Credit card co American Express affirmed its profit outlook for this year. The economic forecast remains uncertain but AXP believes it will not be as bad as earlier downturns of 1990 or 2001.
American Express's U.S. card business set aside $881 million for losses in the first quarter, a 52 percent increase from the year earlier. Debt considered uncollectible rose to 5.5 percent of all loans from 4.3 percent in the fourth quarter.
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source: American Express Rises After Affirming 2008 Forecast (Update2)
By Hugh Son, Bloomberg
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aI3OaxqurKzI
Wednesday, June 4, 2008
AXP confirms profit outlook for FY08
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