Oct. 15, 2014, 4:17 PM| Comment!
Oct. 14, 2014, 5:35 PM
Sep. 30, 2014, 7:42 AM
- "For Dan (Schulman), this represents an opportunity to serve as CEO of a publicly-traded company, and, in many ways, it is a return to his roots leading digital and mobile technology companies at critical phases in their development," says AmEx (NYSE:AXP) CEO Ken Chenault, reminding that Schulman was CEO of Priceline earlier in his career, then launched Virgin Mobile, and led the pre-paid group at Sprint.
- Replacing him as AmEx's Group President of Enterprise Growth is a key member of his team, Neal Sample, who joined AmEx in 2012 from eBay.
- Source: Press Release
- Previously: eBay spinning off PayPal
Sep. 18, 2014, 7:24 AM
- AmEx (NYSE:AXP) is the only credit card accepted at Costco (NASDAQ:COST) stores, and will continue to be so at U.S. locations, but the tie-up with Canadian stores will end, effective January 1.
- Costco has 88 stores in Canada vs. 468 in the U.S. and Puerto Rico. The company says it will have information on new payment options soon.
Sep. 15, 2014, 9:18 AM
- Sounding like he attended the AmEx presentation at the Barclays Financial Services Conference last week, Barron's Avi Salzman says the company's focus on being more inclusive should be a big boost to profits and the stock price.
- The latest effort is the EveryDay card with its ad campaign featuring "regular-girl" Tina Fey using her AmEx (NYSE:AXP) card to buy stuff like acne cream and dryer sheets. There's also Bluebird, the prepaid debit card launched with Wal-Mart, and Serve, another prepaid card which can be reloaded at places like Family Dollar and 7-Eleven. RIght now, Bluebird and Serve represent a tiny fraction of AmEx revenues, but the opportunity - according to AmEx and the analyst community - is huge, with about half the customers under the age of 35 and 90% new or former AmEx cardholders.
- Shares +0.9% premarket
Sep. 8, 2014, 10:12 AM
- For every dollar our customers borrow from us, they're borrowing two dollars from our competitors, says an unsatisfied AmEx (AXP -0.2%) Consumer Products & Services President Josh Silverman, taking questions at the Barclays Financial Services conference.
- Webcast (no presentation slides)
- The job, he says, is to make clearer to customers American Express' revolving products. One way, he says, is the AmEx EveryDay Card which speaks to someone in the "mass-affluent" category - i.e., someone who isn't going to use their rewards to jet off to France. The EveryDay Card (Tina Fey commercials) offers - for instance - double reward points at supermarkets, and boosts those points by 20% just for using the card 20 times per month.
Sep. 2, 2014, 4:19 AM
- Apple (NASDAQ:AAPL) is planning a new partnership with major payment networks, including Visa (NYSE:V), MasterCard (NYSE:MA) and American Express (NYSE:AXP) to transform the next iPhone into a mobile wallet, Bloomberg reports.
- The announcement follows earlier reports that the iPhone 6 will feature NFC and support a mobile payments platform.
- Along with a fingerprint recognition reader that debuted on the most recent iPhone, the NFC enabled device will be able to ensure secure payments.
Aug. 19, 2014, 9:18 AM
Jul. 29, 2014, 4:17 PM
- Net income of $1.529B or $1.43 per share vs. $1.405B and $1.27 one year ago. Net income includes a gain of $626M from closing of business travel JV. ROE of 28.8% 520 bps higher than a year ago.
- Loss provisions of $489M down 6% Y/Y. Expenses of $5.9B up 2%.
- U.S. Card Services net income of $770M up 4% Y/Y, with revenue of $4.5B up 6% - Card Member spending up 9%.
- International Card Services net income of $77M down 63%, with revenue of $1.4B up 7%. Net income slipped at least in part due to a restructuring charge
- Global Commercial Services net income of $561M up from $226M a year ago thanks to that JV gain.
- Global Network & Merchant Services net income of $373M down 9%.
- Conference call at 5 ET
- Previously: American Express beats by $0.05, revenue in line
- AXP -0.2% AH
Jul. 29, 2014, 4:05 PM
Jul. 28, 2014, 5:35 PM
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Jul. 22, 2014, 3:38 PM
Jul. 9, 2014, 10:04 AM| Comment!
Jul. 4, 2014, 2:55 AM
- AmEx (AXP) will go to trial Monday, facing an antitrust lawsuit from the U.S. government. The latter is claiming AmEx limits competition, hurting credit card providers that charge lower processing fees.
- According to the government, American Express bans its millions of merchants from offering incentives for customers to use less-expensive credit cards or cash when making purchases. However, AmEx claims the rules guard customers from price discrimination and have assisted in promoting competition.
Jul. 1, 2014, 8:15 AM
- AXP and an investor group led by Certares each have a 50% stake in American Express Global Business Travel, and today the company adds a few more names to its C-suite.
- The investors also announce a $900M capital infusion to invest in technology, data & insights, global expansion, and partnerships.
- Source: Press Release
Jun. 17, 2014, 7:49 AM
- "I always figured AmEx (AXP) was for more well-off people, but if they are extending their hand to people who are less well off, it's OK by me," says Anthony Rodiguez, who carries AmEx's prepaid card, Bluebird, available only at Wal-Mart stores.
- Amid growing competition for its affluent customers from the likes of issuers like JPMorgan, AmEx is gunning the engines on its marketing machine after 18 months of tinkering with Bluebird's features. Along with a summer campaign for discounted gasoline, the company financed a documentary about unbanked consumers which premiered this month.
- "I want AmEx to be a more welcoming, inclusive brand," says CEO Ken Chenault. "This is not a trade-off that we are making with our brand ... This enhances our brand."
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