Rochester, NY 7/10/2009 10:54:57 PM
Morning Results - AXP - American Express Sees Hope for Recovery in 2010 - Sourced WhisperFromWallStreet.com
American Express Company
Morning Results - AXP - American Express Sees Hope for Recovery in 2010 - Sourced WhisperFromWallStreet.com
AMER EXPRESS INC,AXP
22.95 Up 0.15 (0.66%) 11:49AM ET
American Express Co (AXP.N) sees signs of stabilization in the contraction of spending, but not green shoots, and estimated an economic recovery in the second half of 2010, its chief executive said. Card bills fell 10 percent in the fourth quarter of 2008, and accelerated its decline to 16 percent in the first three months of 2009, putting a dent in the company's earnings. "We are off of double digit declines, but we have not seen any increases. But to have several months of stability in billings I think is encouraging, but I wouldn't characterize it as a recovery," Chief Executive Kenneth Chenault said on Wednesday in an interview on CNBC. "If we can go for another two or three months and start to see some build, then that is going to be pretty encouraging," he added.
Last Trade: 22.95
Day's Range: 22.60 - 23.20
52wk Range: 9.71 - 42.50
Volume: 6,126,420
ABOUT
American Express Company, a payments and travel company, provides charge and credit payment card products, and travel-related services worldwide. It operates in two groups, the Global Consumer Group and the Global Business-to-Business Group. The Global Consumer Group offers a range of products and services, including charge and credit card products, consumer travel services, and stored value products, such as Travelers Cheques and prepaid products. The Global Business-to-Business Group provides business travel, corporate cards, and other expense management products and services; network services; and merchant acquisition, and merchant processing, point-of-sale, servicing and settlement, and marketing products and services for merchants. The company also publishes luxury lifestyle magazines. American Express sells its products and services to various customer groups, including consumers, small businesses, middle-market companies, large corporations, and banking and financial institutions through various channels, such as direct mail, Internet, employee and independent third party sales forces, and direct response advertising. American Express was founded in 1850 and is headquartered in New York, New York.
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