Rochester, NY 7/25/2009 9:00:47 AM
Financial Select Sector XLF, Some Investors Pulls Back After Reports Showing American Express Big Loss
Financial Select Sector
A day after the company hits their highest levels in more than a month, financial stocks retreated Friday as investors grew wary heading into the weekend after reported big decline in quarterly profit of the credit card giant American Express Co.
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Later this week, American Express announces second-quarter net income came in at $337 million, down 48% from a year earlier when the company made $653 million. It further states that the net income attributable to common share holders was 9 cents a share, down from 56 cents a share in the year-ago quarter, according to the company.
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