Banks Face Credit Card Selloff; Allegiant to Buy Sun Country; Shake Shack Sinks
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Show Notes
On this episode of Stock Movers:
- A selloff in shares in credit card firms and banks following Trump comments about capping interest rates casts a pall over the US financial sector ahead of a big earnings week for US firms. Trump said that credit-card lenders would be “in violation of the law” if they don’t heed his call to cap interest rates at 10% for one year. That’s sent shares of card issuers such as Capital One, American Express, Citigroup and JPMorgan lower in US pre-market trading, and also weighed on Barclays, which has a US credit card business. Credit card interest rates have been above 20% in recent years and are highly profitable for lenders.
-Allegiant (ALGT) and Sun Country Airlines (SNCY) announced a definitive merger agreement under which Allegiant will acquire Sun Country in a cash and stock transaction at an implied value of $18.89 per Sun Country share.
- Shake Shack (SHAK) shares sink the burger chain reported preliminary revenue for the fourth quarter that missed the consensus estimate.
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