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."
Jun. 16, 2014, 12:09 PM
Jun. 9, 2014, 3:21 PM
- The integration into the Uber iOS app allows American Express (AXP +0.9%) U.S. card members to choose to earn double points or use points for Uber rides, "the first time," say the two, "that consumers can use loyalty reward points seamlessly in-app and in real time for on-demand transportation in this way."
- Source: Press Release
- Previously: Uber raises $1.2B at $17B valuation
May. 27, 2014, 10:32 AM
- "Revenue growth looks poised to accelerate, with several near-term catalysts including management presentations over [the] next 3 weeks, accelerating Y/Y revenue growth in Q2, gain on [the] travel JV finalized, and expansion of merchant network in H2," says analyst Betsy Graseck, "pounding the table" on American Express (AXP +2.4%).
- She notes the winter weather had airlines canceling the most flights ever in one quarter, but better weather combining with pent-up demand should fuel a big Q2.
- Morgan maintains its Outperform rating and $100 price target.
May. 13, 2014, 3:26 PM
May. 7, 2014, 2:47 PM
- The antitrust suit was brought by the DOJ and several states in 2010, charging American Express (AXP +1.8%) with setting rules preventing merchants from offering discounts/incentives to customers using less expensive (to the merchants) forms of payment.
- In requesting dismissal, AmEx argued the government could not prove the card company had significant market power, but the judge ruled the government didn't have to prove this, but instead could show AmEx's conduct had an "adverse effect on competition."
- Visa and MasterCard were also sued over this, but settled immediately.
May. 6, 2014, 10:02 AM
- In an effort to lure more wealthy customers, Wells Fargo (WFC -0.6%) - through a partnership with American Express (AXP -0.7%) - is launching two new cards offering rewards to big everyday spenders or frequent fliers who also have another account with the bank. The new cards - Propel 365 and Propel World - offer up to an extra 50% in reward points depending on the size of a customer's accounts.
- Just 3% of consumers who charge more than $100K annually on their credit cards do it through a Wells Fargo product, according to a recent Wells presentation. At JPMorgan's February investor day, a slide showing what cards affluent customers choose didn't include Wells Fargo on the page. "We know we're under-penetrated in this customer base," says Beverly Anderson, the head of Wells' consumer financial services group.
Apr. 21, 2014, 10:28 AM
- Citi analysts post their list of 50 top Buy-rated stocks with a market cap of at least $3B, at least a top-three market share in a third of their businesses, and a global reach as measured by significant revenue outside of their home market; Business Insider highlights 20 according to estimated total return.
- Gilead Sciences (GILD) tops the list with a 45.4% ETR, and Citi believes GILD will generate a significant amount of cash and will buy back stock, engage in product and company acquisitions to grow its pipeline, and potentially start providing a dividend in 2-3 years.
- Rounding out the top 20: FB, BX, V, CERN, FLT, BA, MA, LVS, SBUX, MJN, GOOG, EBAY, BIIB, AXP, HOG, VFC, PII, VMC, FTI.
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