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American Express (USD 23.33 ; 0.78% ; AXP ; AXP.N)
American Express may report today after the US close 3Q EPS of $0.59 vs $0.90 a year ago. Year to date the stock has declined 55% vs a 36% decline for the S&P 500. Investors remain concerned the current credit crisis and slower consumer spending will hurt the Co's credit card business. From a technical point of view the declining 20d and 50d moving averages should maintain the stock under pressure. There is a strong support base around $20 however. We expect the stock to trade sideways between $20 and $30 in the medium term
American Express may report today after the US close 3Q EPS of $0.59 vs $0.90 a year ago. Year to date the stock has declined 55% vs a 36% decline for the S&P 500. Investors remain concerned the current credit crisis and slower consumer spending will hurt the Co's credit card business. From a technical point of view the declining 20d and 50d moving averages should maintain the stock under pressure. There is a strong support base around $20 however. We expect the stock to trade sideways between $20 and $30 in the medium term
