American Express Co
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EAST HAMPTON, New York, May 21- Judging by early demand for everything from doggie daycare to Ferrari rentals and fine art, rich Americans are going to make this a strong summer in one of their favorite playgrounds- the beach towns on the eastern end of Long Island collectively known as the Hamptons.
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Google plunged 9 percent after it accidentally released a weak earnings report hours ahead of schedule. "This is a market that's waiting for a clear catalyst," said Quincy Krosby, market strategist at Prudential Financial. Google's stock dropped $68.19 to $687.30 before trading was suspended.
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NEW YORK-- The stock market headed slightly lower on Thursday, following a leap in claims for unemployment benefits and weak results from American Express. The increase suggested that layoffs were increasing, however the Labor Department noted that there were technical reasons behind the swing, mainly delayed figures from one large state, California.
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David Darst, Guggenheim Securities managing director, breaks down the numbers on the company's third quarter earnings, and why he downgraded AXP to "Neutral."
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THE RESULTS: American Express' net income rose 1 percent in the third quarter to $1.25 billion, or $1.09 per share. That compares with net income of $1.24 billion, or $1.03 per share, in the same quarter last year. BAD LOANS: American Express' delinquency rate was flat compared to the second quarter.
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American Express Co. launched a digital payments platform last year aimed at competing with bank debit cards and other prepaid cards. The program, dubbed Serve, allows customers to open an online prepaid account that can be funded using a bank account, an American Express card or another credit card.
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CNBC's Mary Thompson reports on the details from American Express' conference call; and Nike, RadioShack and Anheuser-Busch are all announcing that they are cutting ties with cyclist Lance Armstrong, with Mellody Hobson, Ariel Investments president.
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Discussing whether Target's latest move will be good or bad for the company's margins, with CNBC's Courtney Reagan & Herb Greenberg, and Burt Flickinger, Strategic Resource Insight Group.
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LOS ANGELES-- American Express Co. said Wednesday that its net income rose 1 percent in the third quarter, aided by lower expenses and increased spending by the credit card issuer's customers. In the second quarter, American Express' revenue grew 5 percent from a year earlier.
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WINSTON-SALEM, N.C.-- BB&T Corp. says it will create 1,700 new jobs over five years in a large back-office operation near Piedmont Triad International Airport. The bank said Tuesday that it has signed a seven-year sublease to take over a former American Express Co. call center in Greensboro.
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ANOTHER UP DAY: Stocks rose for the second day in a row, helped by stronger-than-expected earnings from companies including Mattel and Goldman Sachs. ECONOMIC NEWS: The government said September inflation was low, with most increases because of gasoline prices, which have come down since then.
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Citigroup Inc. reports quarterly financial results. CSX Corp. reports quarterly financial results. Intel Corp. reports quarterly financial results.
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U.S. companies as diverse as chipmaker Intel Corp and printer Quad/Graphics Inc have opened in-house health clinics with doctors, nurses and even dentists to diagnose suspicious symptoms, write prescriptions and more. "We were beginning to see... growing chronic conditions in our population," says Tami Graham, director of global benefits for Intel. "
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U.S. companies as diverse as chipmaker Intel Corp and printer Quad/Graphics Inc have opened in-house health clinics with doctors, nurses and even dentists to diagnose suspicious symptoms, write prescriptions and more. "We were beginning to see... growing chronic conditions in our population," says Tami Graham, director of global benefits for Intel. "
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The U.S. banking quadropoly of Bank of America, Citigroup, Wells Fargo, and JPMorgan Chase has worn out its welcome with the public, but don't look for Amazon, Google, or even Wal-Mart Stores to offer a meaningful alternative.
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Oct 9- The following are the top stories in the Wall Street Journal on Tuesday. *BP Plc said Monday it has sold the large Texas City refinery, scene of a fatal industrial accident in 2005, to Marathon Petroleum Corp in a deal worth up to $2.5 billion.
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*The International Monetary Fund is cutting its global economic forecasts yet again, calling the risks of a slowdown "alarmingly high", primarily because of policy uncertainty in the United States and Europe.
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CINCINNATI, Oct 9- Procter& Gamble Co's CEO stood behind the company's plan for increasing profit and sales at a drama-free annual meeting notable for the absence of William Ackman, the activist investor who has pushed hard for change in recent months at the world's largest maker of household products.
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*Few banks earn their costs of capital. NEW YORK, Oct 8- Banks worldwide remain scarred by the 2007-2009 financial crisis and are years away from developing new business models that will produce sustainable profits, according to a new study. "It's the banks' game to lose," Toos Daruvala, a McKinsey director who helped write the report, told Reuters.
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*Bluebird card available next week at Walmart stores, online. *Amex gets access to 4,000 stores, spending by underbanked* Wal-Mart brings low pricing to card accounts* Average American pays $200 annually in fees* Shares of rival card companies NetSpend, Green Dot tank.
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*Bluebird card available next week at Walmart stores, online. *Amex gets access to 4,000 stores, spending by under-banked* Wal-Mart brings low-pricing to card accounts* Average American pays $200 annually in fees* Shares of rival card companies NetSpend, Green Dot tank By Martinne Geller and David Henry.