Visa Plummets on Reform Vote

Shares of Visa Inc. V are plummeting in the pre-market, currently off 8.43% to $79.31 after U.S. Senate lawmakers handed a victory to retailers over the issue of so-called "swipe fees" for card transactions. Senators voted 64-33 in favor of Sen. Richard Durbin’s (D., Ill.) bill that would allow the Federal Reserve to regulate fees on debit card transactions, as well as allow retailers more leverage in negotiating with credit card firms and banks over the fees for card transactions. Nearly 20 Republicans voted to support the measure. Shares of Mastercard MA were off 9.67%, Discover Financial DFS was down 4.33%, and Capital One Financial COF was off 3.36% in the pre-market as well.