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NEWS ABOUT: American Express

Dow Plunges Nearly 300

Global markets set losing tone for NYSE

(Newser) - Stocks plunged today as President Obama signed the economic stimulus package into law, MarketWatch reports. With a negative tone set by losses in the overseas stock markets, financials led declines, with Bank of America, Citigroup, JP Morgan Chase, and American Express all down at least 9%. The Dow lost 297.... More »

Dow Up 106; Hope for a Bottom

MasterCard's success boosts financials

(Newser) - Stocks rebounded after initially falling lower today, as investors snapped up bargains from depressed equities, MarketWatch reports. MasterCard led advances with a 14% gain after beating profit estimates. Wal-Mart was another strong performer, rising 4.33% on strong January sales. The Dow closed up 106.41 at 8,063.07.... More »

Dow Up 58 On Mixed Data

December existing-home sales rise 6.6%

(Newser) - Stocks ended higher for the third straight day today amid mixed financial news, the Finanical Times reports. Home prices sank, leading to a surge in sales, while consumer confidence remained low. A better-than-expected earnings report from AmEx led financials higher as the Dow closed up 58.70 points at 8,... More »

Earnings Drive Stocks Higher

(Newser) - A horrible housing report couldn’t hold stocks down at the open. The Dow rose 57 points, while the S&P and Nasdaq added 0.8% and 0.7% respectively, as investors digested a host of mixed earnings reports. Texas Instruments rose 4.4% after it announced a $107 million... More »

Smarting, Credit Card Companies Cut Rewards

That airline ticket won't be so easily obtained in recession

(Newser) - Smarting from the sour economy, many credit-card companies are cutting back on rewards programs born out of 1980s excesses, USA Today reports. The cutbacks are akin to moves made by the airline industry last year as fuel prices skyrocketed. “You’re going to see more and more of the... More »

Struggling AmEx Asks Feds for $3.5B Infusion

Credit card company is reeling as consumers cut back spending

(Newser) - Falling consumer spending and rising defaults have prompted American Express—which has seen its stock plunge 57% this year—to ask for $3.5 billion from the government’s $700 billion bailout fund, reports the Wall Street Journal. The company Monday received Federal Reserve approval to become a bank holding... More »

AmEx Cleared to Become Commercial Bank

Credit card company can now accept deposits, access emergency Fed funds

(Newser) - The Fed has given credit card giant American Express the all-clear to become a bank holding company in a bid to keep the financial crisis wolves from the door, Marketwatch reports. AmEx can now accept deposits and access the Fed's emergency lending facilities. The central bank waived the normal 30-day... More »

AmEx Will Lay Off 7K

Pay increases, hiring halted to prop up credit-card giant's savings

(Newser) - Noting that even wealthy Americans are struggling financially, American Express announced today it will cut 10% of its workforce, halt executive pay increases, and freeze new hires. The creditor to the elite will charge $440 million against fourth-quarter results to cover restructuring after 7,000 jobs are cut across all... More »

Lenders Yank Credit Cards as Economy Sours

Plastic crisis comes hot on the heels of mortgage crisis

(Newser) - The flattening economy is putting the squeeze on credit card lending just when consumers can least afford it, the New York Times reports. Lenders are putting the brakes on new credit card offers and reining in lines of spending for existing holders, even those with good credit records. The flood... More »

Airfares May Sag in '09: Report

Declining demand, dropping oil prices likely to bring prices down

(Newser) - The slumping economy may bring some good to the travel industry: Domestic airfare and hotel rates could fall next year as strapped individuals and companies think twice about globetrotting. A slash in oil prices, down to half of summer’s record high, has also brought airlines relief, Reuters reports. In... More »

Earnings Push Stocks Lower

China's GDP slowdown spooks investors as well

(Newser) - Stocks fell today as a wave of poor earnings soured investor confidence across the board, though the continued drop in interbank lending rates kept losses in check, the Wall Street Journal reports. The Dow closed down 231.77 at 9,033.66. The Nasdaq fell 73.35 to 1,696.... More »

AmEx Sees Red as Cardholders Struggle

Credit card company is seeing more cards fall delinquent as economy worsens

(Newser) - American Express—expected today to report earnings skidded more than 30% from the third quarter a year ago—isn't quite the industry gem it once was, reports the Wall Street Journal. The company, long a top performer who catered to affluent customers, has seen a surge in delinquencies as the... More »

Bailout, Oil Send Dow Down 372

Traders nervous about long-term effects

(Newser) - Stocks plummeted today as uncertainty over the cost and long-term impact of the Wall Street bailout plan spread and oil surged, MarketWatch reports. Treasuries and the dollar fell as traders worried the bailout’s cost could affect the government’s status as a borrower. The Dow closed down 372.75,... More »

Stocks Reverse; Dow Down 280

Lehman Bros., housing weigh on investor sentiment

(Newser) - After a strong rally yesterday following news of the Fannie/Freddie bailout, stocks gave most of the gain back today as the failure of talks between Lehman Brothers and Korea’s state bank sent shares in the investment giant down 44.1%, MarketWatch reports. The Dow fell 280.01 to close... More »

Stocks Rise as Oil Drops

Price of barrel drops to $126, a 7-week low

(Newser) - Stocks climbed to robust gains by the end of today’s session as a drop in oil helped offset a spread of mixed earning reports, MarketWatch reports. The Dow gained 135.16 points to close at 11,602.50, the Nasdaq rose 24.43 to 2,303.9, and the... More »

MasterCard to Pay Amex $1.8B

Antitrust settlement will help Amex defray losses as economy continues to drag

(Newser) - 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... More »

Stocks Fall as Oil Prices Surge

American Express and UPS decline

(Newser) - 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... More »

Discover Gobbles Up Diners Club

Firm moves into international credit card market with $165M deal

(Newser) - 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... More »

Bear Bailout Invites the Bears

Financial sell-off follows Fed's move, sends markets plummeting

(Newser) - 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... More »

Stocks Up on Rate-Cut Hopes

Investors look for grim housing numbers to lead to a cut

(Newser) - 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,... More »

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