Thursday, October 21, 2010

American Express Earnings Disappoint: The Rich Are Still Cautions

American Express declared eanings today after the markets closed:

Third-quarter profit rose 71%, beating analysts’ expectations (as always these days), as cardmember spending climbed 14% and loss provisions fell.

However... Chairman and Chief Executive Kenneth Chenault said:

“Lending volumes, however, remain below pre-recessionary levels as cardmembers continued to manage their finances carefully and pay down outstanding debt,”
AXP is dropping in after-markets trading.

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