| As of Friday, November 6th: |
As of October 1st, the earnings growth rate was at -24.8%.Of the 440 S&P 500 companies who have reported Q3, 80% beat estimates, 6% were in-line, and 14% were below estimates. The blended earnings growth rate for the S&P 500 for Q3 2009 is currently at -14.8%. (Data provided by Thomson Reuters)
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Charge-card giant American Express said a slowdown in cardholder spending and rising delinquencies would lead to a pre-tax charge of around $440 million for the fourth quarter.
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American Express said a slowdown in cardholder spending and rising delinquencies would lead to a charge in the fourth quarter. |
cents per share for the quarter, according to Reuters Estimates.
For the full year 2007, the company expects earnings from continuing operations to be in the range of $3.38 to $3.40.
Analysts expected $3.53 per share, according to Reuters Estimates.
The announcement, which came after the market close, sent American Express shares [AXP
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()
] plunging in after-hours trading.
American Express said it expects to report overall growth in worldwide cardmember spending of about 16 percent for the fourth quarter. The growth rate, however, trailed off to 13 percent in December with particular weakness in U.S. billings.
The company also expects to report that delinquencies in the managed U.S. lending portfolio increased to approximately 3.2 percent in the fourth quarter of 2007 from 2.9 percent in the third quarter, and that the write-off rate in this portfolio increased to approximately 4.3 percent from 3.7 percent for the same periods.
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Data is a real-time snapshot *Data is delayed at least 15 minutes