Does American Express' Guidance Suggest a Weak Q4? (AXP)

Tony Sagami (Harvest Advisors) submits: Trading of American Express stock was temporarily halted on Wednesday when CEO Ken Chenault surprised Wall Street with a warning that its Q4 results would fall short of Wall Street’s eager forecasts.

I do appreciate the optimism that’s been out there. But I can tell you that number is far too aggressive.

Far too aggressive? Gee, what a surprise -- overly optimistic analysts. American Express blamed its problem on a surge in bankruptcies and expects to get hit for $200 million more in charge-offs than in Q3. Chenault also said that the jump in bankruptcy filings “impacts the entire industry,