Seeking Alpha
Consumer finance, credit-card names climb in premarket trading following the encouraging news on a potential COVID-19 vaccine.
- American Express (NYSE:AXP) surges 19%, Capital One Financial (NYSE:COF) gains 11%, Discover Financial (NYSE:DFS) jumps 10%, and Synchrony Financial moves up 10%.
- If American Express holds onto to those gains through today’s regular session, a big “if” indeed, it would be the stock’s biggest gain since March 24, when it ran up 22%.
- Credit-card network giants Mastercard (NYSE:MA), up 8.9%, and Visa (NYSE:V), up 7.7%, also march upward.
- Banks known for their credit card operations also move up sharply — Citigroup (NYSE:C) +9.9%, Bank of America (NYSE:BAC) +9.7%, Wells Fargo (NYSE:WFC) +9.5%, and JPMorgan (NYSE:JPM) +9.8%.
- Auto lender Ally Financial (NYSE:ALLY) rises 8.6%, Santander Consumer USA Holdings (NYSE:SC) adds 7.1%, Credit
- Acceptance (NASDAQ:CACC) is up 6.5%, and OneMain Holdings climbs 6.3%.
- Payments processor Fiserv (NASDAQ:FISV) gains 5.7% and Global Payments (NYSE:GPN) jumps 8.3%, and FIS (NYSE:FIS) +5.2%.
- Dipping on the news is PayPal (NASDAQ:PYPL), down -3.8%, which is more tied to online purchases, and Square (NYSE:SQ), – 3.7%.
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