💳Game-Changer Alert: Payment Giants to Cap Transaction Fees in Landmark Settlement💸

Winning Wednesday, Bullseye Traders! 

Visa ($V) and Mastercard ($MA) have been playing the cash cow game, raking in over $100B from credit card swipe fees last year alone. However, their cash flow parade has often been drenched in legal downpours. Picture this: in 2019, they had to cough up $6B in a class-action lawsuit claiming they were running anti-competitive networks. But guess what? The legal drama isn't over yet. Rather than facing off against another horde of furious merchants in court, they've decided to cut the chase and settle.

After what feels like eons of courtroom showdowns, both juggernauts agreed on Tuesday to put a leash on credit card swipe fees — a move that could potentially save US retailers a whopping "at least $30B over five years."

Now, picture this scene at checkout: retailers gleefully informing customers that if they choose to swipe with Visa or Mastercard, they might have to chip in a little extra. It's the ultimate showdown at the register where consumers are nudged towards cheaper alternatives, leaving the banks scratching their heads in disbelief.

Let's talk about taking an L — bank, you're up! This settlement isn't just another legal slap on the wrist; it's one of the largest antitrust settlements in history. But the fun doesn't end there. JPMorgan Chase ($JPM), Bank of America ($BAC), and Citigroup ($C) are about to face a financial blow. With reduced swipe fees at checkout, these banking giants could be looking at billions less in their coffers. Ouch! It seems like even in the world of finance, no one's safe from a little legal drama.

SHAKERS AND MOVERS

Krispy Kreme, Reddit, and Donald Trump Media & Technology Group

DNUT (+39%): Krispy Kreme witnessed a significant surge in its stock value as McDonald’s announced its plans to distribute Krispy Kreme doughnuts nationwide, marking an extension of their collaborative efforts in the market expansion (CNBC).

STX (+7%): Seagate Technology experienced a notable uptick in its stock performance subsequent to an upgrade by Morgan Stanley to an "overweight" rating, driven by the positive outlook on artificial intelligence (IBD).

RDDT (+8%): Reddit shares soared following the introduction of its options trading, propelling the stock on a trajectory toward potentially doubling its initial public offering price of $34 (Reuters).

DJT (+16%): Donald Trump Media & Technology Group shares surged by nearly 50% upon its debut on the Nasdaq exchange, buoyed by a wave of support from followers of the former president (Reuters).

MKC (+11%): McCormick observed a robust increase in its stock value following the announcement that the spice manufacturer had surpassed both earnings and revenue projections for its fiscal first quarter (Investopedia).

STREET SCOOPS: The Buzz Around Town

CNN reports that President Biden has expressed his intention for the federal government to foot the bill for the complete reconstruction of the Key Bridge.

According to Bloomberg, Dell Technologies has reduced its workforce by 13,000 employees during the last fiscal year, a more substantial cut than initially announced.

CoinDesk reveals that U.S. federal prosecutors have filed charges against crypto exchange KuCoin and two of its founders for allegedly breaching anti-money laundering laws.

QZ discloses that Tesla has returned to Facebook after a six-year absence, marking its debut in paid advertising on the platform.

Bloomberg's most recent survey of economists indicates that U.S. growth is forecasted to reach 2.2% this year, surpassing earlier expectations by more than double as of September.

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