Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis.

Good afternoon. Today is Thursday, January 8th, and I'm your host, Kim Khan. Our top story so far,

J.P. Morgan 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.

JP Morgan 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 J.P. Morgan's dominance in cards.

It was the top U.S.

issuer in 2024 with more than $1.344 trillion in purchase volume, according to the Nilsen

report. Goldman Sachs expects the deal to add about 46 cents per share to its Q4 2025 earnings.

Among active stocks, Fly Exclusive has more than doubled after the company signed an authorized dealership agreement with Starlink to become a certified dealer and installer for its high-speed, low-latency aviation connectivity system.

Costco wholesale is rallying after a solid December sales report.

Evercore analyst Greg Mellick also reminded investors that a favorable resolution on tariffs could come as

soon as Friday when the Supreme Court ruling is expected. And Snowflake is higher after Argus

research upgraded the stock to buy from hold with a $300 price target. Analyst Joseph Bonner said the

cloud-native data platform has become critical infrastructure for enterprises building generative and agentic

AI applications. In other news of note, it's an echo of Bill Pullman and Jeff Daniels. Everybody's

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