You had good growth in the cards in force, you had good average spend on the cards, and the discount rate held in there steady. And they're still investing in their marketing programs. They still think there are attractive opportunities out there.
That could be bad news for American Express.
In the end, there's a high likelihood that in ten years, Capital One will look more like a thrift. I'd be surprised if I don't hear them make another bank acquisition by late 2006 in hot markets such as Florida or Texas.
It's those incremental time savings that these merchants are looking for. They may lose sales if the lines are too long.
He made the comment that there's nothing new. That alleviates a lot of the concerns in this stock.
You're starting to see a little bit of a relief rally.
It was a great quarter and the stock rallied hard on that.
MasterCard's going to become more competitive and focused on growing its bottom line rather than protecting the association.
That's making the 60 cents (a share earnings) look a lot softer. We're not too concerned about it. But if you want to call this a hit, it's not the best hit we've ever seen.
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