- "If any doubt remained, it is very clear that dollar strength is a major problem right now for large multinationals," says Topeka, after going over American Express' (AXP -4.5%) Q1 results, and noting the corporate card business slowdown wasn't isolated to any particular industry.
- AmEx, notes the team, has 31% of its volume outside of the U.S. and is highly dependent on cross-border and business-related travel. 'This reads negatively for Mastercard (MA -1.4%), and, less so, Visa (V -1.4%)."
- AmEx earnings call transcript and presentation slides.
- Previously: AmEx beats on bottom line, but outlook still dour (April 16)