Why Investors Were Ditching American Express Stock Today
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American Express (AXP) shares fell over 2% following a disappointing third-quarter earnings report, which showed revenue below analyst expectations despite year-over-year growth. Analysts expressed concerns about the weakening spending habits of affluent cardholders, with three maintaining hold ratings and one a sell rating. BTIG's Vincent Caintic highlighted management's honest assessment of the U.S. consumer's declining spending and borrowing. Despite the bearish sentiment, some believe the stock's current gloom is exaggerated, given the company's ability to service its cardholders effectively.
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