an upcoming surge in dining out post coronavirus. DraftKings – Shares of DraftKings dropped more than 4% after Berenberg initiated coverage on the sports-betting company with a sell rating. The Wall Street firm said investor expectations on the company are "overoptimistic" and shares are priced for perfection. State Street — Shares of State Street edged up nearly 1% after the company reported better-than-expected revenue for the fourth quarter.cnbc.com
Big companies pausing donations to GOP lawmakers "part of a larger reckoning" after U.S. Capitol riots
Some of America's biggest corporations are distancing themselves from lawmakers following the riot at the U.S. Capitol last week. "It's sending a ripple effect across all these campaigns because Donald Trump is radioactive," GOP consultant and CBS News political analyst Leslie Sanchez told CBS News' Ed O'Keefe. "The question campaigns are asking themselves is, how long is this going to last and can they separate their campaign from the larger Republican Party and the aura that it has?" But CBS News political contributor Robby Mook, a Democratic Party consultant, thinks this is a bigger shift. ViacomCBS, which owns CBS News and carries the golf tournament, had no immediate comment on their giving plans.cbsnews.com
Stripe has stopped processing payments for the Trump campaign
Financial technology company Stripe stopped processing payments for the Trump campaign, a person familiar with the matter told the Associated Press. The move by Stripe reportedly cuts off Mr. Trump's fundraising arm from what has been a steady stream of small-dollar donations that are often solicited through emails and text messages. Twitter suspended Mr. Trump from its platform, as did Facebook, last week. Online-store platform Shopify also removed Mr. Trump's campaign merchandise from its platform, saying those web pages violated company policy against sellers promoting violence. When active, both Trump online stores offered Make America Great Again hats, Trump 2020 buttons, flags, pennants, T-shirts, bobbleheads and more.cbsnews.com
Corporations halt political donations, with some singling out Republicans
Some of America's biggest corporate names — from American Express to Facebook — said they are pausing their political donations in the wake of the deadly riot at the Capitol Building. By Monday morning, the number of big businesses halting political donations had become a flood. Among them are American Express, Airbnb, AT&T, Comcast, Dow, Google, Facebook, Ford Motors, Goldman Sachs, JPMorgan Chase, Mastercard and Microsoft. But the freeze on political donations reflects the widening fallout for Mr. Trump and his allies stemming from the Capitol protest. Citigroup confirmed Sunday that it is pausing all federal political donations for the first three months of 2021.cbsnews.com
Business grows skittish about Trump and GOP after riots
Businesses are rethinking political contributions in the wake of the deadly Capitol siege by President Donald Trumps supporters on Wednesday, Jan. 6, 2021. Citigroup confirmed Sunday, Jan. 10, 2021, that it is pausing all federal political donations for the first three months of the year. Outside conservative groups, including those affiliated with Republican leadership, were the ones who dropped the lion's share of money that helped him oust former Democratic Sen. Claire McCaskill. Leading business groups such as the National Association of Manufacturers, the Business Roundtable and the U.S. Chamber of Commerce all condemned the insurrection. “There was no big public push or pressure to get Marriott and others to announce they would no longer make campaign contributions.
American Express shares dip on report that federal investigators are probing sales practices
American Express shares fell after the Wall Street Journal reported that the investigative arms of three U.S. financial agencies were probing the card issuer's sales practices. AmEx said Thursday in a statement that it has "robust compliance policies and controls in place, and [does] not tolerate misconduct." The firm added that it has been cooperating with regulators' review of small business card practices that occurred in 2015 and 2016. "We have conducted a detailed, independent review of these sales from this time period, and found no evidence of a pattern of misleading sales practices," AmEx said. "The commercial acquisition group responsible for these sales represented approximately 0.25 percent of the 65 million total new cards American Express acquired worldwide between 2014 and 2019.cnbc.com
Americans can pay their credit card bills, but for how long?
The coronavirus pandemic hasnt stopped Americans from keeping up with their credit card payments, thanks in large part to government relief programs passed by Congress earlier this year. “The stimulus and unemployment benefits have definitely helped the lower end of (credit card borrowers),” said Sanjay Sakhrani, an analyst at investment bank Keefe, Bruyette & Woods. In some ways, what’s going on in the credit card market also reflects the diverging fortunes of those impacted by the pandemic. Credit card executives have for months been bracing for the impact on their customers if there is no new aid. “As a result, we do remain cautious about the potential for future shocks to the economy.”One point of uncertainty is how banks are reporting their credit card loans.
Main Street pins hopes on Small Business Saturday sales to help stay afloat
A stretch of stores along the base of Munjoy Hill had open signs out and were ready for business as part of small business Saturday, November 28, 2015. This could be foreboding news for small business owners who are counting on holiday sales to recoup sagging revenues. While shoppers may be curbing spending in 2020, the CNBC/SurveyMonkey survey revealed that 30% of shoppers plan to patronize a small business on Small Business Saturday. Strategies in the Covid economyConsidering the many challenges small business owners face, experts give tips on how they can drive sales during this key shopping day. Gary Huether Jr., president and CEO, Arooga's Grille House & Sports Bar hopes Small Business Saturday sales will boost revenues.cnbc.com
Dow closes more than 200 points lower to end down week amid concern over rising Covid cases
Stocks fell on Friday as rising new coronavirus cases, coupled with questions around central-bank funding for key emergency programs, cast doubt on a swift economic recovery. The S&P 500 dipped 0.7% to 3,557.54. Technology and industrials dropped 1.1% and 0.9%, respectively, to lead the S&P 500 lower. Friday's losses led the Dow and S&P 500 to their first weekly declines in three weeks. The Dow fell 0.7% this week and the S&P 500 lost 0.8% in that time period.cnbc.com
Asian shares slip on faltering hopes for COVID vaccines
Stocks fell back across Asia on Thursday after gains for big technology shares pushed most Wall Street benchmarks higher. Tokyo's Nikkei 225 index gained 0.4% to 25,459.13 despite a report that machinery orders fell in September, suggesting weakness in corporate investment. Hong Kong's Hang Seng index fell 0.1% to 26,206.78 and the Shanghai Composite index declined 0.3% to 3,332.24. Markets have been riding a wave of relief over hopes for a potential vaccine to beat back the pandemic. Strategists along Wall Street are raising their forecasts for stock prices on expectations that political control of Washington will remain split between the parties.
Digital payment stocks Square and PayPal surge this year, but a market analyst has a warning
Quint Tatro, president of Joule Financial, is more bullish on the tailwinds driving Square and PayPal higher, though. "Look at PayPal and look at the incredible amount of ... free cash flow that this company is kicking off. And when you do something, again, as traditional as a discounted cash flow from an intrinsic value standpoint, the company's not that overvalued. PayPal reported $3.9 billion in free cash flow in fiscal 2019. It is expected to generate $5.95 billion in free cash flow in 2020.cnbc.com
Dow falls 900 points as Wall Street fears coronavirus will shut down economy longer than expected
Stocks sank on Wednesday as Wall Street kicked off the second quarter on a sour note amid concerns the coronavirus will keep the economy shut down longer than expected. The major averages hit their session lows in the final minutes of trading, with the Dow briefly falling more than 1,100 points. White House officials are projecting between 100,000 and 240,000 virus deaths in the U.S."This is going to be a rough two-week period," Trump said at a White House press conference. Boeing, American Express and Dow Inc all fell more than 7.5% to lead Dow industrials lower. Real estate investment, utilities, energy and financials led the S&P 500 lower with each of those sectors down at least 5%.cnbc.com
Boeing and other Dow stocks look attractive but 'that's really the problem,' warns trader
The Dow is suffering its worst month since 1931, and a handful of stocks are leading the decline. Industrial names such as Boeing and United Technologies, oil companies Exxon Mobil and Chevron, and financials stocks American Express and Goldman Sachs are all sharply lower in March. "They all look attractive, that's really the problem. Looking at the constituents within the Dow, this means high momentum names like Microsoft could continue to outperform versus low momentum names like Exxon Mobil," Wald said. Microsoft has fallen more than 13% this year; Exxon Mobil is down 55%.cnbc.com
Credit cardholders panic as wait times to change travel stretch hours amid coronavirus pandemic
Chase's Sapphire Reserve has been named one of the best credit cards for travel by numerous experts thanks in part to its many benefits, including a $300 annual travel credit, airport lounge access and a dedicated customer support line. But this week, users took to social media to complain that Chase's customer service amid the ongoing coronavirus pandemic is resulting in long hold times spanning several hours. Though complaints about Chase wait times seemed to dominate Twitter, cardholders were also calling out customer service at American Express, Capital One and Bank of America, all of which have online travel booking portals for their cardmembers. But for those who booked through their credit card company's online travel portal, getting in touch with customer service to cancel or rebook has proved challenging. The customer service desk reportedly told Escobar the only refund option was a travel voucher, valid for one year.cnbc.com
Square emerges as a coronavirus hedge while other payment stocks get crushed
"We're actually under-indexed to categories like tourism and travel," Ahuja told CNBC in an interview at Square's headquarters in San Francisco. Fears around coronavirus and its impact on global growth and corporate profits have roiled U.S. stocks this week. The company forecast first-quarter revenue growth about two to three percentage points lower than previous guidance. PayPal made a similar announcement on Thursday, lowering its outlook for first-quarter revenue growth by one percentage point. International revenue grew at 52% year over year fourth quarter.cnbc.com
Dow drops 170 points to end the week as coronavirus fears grow
Stocks fell on Friday after the second U.S. case of the deadly coronavirus was confirmed, stoking concerns over the sickness' impact on the global economy. The Dow Jones Industrial Average closed down 170.36 points, or 0.6%, at 28,989.73 after jumping more than 100 points earlier in the day. The 30-stock average briefly fell more than 300 points before recovering some of those losses as Boeing shares turned around. The Nasdaq Composite ended the day 0.9% lower at 9,314.91. Treasury yields fell, pushing bank shares lower.cnbc.com