Mastercard Tells it Like it is

Posted on November 4th, 2008 in Daily Stock Market / Economic News - The Real Story, Mr Mortgage's Personal Opinions/Research

Mastercard’s earnings yesterday were spooky. More specifically what they said. The stock is surging this morning along with the broader markets. I guess this stuff is great, clearly means everything gets better from here on out and the only way is up. I don’t understand why, but the folk on Wall St are much smarter than all of us that’s for sure. We know this because not one has been arrested and publicly executed. -Best, Mr Mortgage

“On the call, the last several weeks have been challenging for the co and its customers. It has seen a freeze up in spending around the world. It is seeing trends in U.S. business it has never before seen.” In September, worldwide processed volume growth was high single digits on a single currency, with the U.S. in low single digits. Notice that Americans are cutting back on travel… Co continues to control expenses in this environment. Co has instituted a hiring cap, watching spending with suppliers and contracts…”

One Response to “Mastercard Tells it Like it is”

  1. I was talking with a knowledgeable friend about credit card companies and how they were reaming customers with high rates and extra fees. He had the experience of trying to use a Mastercard for a business trip and discovering they had lowered his ceiling without notice even though he had been paying well and on time. Rather than attributing it to the credit crunch, he thought it was because Mastercard did not have the cash on hand to cover consumer debt and was trying to keep people from finding out.

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