Kim Kahn
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He hasn't said whether he'll stay or go, but speculation is that after the subpoenas, he could remain to fight for Fed independence.
On CalSheet, the proposition, Jerome Powell out as Fed governor before August 2026, is
has dropped to below 50% from 85% on Saturday.
Among active stocks, echoing a story from Wall Street Brunch, credit card and issuer stocks are slumping after Trump called for a one-year cap on card rates at 10%.
Among the biggest decliners are Capital One, Synchrony Financial, Bread Financial, and American Express.
Abercrombie & Fitch's plunging after full-year sales guidance of 6% growth looked a bit light for a stock that's been rallying sharply since the end of November.
And UnitedHealth is down after the Wall Street Journal reported that a Senate committee found it used aggressive tactics to collect payment-boosting diagnoses for its Medicare Advantage members.
Shares are off their lows, though, after the company affirmed its outlook.
And in other news of note, Eli Lilly will partner with NVIDIA on an AI co-innovation lab in San Francisco aimed at using AI to accelerate drug discovery.
Lilly's scientists will work alongside NVIDIA AI model builders and engineers to generate large-scale data and build powerful AI models that can accelerate medicine development, with NVIDIA's BioNemo platform central to the effort.
The two companies plan to invest up to $1 billion in talent and infrastructure over five years.
Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis.
Today is Thursday, January 8th, and I'm your host, Kim Kahn.
JPMorgan Chase has struck a deal to acquire the Apple credit card program from Goldman Sachs, further cementing Chase's already dominant position in consumer credit.
JPMorgan will become the new issuer of the Apple Card, one of the largest co-branded card programs with roughly $20 billion in balances.
Apple said key features, including 3% cash back on select purchases and the high-yield savings account tied to the card, will remain in place until the deal closes in about two years.
The Apple Card, with no number on the front and the customer's name etched in metal, was designed as a bridge between physical plastic and Apple Pay, tightly integrating with the iPhone.
The shift reinforces JP Morgan's dominance in cards.