NYSE: AXP) reports Q2 EPS of $1.38 versus the estimated $1.37, beating by $0.01. EPS were Up 9% from the same quarter last year. Revenue came in at $8.70B versus the estimated $8.66B. Sales were Up 6% year over year.
Selling with plan to pick back up around $7/share.
Amex has a number of things against it. Not the least of which is it lends it's own money. Defaults are up beyond expectations for personal accounts. Corporate/small business accounts are starting to follow.
Additionally Amex tends to cater to a segment of the population that is only just now starting to be hit hard with layoffs and financial stress. As this population burns through savings, Amex will experience higher late pays an… More
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