American Express

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Stocks Mixed; Dow Off 16

Weak gains for Nasdaq, S&P cap week of losses

(Newser) - Stocks ended mixed for the day and lower for the week, as gains in financials made up for losses in energy spurred by falling oil prices, MarketWatch reports. Bank of American and American Express each rose about 2%, which analysts saw as investors covering short positions. The Dow fell 15.... More »

Treasury to Let 10 Banks Repay $68B in TARP Loans

(Newser) - The Treasury Department has given 10 banks—including Goldman Sachs, JP Morgan, American Express, and Capital One—permission to repay their TARP loans, the Wall Street Journal reports. The government will recoup $68 billion faster than anticipated, but the money won’t go back into the public coffers; Tim Geithner... More »

AmEx to Ax 4K Jobs in $800M Chop

Cuts are in addition to 7K workers laid off last fall

(Newser) - American Express said today it plans to slash 4,000 jobs as part of an $800 million cost-cutting plan, CNNMoney reports. The cuts are in addition to 7,000 workers slated last fall to be laid off. Amex also plans to reduce operating costs and investment spending. The company "... More »

Dow Jumps 164 in Jobs Rally

Investors find hope in stress tests and unemployment results

(Newser) - Stocks rallied today on the unemployment report and stress-test results, the Wall Street Journal reports. Though unemployment continues to grow, the slowing pace of joblessness fueled a cautious optimism. American Express and JP Morgan Chase, who “passed” the government’s test, both gained 9%. The Dow closed up 164.... More »

Madoff's $100K AmEx Bills Point to Rampant Abuse

Investors' money kept family living luxe

(Newser) - Ponzi-schemer Bernard Madoff used investors’ money as a “personal piggy bank” to support family, as well as some staff, extravagances, ABC reports. Documents filed in New York bankruptcy court show that Ruth Madoff used the company card to purchase nearly $5,000 of clothing at Paris boutiques last January,... More »

AmEx to Clients: Here's $300, Now Get Lost

Credit card firm looks to limit exposure

(Newser) - American Express is offering some of its customers $300 to pay their balance and close their accounts, Reuters reports. The firm has been hit with staggering losses, exacerbated by their expansion in recent years to less well-heeled customers. American Express declined to say how many customers had received the buyout... More »

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 »

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