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AMERICAN EXPRESS MISSES Q1 REVENUE EXPECTATIONS, STOCK FALLS -

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    • AMERICAN EXPRESS MISSES Q1 REVENUE EXPECTATIONS, STOCK FALLS
24-Apr
20:42 IST

American Express’s stock is currently trading at 81.96- lower by 0.61% as compared to its previous close. In the pre-market trading session, the stock was trading higher by 2.90%. The stock has pared all of its earlier gains and turned negative after the opening bell.

The financial services company reported its first-quarter revenue and earnings before the market opened on Friday. American Express generated an adjusted EPS (excluding an increase in credit reserves) of $1.98 for the first quarter. The EPS was above the consensus estimates of $1.54. The credit card issuer brought in $10.3 billion in revenue excluding interest expense for the first quarter. The revenue missed the market expectation of $10.76 billion.

American Express increased its credit provisions to $2.6 billion from $809 million a year earlier. The credit card issuer also said a spending drop by customers started in late February and accelerated in the last month. The company also set aside $1.7 billion to brace itself against no-payments due to virus-related layoffs. Stocks of American Express have fallen about 34% Year-to-date.

On the technical front, the current price is below the MA5. The current price is below the middle line of the Bollinger Bands and is heading downwards. The RSI is currently at 43.51% and suggests that the market can move in the downward direction.

Overall Bias is Negative and short-term trades can be initiated with tight Stop Loss and Profit target.

 

TRADE SUGGESTION- LIMIT SELL AT 82.50 TAKE PROFIT AT 81.00 STOP LOSS AT 83.25

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