Wachovia Comments on Visa (V) and MasterCard (MA) After BofA Card Stats
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Wachovia comments on Visa (NYSE: V) and MasterCard (NYSE: MA) following Bank of America's (NYSE: BAC) results.
The firm said, "BofA's card stats appear to support a shift to more non-discretionary spending in the U.S., with debit purchase volume up 15% y/y (not sure how much acq. of LaSalle & U.S. trust played into the growth) and 8% sequentially, while credit purchase volume was flat y/y and up 7% sequentially."
The firm has a Market Perform rating on MasterCard and an Outperform rating on Visa.
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Wachovia Comments on MC & Visa
How can a financial institution like Wachovia, who is about to announce a multi-billion dollar loss for their second quarter performance, offer any credible comments about the value of any investment? And why would anyone listen to financial advise on securities from a source who obviously is having difficulty managing their own portfolio?
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