After American Express reported that cardmembers are continuing to rein in spending, one analyst is suggesting that investors look elsewhere in the consumer finance industry for earnings momentum.
While American Express met analyst expectations with earnings of $1.09 a share, David Darst, an analyst at Guggenheim Securities, told CNBC that "underlying revenue trends were somewhat disappointing."
Revenue grew at its slowest rate in 11 quarters, increasing 4 percent to $7.86 billion from $7.57 billion a year ago.