Sector Wrap: Credit card stocks fluctuate

CHARLOTTE, N.C. - Credit card stocks fluctuated in a volatile trading session Friday, as investors weighed a number of potential government initiatives to help free up lending and stabilize the economy. Additionally, a Deutsche Bank analyst cut his price target and earnings estimates for Visa Inc. and MasterCard Inc., and downgraded MasterCard because of an expected global economic slowdown. A Keefe, Bruyette & Woods analyst cut estimates and a price target on Visa, too. Visa shares hit a new year low of $47, but later rallied to close at $52, putting shares up $2.15, or 4.3 percent. MasterCard lost $3.99, or 2.6 percent, to $151.71. They earlier hit a new year low of $140. Meanwhile, the government continued Friday to explore a number of ways to help boost investor confidence, after this week's coordinated interest rate cuts... [read full story]