Visa stock slips as escrow-linked share conversion update hits year-end trade
Visa shares slipped 0.3% to $352.48 Wednesday after the company updated conversion rates for legacy class B shares following a $500 million deposit into its U.S. litigation escrow account. The new rates, effective Dec. 23, lower the conversion ratios for class B-1 and B-2 shares. Mastercard, American Express, and PayPal also traded slightly lower. Investors await Visa’s quarterly results on Jan. 27.