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NEWS ABOUT: American Express

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Dow Tanks on Consumer Woes

Index nosedives after more bad news about spending

(Newser) - 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... More »

American Express Feels Credit Crunch

With defaults on rise, company taking hefty fourth-quarter charge

(Newser) - 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... More »

Visa Settles $2.25B AmEx Suit

Antitrust settlement could be largest ever

(Newser) - 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... More »

Black Fortune 500 CEOs in Short Supply

Departure of Merrill, Time Warner chiefs knocks total to four

(Newser) - 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... More »

Apple Numbers Lift Markets

Earnings punch through the crunch

(Newser) - 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... More »

Earnings, Subprimes Sink Stocks

Dow falls 226.47 after lackluster reports, increased negativity

(Newser) - 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 »

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