Amex, Capital One to miss EPS views on card losses
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American Express Co  and Capital One Financial Corp , the largest independent U.S. credit card companies, projected profits below analyst forecasts on Thursday, citing mounting consumer loan losses as the U.S. economy slows.
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American Express (AXP.N: Quote, Profile, Research) on Monday said quarterly earnings rose 14 percent, matching analysts&#39; expectations, as cardholder spending and borrowing increased while loan losses fell.
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Citigroup Inc , Merrill Lynch & Co  and JPMorgan Chase & Co  may face larger fourth-quarter write-offs of fixed-income securities than previously expected, and Citigroup may have to slash its dividend 40 percent to preserve capital, according to a Goldman Sachs & Co analyst.
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Major American banks are expected to  unveil substantial losses and secure more cash from abroad in  what is shaping up to be a pivotal week for the global credit  crisis, with central banks also poised to weigh in again.
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NEW YORK, Aug. 23 -- Stocks failed to sustain early gains Thursday and ended the day flat as investors braced for more news of trouble in the credit market.
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Stock index futures were near session  lows on Thursday after Lehman Brothers  reported  quarterly results that did not ease concerns about the impact  of the credit crisis on the financial sector.
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American Express has recently suffered considerable damage as around 20 thousand US banks could not use AE cards. &quot;Consumers have been damaged by the boycott by being deprived of competitive alternatives,&quot; said
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NEW YORK - Travel- and financial-services giant American Express Co. on Monday sued Visa and MasterCard as well as eight banks for damages stemming from anti-competitive practices that prevented American Express from issuing cards through US banks.
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American Express posts a 10% drop in quarterly profits as it sets aside $274m to cover credit card defaults.
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Financial services giant American Express Co. said yesterday it will spin off its financial advisory business so it can focus on the faster-growing charge and credit card, payments processing, and travel businesses. Its shares rose more than 6 percent.
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Wall Street stocks retreated on Monday as worries about potential credit-lossses at American International Group (NYSE:AIG) added to fears that US companies face further credit-related turmoil.
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Stocks tumbled on Friday, with both the Dow and Nasdaq losing more than 2 percent, after a warning by American Express Co  of mounting credit-card defaults and a slowdown in consumer spending sounded the latest recession alarm.
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American Express Co. , the fourth largest U.S. credit card company, posted weaker-than-expected second quarter results on Monday, as its funding costs rose and it set aside more money for credit losses.
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Credit card company MasterCard drew a  rebuke at a closed European Commission antitrust hearing last  week after claiming incorrectly that Britain had dropped an  investigation into its fees, people who were present said.
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Stock futures dropped on Thursday as a profit warning from Capital One Financial Corp , a credit card issuer and banking company, fueled concerns about the impact of the credit crisis and fallout from the housing slump.
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Wall Street stocks fell sharply on Friday after a disappointing earnings outlook at American Express (NYSE:AXP) compounded worries that the US economy is heading for a sharp slowdown.
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Can't tell your Nasdaq from your Amex? Here's a handy guide.