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Not a great after-hours session for bulls:
1) American Express [AXP
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]reported a notable miss ($0.56 vs. expectations of $0.83), and it's not hard to see where the bulk of the miss came from. a $600 million ($374 after-tax) addition to U.S. lending credit reserves.
"Credit indicators deteriorated beyond our expectations, CEO Kenneth Chenault said.
More from the release:
--"we are no longer tracking to our prior forecast of 4-6 percent earnings per share growth"
--"we do not expect to meet or exceed our long-term financial targets until we see improvement in the economy"
--the environment has weakened considerably since January, particularly during June
--"the scope of the economic fallout was evident even among our longer term, superprime Cardmembers"
AmEx down 10 percent after the close.
2) Apple [AAPL
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]beat estimates, the Mac and iPod sales were strong, but gave typically conservative guidance. Traders know they typically lowball the guidance by 5 to 8 percent; problem is that the guidance for the current quarter (about $1.00) is well below the analyst estimates for the current quarter ($1.24). Down about 5 percent after the close.
3) Merck [MRK
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]has suspended guidance to assess the effect of the Vytorin announcement today; down 6 percent after the close after being down 6 percent during regular trading hours.
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