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LIVE UPDATES | CONCLUDED


STOCK MARKET TODAY: DOW EDGES HIGHER, BOOKS 10TH STRAIGHT DAILY GAIN


INVESTORS LOOK AHEAD TO MORE TECH EARNINGS, FED MEETING NEXT WEEK



Last Updated: 

July 21, 2023 at 6:45 PM EDT

Live Coverage Feed

4 days ago


AMEX CARD SPENDING ISN’T GROWING FAST ENOUGH TO KEEP UP WITH THE BULLS

By

Telis Demos

, Writer, Heard on the Street

American Express headquarters on March 16, 2022. (Ben Hinder/Associated Press)

American Express was one of the strongest banking stocks around coming into this
quarterly report. That high bar seems to have set it up for disappointment.

Billed business, a key measure of Amex spending growth, grew by 8% in the second
quarter from a year earlier, the card company said Friday. That was well shy of
the 16% growth in the first quarter and the growth analysts expected, according
to estimates compiled by Visible Alpha.

Through yesterday, Amex’s shares had been up nearly 20% on the year. They were
trading almost 5% lower on Friday.

American Express Co.

AXP (U.S.: NYSE)

$166.50 USD-1.29-0.77%

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