American Express reporting higher quarterly profits after the closing bell. The world’s largest credit card issuer helped by higher spending by cardholders and higher interest income. Top oil field
Amex profit beat; Schlumberger job cuts
American Express reporting higher quarterly profits after the closing bell. The world’s largest credit card issuer helped by higher spending by cardholders and higher interest income.
Top oil field services provider Schlumberger is cutting another 2,000 jobs, bringing the total to 11,000. Revenue fell by nearly nine percent, as customers slashed their capital budgets for 2015.
Shares of Barbie maker Mattel rose in after hours trading Thursday. Net sales were better-than-forecasts last quarter, a sign the company’s turnaround may be gaining traction.
As for the regular trading session, earnings worries weighed on stocks, many companies simply not growing organically.
Citigroup was among those companies reporting Thursday that boosted profits by slashing expenses. Dow stock Goldman Sachs reported its best quarterly profit in five years.
Economist John Dunham.
SOUNDBITE: JOHN DUNHAM, MANAGING DIRECTOR AND ECONOMIST, JOHN DUNHAM & ASSOCIATES (ENGLISH) SAYING:
“There’s been a lot of cost cutting in the bank sector which has also pushed up overall earnings. Generally, actual transactions have been relatively flat, which is in line with the general economy.”
Heavens to Etsy, it’s IPO party time. Shares of the online marketplace for handmade goods more than doubled on their debut, valuing Etsy at just under $4 billion. And retailer Party City’s stock popped higher, as did shares of electronic trading firm Virtu Financial.
Healthy results for Dow stock UnitedHealth. The insurer added more members and upped its full-year profit forecast.
Topping the S&P 500’s winners list: Netflix, many analysts raising price targets on the video streaming service a day after it reported a surprising surge in subscribers.
Just behind Netflix on that list: Philip Morris. It sold more cigarettes at higher prices and hiked its full year profit forecast.
Investors got more signs that the economy could struggle to bounce back. Housing starts rose much less than expected last month, and orders for manufactured goods fell to a nearly two-year low.
Over in Europe, disappointing earnings from Diageo and slower sales at retailer Casino led stocks lower.