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☆ Corporate earnings solid so far, despite threats from a slowing economy and sticky inflation
▼ + stars: | 2024-04-29 | by ( Bob Pisani | ) www.cnbc.com time to read: +6 min

Valuations coming down So if earnings are up, why is the S & P off its highs? Today, a month later, 2024 earnings estimates are essentially the same but the multiple has declined to 20.8. The S & P 500 hit a low of 4,117 on Oct. 27 and only recovered when rates came down in early November. There are some big drags on earnings Some companies are seeing large declines in earnings estimates that are weighing on their sectors. When including this one-time item, the S & P 500 earnings growth rate for the first quarter declines to 5.6%, from 8.7%, LSEG has noted.

Persons: Goldman Sachs, JPMorgan Chase, Morgan Stanley, Christopher Suh, Stephen Squeri, Hess, Nick Raich, LSEG, Hal Lawton, Brian Niccol, CNBC's Kate Rogers, Horton, Paul Romanowski, Kimberly, Clark, Michael Hsu Organizations: Companies, Netflix, JPMorgan, GE Aerospace, Caterpillar, Microsoft, Merck, Ford, Waste Management, Royal, Consumer, American Express, Energy, Marathon Petroleum, Apache, Valero Energy, Oil, Occidental Petroleum, Devon Energy, ConocoPhillips, Exxon Mobil, Scout, Bristol Myers Squibb, Karuna Therapeutics, Boeing, Nvidia, Meta, AMD Locations: financials, industrials, Royal Caribbean, North America

☆ Jim Cramer shares his thoughts on Netflix, Nordstrom, KB Home, Shopify and American Express
▼ + stars: | 2024-04-19 | by ( ) www.cnbc.com time to read: +2 min

Nordstrom : The department store chain's CEO and president — both members of the founding Nordstrom family — have shown interest in taking the company private . "They should just worry about operating" the company, Cramer said, referring to CEO Erik Nordstrom and President Pete Nordstrom. Shopify : Shares rose more than 2% after analysts at Morgan Stanley upgraded the stock to a buy-equivalent rating. "This is to I think stem the endless decline that is unwarranted because it's a great company," Cramer said. Shares rose more than 4%.

Persons: Jim Cramer's, Jim Cramer, Nordstrom, —, Cramer, Erik Nordstrom, Pete Nordstrom, Morgan Stanley, Stephen Squeri Organizations: CNBC, Club, Netflix, homebuilder, American Express

☆ American Express CEO Stephen Squeri on lessons of the pandemic, advice from Warren Buffett
▼ + stars: | 2024-02-02 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAmerican Express CEO Stephen Squeri on lessons of the pandemic, advice from Warren BuffettAmerican Express CEO Stephen Squeri joins 'Squawk Box' to discuss the lessons learned from the pandemic, what he learned from Warren Buffett, and more.

Persons: Stephen Squeri, Warren, Warren Buffett Organizations: American Express, Warren Buffett American Express

☆ Watch CNBC’s full interview with American Express CEO Stephen Squeri
▼ + stars: | 2024-01-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC’s full interview with American Express CEO Stephen SqueriAmerican Express CEO Stephen Squeri joins 'Halftime Report' to discuss the PGA Tour, American Express' consumer insight, economic outlook, and more.

Persons: Stephen, Stephen Squeri Organizations: American Express, Express, Tour

☆ American Express CEO says spending is strong, delinquencies are down from 2019
▼ + stars: | 2024-01-19 | by ( Micah Washington | ) www.cnbc.com time to read: +1 min

Stephen Squeri, chairman and chief executive officer of American Express Co., speaks during an Economic Club of New York event in New York, US, on Thursday, Nov. 10, 2022. American Express CEO Stephen Squeri on Friday said the credit card company saw "good consumer spending" during the holidays and signs of strong overall health for U.S. spending. In particular, delinquency rates were "lower than they were in 2019," Squeri told CNBC's Scott Wapner in an interview at the American Express PGA Tour event in La Quinta, California. The signs of resilient consumer spending run somewhat counter to persistent inflation. American Express reports its fourth-quarter earnings on Jan 26.

Persons: Stephen Squeri, Squeri, CNBC's Scott Wapner, he's, JPMorgan Chase, Jamie Dimon, Goldman Sachs, David Solomon, We'll Organizations: American Express Co, Economic, of New, American Express, JPMorgan, Federal, Express Locations: of New York, New York, La Quinta , California, U.S

☆ American Express's Monique Herena on 2024: Don't let your ego get in the way of embracing change
▼ + stars: | 2024-01-03 | by ( Josée Rose | ) www.businessinsider.com time to read: +6 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewThe last few years haven't been without challenges, but there have been great opportunities to learn as well, Monique Herena told Business Insider. "I focus on helping people develop to be at their best, and serve our customers and consumers," Herena explained. AdvertisementHerena's insights are part of Business Insider's leadership package "Looking Ahead 2024," which digs into vision, strategy, and challenges across corporate America. Besides the flexible work model, there were several learning and development programs.

Persons: —, haven't, Monique Herena, Herena, she's, Stephen Squeri's, — there's Organizations: Service, Business, American Express Locations: America

REUTERS/Lucy Nicholson/File Photo Acquire Licensing RightsOct 20 (Reuters) - Credit card giant American Express (AXP.N) on Friday reported third-quarter profit that beat expectations, helped by resilient spending from its wealthy customers who shrugged off concerns about an economic downturn. AmEx reported a profit of $3.30 per share, up from $2.47 per share a year earlier. On average, analysts had expected a profit of $2.94 per share, according to LSEG IBES data. "Travel and Entertainment (T&E) spending remained robust... Restaurant spending was again one of our fastest-growing T&E categories," CEO Stephen Squeri said in a statement.

Persons: Lucy Nicholson, AmEx, “, Christophe Le Caillec, Gen Zs, Stephen Squeri, Niket Nishant, Pooja Desai Organizations: Dow Jones Industrial, American Express, REUTERS, American, Entertainment, Consolidated, Thomson Locations: Los Angeles , California, United States, Bengaluru

☆ American Express keeps profit forecast unchanged after strong results, shares fall
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +2 min

July 21 (Reuters) - American Express (AXP.N) kept its forecast for full-year profit unchanged on Friday, disappointing investors and overshadowing its quarterly results that topped estimates on record card member spending by its young and affluent customers. AmEx shares fell 4.4% in premarket trading as the credit card giant reaffirmed its full-year 2023 per-share profit forecast of $11 to $11.40. AmEx's total provisions for credit losses came in at $1.2 billion in the second quarter, compared with $410 million a year earlier. "Card member spending hit another all-time high, growing 8 percent on an FX-adjusted basis, driven by double-digit growth in U.S. Consumer and International Card Member spending," CEO Stephen Squeri said in a statement. The credit card company reported a profit of $2.89 per share in the quarter, beating analysts' average expectation of $2.81 per share, according to IBES data from Refinitiv.

Persons: Stephen Squeri, AmEx, Manya Saini, Anil D'Silva Organizations: American Express, . Consumer, Card, Thomson Locations: U.S, Refinitiv, Bengaluru

☆ AmEx's profit view dampens strong results from record card spending
▼ + stars: | 2023-07-21 | by ( Manya Saini | Thomson Reuters | Manya Saini Reports On Prominent Publicly Listed U.S. Financial Firms Including Wall Street S Biggest Banks | ) www.reuters.com time to read: +2 min

"Results were strong, though spending growth is moderating from unsustainably high rates in 2022," said Edward Jones analyst Kyle Sanders. These worries took the shine off a record quarter in which spending surged to $426.6 billion despite rapid interest rate hikes by the U.S. central bank ushering in an end to easy money. "Our base is changing in terms of more Millennials and Gen Z who will grow with us. Millennial and Gen Z were its fastest-growing customer base as their combined spending surged 21% in the U.S. from a year ago. Despite that, AmEx just reaffirmed its per-share profit forecast of $11 to $11.40 for 2023 after reporting a market-beating profit of $2.89 per share.

Persons: Edward Jones, Kyle Sanders, Gen Z, Stephen Squeri, Gen, Jeff Campbell, AmEx, Campbell, Christophe Le Caillec, Manya Saini, Anil D'Silva, Arun Koyyur Organizations: American Express, U.S, RBC Capital Markets, Reuters, Thomson Locations: U.S, Bengaluru

☆ American Express is being investigated over sales practices. Salespeople say they have been made scapegoats.
▼ + stars: | 2023-07-06 | by ( Dakin Campbell | ) www.businessinsider.com time to read: +25 min

In late May last year, some 250 salespeople at American Express learned they weren't going to get paid. In addition to earning commissions, the Premium Wire volumes helped them reach higher compensation tiers, known as kickers. For the first time, the Premium Wire product made economic sense. The presentation discussed shifting the sales focus toward Premium Wire and another product to "accelerate revenue growth and meet client's needs." Isserlis said Williams was fired because of misconduct unrelated to Premium Wire.

Persons: Amex, salespeople, Salespeople, Adam Isserlis, Isserlis, Stephen Squeri, John Moore, Amex salespeople, Pablo Ribas, Ribas, Anna Marrs, Marrs, Charles Schwab, Schwab, Mike Peterson, Charlene Luke, they'd, Nick Williams, Williams, Nick, Mr, —, Thomas Zoerner, Zoerner, Amex's, she's, weren't, Carter Johnson Organizations: American Express, Commercial Services, Securities and Exchange Commission, Justice Department, Internal Revenue Service, Street, IRS, Getty, Credit, Employees, Business, SME, Global Commercial Services, Marriott, Express, University of Florida's Levin College of Law, Amex, California Labor, Court, whistleblowing Locations: Brooklyn, California, Manhattan, Canadian, —, Orange County , California, New York, Webex

☆ AmEx profit takes a hit from reserve buildup as slowdown worries rise
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

[1/2] American Express logo and trading symbol are displayed on a screen at the New York Stock Exchange (NYSE) in New York, U.S., December 6, 2017. "We're mindful of the mixed signals in the external environment," said Chief Executive Stephen Squeri in a statement. AmEx profit fell 13% to $1.8 billion, or $2.40 per share, for the three months ended March 31, missing analysts' average estimate of $2.66 per share, according to Refinitiv data. It expects to earn $11 to $11.40 per share compared to analysts' estimate of $11.10. Reporting by Siddarth S in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

[1/2] American Express logo and trading symbol are displayed on a screen at the New York Stock Exchange (NYSE) in New York, U.S., December 6, 2017. Shares fell as much as 7% to a near three-month low of $154.01 as expenses surged 22% to $11.1 billion in the first quarter, higher than expectations of $10.4 billion. "While the elevated provision does not come as a surprise, the miss on expenses is likely the driving force behind the shares' move lower," UBS analysts wrote in a client note. The company, however, reaffirmed its profit forecast for 2023 as spending by customers on travel and entertainment surged 39%. It expects to earn $11 to $11.40 per share compared to analysts' estimate of $11.10.

☆ Buy the dip in American Express shares, Wells Fargo says
▼ + stars: | 2023-03-14 | by ( Hakyung Kim | ) www.cnbc.com time to read: +1 min

American Express is showing "strength in uncertain times," according to Wells Fargo, which is confident in the stock following an investor meeting with Chairman and CEO Stephen Squeri and Chief Financial Officer Jeff Campbell. Fandetti maintained his overweight rating on American Express, and reiterated his price target of $200 per share, implying 27% upside from Monday's close. He added that despite the "turmoil" in U.S. banking following the failure of SVB and Signature Bank that spurred a broad selloff in financial stocks, American Express was confident in its business outlook. Wells Fargo believes that American Express' advantage around small and premium business customers is strengthening, making it more difficult for its competitors to catch up. American Express shares were up 1.8% on Tuesday before the market open.

☆ These are the Dow stocks you want to own the most if the Fed sparks a risk-on rally
▼ + stars: | 2022-11-01 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Beaten-down stocks could be the big beneficiaries of a potential Federal Reserve-fueled rally this week. It would be the Fed 's fourth straight 0.75 percentage point increase in its campaign to tame inflation. Instead, investors will focus on what Fed Chair Jerome Powell may signal about future rate increases on Wednesday. Any signs that the Fed will slow the pace of tightening could ease investors' fears of a recession and result in a risk-on rally. The iPhone maker is down 13.3% so far this year, far less than other hard-hit tech stocks.

☆ Stocks are suddenly getting hit with higher Treasury yields and some worrisome earnings
▼ + stars: | 2022-10-21 | by ( Bob Pisani | ) www.cnbc.com time to read: +2 min

Markets are being hit with a double whammy this morning: multi-year high in Treasury yields, and earnings. Earnings and revenues were higher than expected. Spending was strong (consumer and commercial-billed business growing 22% and 20% year-over-year), new card growth (3.3 million) was good. But AmEx set aside $778 million for potential future losses, nearly $200 million higher than expected. Robert Ottenstein at Evercore ISI said in a note, commenting late last night on very strong earnings from French spirits maker Pernod Ricard.

Register now for FREE unlimited access to Reuters.com RegisterTo better prepare for defaults, AmEx built provisions of $778 million in the third quarter, compared with analysts' estimate of $604.1 million. Still, the company expects to report full-year profit above its prior forecast of $9.25 to $9.65 per share. The blending of work and leisure travel has also caught up, executives in the travel industry have said in recent months. Strong growth in travel and entertainment in its international markets helped AmEx beat September-quarter profit estimates. Revenue rose 24% to $13.6 billion, while expenses climbed 19% as AmEx had to spend heavily on customer rewards, compensation and marketing.

☆ U.S. consumer is soldiering on despite soaring inflation and recession risk, credit card giants say
▼ + stars: | 2022-10-21 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

The company said overall customer spending jumped 21% year over year, driven by growth in goods and services as well as travel and entertainment. "Card member spending remained at near-record levels in the quarter," American Express CEO Stephen Squeri said Friday on an earnings call. "We expected the recovery in travel spending to be a tailwind for us, but the strength of the rebound has exceeded our expectations throughout the year." Bank of America isn't experiencing any slower growth in spending either, despite inflation having reached historic highs. "Analysts might wonder whether the talk of inflation, recession and other factors could [result] in a slower spending growth," Moynihan said Monday during a conference call.

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