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Shares of PayPal Holdings Inc. fell 1% in premarket trade Wednesday, pulling back from the previous session’s record close, after the digital payments company was downgraded at SunTrust Robinson Humphrey, which cited concerns over valuation. The stock has rocketed 49% year to date through Tuesday, while rival Visa Inc.’s stock has climbed 25% and the S&P 500 has gained 9.9%. Analyst Andrew Jeffrey cut his rating to hold after being at buy since he started covering the stock two years ago. He kept his price target at $60, which is just 1.8% above Tuesday’s closing price of $58.96. Jeffrey said he believes there are a number of short-term tailwinds for the stock, including potential pricing increases, more partnerships and increasing adoption of its Choice and OneTouch services. “We believe these are materially priced in, however,” Jeffrey wrote in a note to clients. He said long-term competitive risks and uncertainties about the monetization of Venmo also balance the bullish outlook.

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Companies will no longer be able to charge British consumers an extra fee to use their credit card to make a payment, the U.K. government said Wednesday. The new rules, due to come into effect on Jan. 13, should put a stop to such surcharges, which can add 20% to the cost of an airline ticket or paying for takeout food, the Treasury Department said in a statement. The total value of these extra credit-card and debit-card charges in 2010 was 473 million pounds ($617 million), the Treasury said. “Rip-off charges have no place in a modern Britain and that’s why card charging in Britain is about to come to an end,” Stephen Barclay, economic secretary to the Treasury, said in the statement. The changes are being brought in to comply with a European Union directive, but go beyond its requirements by including payment services such as PayPal.

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Campbell Soup Co. affirmed its outlook for fiscal 2017, which ends July 30, for adjusted earnings-per-share of $3.04 to $3.09, which surround the FactSet consensus of $3.05. The soup and simple meals company said it still expects sales to be down 1% to flat from a year ago, while the FactSet consensus of $7.92 billion implies a 0.5% decline. The company, which is hosting its investor day Tuesday, said it expects to reach $310 million in annual cost savings by the end of the current fiscal year, and continues to expect to cut costs by $450 million a year by the end of fiscal 2020. The stock, which was still inactive in premarket trade, has tumbled 16% year to date, while the S&P 500 has gained 9.9%.

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United Continental Holdings Inc. shares fell 3.6% premarket Wednesday, after the company disappointed with its guidance for unit revenue for the third quarter. The airline said it expects passenger revenue per available seat mile, or PRASM, to range from down 1% to up 1%. “We expect the shares to be weak today given the disappointing 3Q17 PRASM guidance,” Cowen analyst Helane Becker wrote in a note. “Investors were estimating 3Q17 unit revenue would be flat to up 2%; our estimate was up 1.5%, so the guidance is disappointing.” The airline is expecting capacity of about 4% in the third quarter, and expects its average fuel price to be $1.56 to $1.61 per gallon and pre-tax margins to range from 12.5% to 14.5%. United also raised its guidance for capital expenditures in 2017 to a range of $4.6 billion to $4.8 billion. United said late Tuesday it earned $818 million, or $2.66 a share, in the quarter, compared with $1.78 a share in the year-ago period. Adjusted for one-time items, United said it earned $846 million, or $2.75 a share, compared with $2.61 a share a year ago. Revenue rose 6.4% to $10 billion in the quarter. Analysts polled by FactSet had expected adjusted earnings of $2.66 a share on sales of $9.97 billion. The company, under a cloud earlier this year after a passenger was forcibly removed from one of its flights after he refused to give up his seat, said it had implemented several changes in the quarter to improve customer experience, including reducing overbooking. Shares have gained 8% in 2017 through Tuesday, while the S&P 500 has gained 10%.

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Shares of International Business Machines Corp. dropped $5.30, or 3.4%, in premarket trade Wednesday in the wake of disappointing second-quarter results, pushing Dow industrials futures into negative territory while futures for the other major indexes gained. IBM’s stock price drop would have about 36 points off the Dow Jones Industrial Average’s price. E-mini Dow futures are down 10 points, while e-mini S&P 500 futures are up 1 point and e-mini Nasdaq 100 futures are up about 14 points. IBM’s stock is on track to open at the lowest level seen during regular session hours since Oct. 18, 2016.

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Morgan Stanley on Wednesday reported net revenues of $9.5 billion in the second quarter, and earnings per share of 87 cents, compared with $8.9 billion and 75 cents per share in the year-ago quarter. That beat the FactSet consensus estimate of 76 cents per share, and $9.1 billion of revenue. Revenues from institutional securities, wealth management, and investment management were all higher than a year ago, despite what CEO James Gorman called a “subdued trading environment.” Investment banking revenues were $1.4 billion compared to $1.1 billion a year ago, but sales and trading were $3.2 billion, versus $3.3 billion in 2016. The stock rose slightly in pre-market trading and is up 6.8% for the year to date, while the S&P 500 [s:SPX] is up 9.9%

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Donald Trump hasn’t slept at his home in Trump Tower since becoming president, but the U.S. government is still paying a whopping $130,000 a month to lease space there for a military support office, the Wall Street Journal reported Tuesday night. According to the report, the government signed a $2.39 million lease for a 3,475-square-foot space at Trump Tower from April 11, 2017 to Sept. 30, 2018 for the White House Military Office — which provides the president’s medical, food, transportation and communications needs. The Journal obtained the information through a freedom of information request. The cost is significantly higher than the market rate in comparable buildings, with the Journal calling it “one of the most expensive residential rentals in Manhattan.” The name of the owner of the space was redacted from the document, but a government spokesperson told the Journal the space was owned by a private individual not affiliated with the Trump Organization.

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Apple Inc. announced Tuesday evening that Isabel Ge Mahe will take on a new role as leader of the company’s efforts in China, amid a sales downturn for the iPhone maker in the world’s most populous country. Mahe, previously vice president of wireless technologies for the tech giant, will take over the newly created role of vice president and managing director of Greater China, the company said in an announcement. “Apple is strongly committed to invest and grow in China, and we are thrilled that Isabel will be bringing her experience and leadership to our China team,” Chief Executive Tim Cook said in the release. Apple sales in China have declined for five consecutive quarters after a 14% drop in the most recent earnings report, as Asian smartphone manufacturers have become more competitive in the region. Apple is scheduled to report earnings for its fiscal third quarter on Aug. 1. The company’s stock finished off an eighth consecutive positive trading session Tuesday, its longest winning streak in three years; shares have now gained 29.6% so far this year, while the Dow Jones industrial average has increased 9.2% and the S&P 500 index has gained 9.9%.

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Peter Rive, a Solar City co-founder who was leading Tesla Inc.’s solar roof effort, is leaving the company, according to a report late Tuesday. Greentech Media first reported Rive’s departure, which was confirmed by Tesla. Rive is Tesla CEO Elon Musk’s cousin, and Rive’s brother, Lyndon — who was CEO of Solar City — left Tesla in May. Tesla acquired the solar company last year for $2.6 billion. Peter Rive was chief technology officer at Solar City and played a key role in developing Tesla’s solar roof, which Tesla started taking orders for in May. A Tesla spokesperson said Rive’s responsibilities will be spread around Tesla’s existing engineering teams.

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