— The credit card behemoth's stock was trading more than 2% lower after announcing plans to change its share structure. Visa's Class A shares are held by the public, its B shares are held by U.S. banks, while C shares are owned by foreign banks.
The company wants shareholders to approve an exchange offer that would release transfer restrictions on portions of the Class B stock.— The semiconductor stock rose 7% after beating earnings expectations for the second quarter. Semtech earned 11 cents per share after adjustments, exceeding the consensus estimate of 2 cents per share from analysts polled by FactSet. However, the company offered weak guidance for the third quarter.
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