Stories related to: American Express

MasterCard will pay American Express $1.8 billion in 12 quarterly installments, settling a lawsuit that claimed it had blocked banks from offering American Express cards to customers, the Wall Street Journal reports. American Express said the antitrust settlement would "help to lessen the impact of this weakening economic cycle." Amex also sued Visa, which settled for $2.25 billion in November. More »

Stocks fell today on bad news on earnings and record prices for crude oil. American Express, General Motors, and UPS all took hits. "The negative UPS news could shake confidence in the broader transport stocks," an analyst tells the Wall Street Journal . The Dow ended down 49.18 to 12527.26, the Nasdaq 26.64 to 2322.12, and the S&P 11.05 to 1354.49. More »

Discover Financial Services is moving into the global credit card market with its acquisition of Diners Club International from Citigroup, Bloomberg reports. The $165 million deal gives Discover a foothold in the 185 countries outside North America where Diners has a presence, which will add revenue at a time when Americans are struggling to pay their credit card bills.  More »

News of the Bear Stearns bailout triggered a sell-off today as investors were reminded that the true depth and breadth of current credit problems remains uncertain, the Wall Street Journal reports. Bear Stearns stock closed at 30, down a breathtaking 47.4% on the day. The Dow fell 194.65 to 11,951.09, the Nasdaq 51.12 to  2,212.49, and the S&P 500 27.34 to 1,288.14. More »

Stocks finished in positive territory today, riding hopes that grim new housing numbers will lead the Fed to cut interest rates this week. "The main event for the week will be the Fed-rate decision on Wednesday," a strategist tells MarketWatch. The Dow was up 176.72 to 12,383.89, the Nasdaq 23.71 to 2,349.91, and the S&P 23.36 to 1,353.97. More »

The Dow plunged 246.79 points to 12,606.30 today as investors, worried about consumer spending, fled retailers and credit-card issuers. Analysts are concerned the mortgage crisis has finally hit pocketbooks, hurting credit, jobs, and public confidence, the Wall Street Journal reports.The Nasdaq slid 48.58 to close at 2,439.94, and the S&P 500 fell 19.31 to 1,401.02. More »

With consumer spending slowing and credit defaults on the rise, American Express said today it will take a fourth-quarter charge of $275 million to build up its charge-card reserves, the Wall Street Journal reports. The company, which cited housing turmoil as a contributing factor, also predicted earnings to come in lower than analysts' estimates. More »

In what could be the largest settlement ever to resolve an antitrust lawsuit, Visa has agreed to pay American Express up to $2.25 billion for blocking member banks from offering rival credit cards, the AP reports. The deal helps clear the way for Visa’s IPO, expected early in 2008. MasterCard, also named in the suit, has refused to settle. More »

The departure of Dick Parsons from Time Warner and Stan O'Neal from Merrill Lynch has reduced the already sparse population of African-American CEOs running Fortune 500 companies to an extremely paltry four, reports AP. CEOs of any color have a short shelf life, and the small numbers of black chiefs can make two resignations look like an overwhelming trend. More »

Stocks closed up today, thanks partially to good news from Apple, which reported a 67% increase in quarterly profit after yesterday's close. Tech in general continued to bolster the markets despite broader economic worries. The Dow rose 109.26 to 13,676.23, the Nasdaq was up 45.33 to 2,799.26, and the S&P 500 climbed 13.26 to 1,519.59. More »

The Dow slid 226.47—nearly 2%—back to 13716.95 today, after mediocre earnings reports helped deflate a giddy mood and remind traders of persistent woes from the subprime sector. American Express reported lower-than-expected second-quarter earnings dampened by higher marketing costs; DuPont also released disappointing numbers. More »