|Bid||89.42 x 1000|
|Ask||89.67 x 800|
|Day's Range||88.21 - 89.94|
|52 Week Range||67.00 - 138.13|
|Beta (5Y Monthly)||1.11|
|PE Ratio (TTM)||13.47|
|Forward Dividend & Yield||1.72 (1.93%)|
|Ex-Dividend Date||Jul 01, 2020|
|1y Target Est||N/A|
After falling deeply and quickly from late February through late March, the S&P 500 has bounced back pretty strongly. Two I recently bought more of are American Express (NYSE: AXP) and The Rubicon Project (NYSE: RUBI). The three are down 28% and 37%, year to date, versus an 8% dip for the SPDR S&P 500 ETF Trust (NYSEMKT: SPY) since January 1.
American Express (AXP) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
Doing work may have changed forever because of the COVID-19 pandemic.
(Bloomberg Opinion) -- After a prolonged shutdown, Ford Motor Co. officially resumed production at its North American factories this week. It hasn’t been as smooth a process as the company might have hoped: Ford had to temporarily close two critical facilities this week to allow for a deep cleaning after workers tested positive for the coronavirus. An Explorer SUV plant in Chicago was closed a second time after an employee at a nearby supplier facility tested positive for the virus, causing a parts shortage.This is the reality of manufacturing for the time being as companies fret about worker safety and the legal and reputational risks of not doing enough to protect employees. Unlike Ford, whose products fall into a category of consumer spending that’s become even more discretionary amid the pandemic, wide swaths of the industrial sector were deemed essential and allowed to remain operational. Those companies, too, have had their share of growing pains as they adjust to a new way of working.Boeing Co. temporarily closed its factories in the Puget Sound area in March after a worker died of the coronavirus and later briefly shuttered work at its 787 plant in South Carolina. CBS Minnesota reported earlier this month that a Honeywell International Inc. facility in Minneapolis had closed after a worker tested positive. Whirlpool Corp. closed its Amana, Iowa, refrigerator plant at least twice after employees tested positive for the virus, according to the Gazette local paper. Deere & Co. and Altria Group Inc.’s Philip Morris USA are among the many others that have had to close plants on a limited basis to avoid outbreaks among workers. Lockheed Martin Corp., meanwhile, said this week it will temporarily slow production of the F-35 fighter jet because of delays at suppliers. It’s a lot harder, though, to bring factories back to life than it is to just figure it out as you go along. Ford may be a manufacturer, but because it’s one of the few to have experienced an extended lockdown, it’s arguably a better benchmark for the non-industrial economy. You better believe that office-based companies that have sent most of their workers home are keeping a close eye on how the likes of Ford fare in flipping the switch back on. Seeing the automaker’s setbacks this week, companies that can operate without their employees clustered in the same place may be less keen to rush back. They’re getting a more continuous stream of work out of their employees now than they would if they had to hit the pause button and clear out the office every few weeks. And the mixed messages from the White House aren't helpful: President Donald Trump is due to visit a Ford factory in Michigan that’s been converted to ventilator production and has been wishy-washy on whether he will adhere to the company’s face-mask requirements. Already, American Express Co. CEO Steve Squeri and Visa Inc. CEO Al Kelly said this week that most of their employees would work from home for the rest of the year. Some 28% of employers recently surveyed by Challenger, Gray & Christmas said they would make work-from-home arrangements permanent for at least some employees. Cryptocurrency exchange Coinbase and social media site Twitter Inc. are among those who have publicly said remote working will be their indefinite default option. Facebook Inc. said Thursday it would follow suit and move to a more permanent remote workforce.At the end of the day, manufacturing or non-manufacturing, it's all interconnected. How permanent this shift to work from home will be is debatable, but if companies end up needing less office space, by default that means fewer HVAC systems, commercial lighting, fire and security products or even 3M Co.’s Post-it notes. And if workers aren’t going to be commuting, do they still need to buy cars from Ford? There's a lot riding on getting reopening right. This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brooke Sutherland is a Bloomberg Opinion columnist covering deals and industrial companies. She previously wrote an M&A column for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Mastercard Inc will not ask staff to return to its worldwide corporate offices until a vaccine is available for the sometimes fatal coronavirus that has infected the globe, a senior executive told Reuters on Wednesday. The world's second-largest payment processor is also looking at its real-estate footprint and considering consolidating offices, Chief People Officer Michael Fraccaro said.
Major equity benchmarks rallied anew on Wednesday amid signs there's pent up demand in various cyclical sectors of the economy and that reopening headlines remain a significant catalyst for riskier assets.Source: Provided by Finviz * The S&P 500 jumped 1.67%. * The Dow Jones Industrial Average added 1.52% * The Nasdaq Composite gained 2.08% * Amid signs that previously locked down consumer and travelers want to start living life again, American Express (NYSE:AXP) was the best-performing name in the Dow today, gaining more than 4%.The rally in communication services and technology stocks has been so strong that the Invesco QQQ (NASDAQ:QQQ) is only a little more than 2% below its all-time highs seen in March. Proving the potency of monetary policy, the Nasdaq-100 is soaring at a time when U.S. unemployment is doing the same.InvestorPlace - Stock Market News, Stock Advice & Trading TipsHowever, monetary policy isn't the only policy that matters. Fiscal policy is vital too, and some (probably all) members of the Federal Reserve agree with that sentiment, with one noting today more needs to be done to help consumer confidence rebound. * 10 Lithium Stocks to Buy Despite the Market's Irrationality While rejuvenating consumer confidence and consumption could take awhile in the wake of the novel coronavirus, markets are betting that rebound will happen as highlighted by 25 of 30 Dow stocks trading higher in late trading. Disney at it AgainDisney (NYSE:DIS) was in the upper tier of Dow winners today amid rumors that if the NBA decides to wrap up its 2020 season, it will do so at facilities owned by Disney in Orlando.It's not immediately clear if the league is looking to simply conclude its regular season there and then move onto a traditional playoff format or do both in Orlando, but Disney executives say they are confident they'll soon be hosting professional basketball in Florida. Passing on PowderJohnson & Johnson (NYSE:JNJ) was one of the Dow laggards after revealing Tuesday afternoon it will halt sales of talcum-based baby powder in the U.S. and Canada.This is a product that was previously the epicenter of litigation against the company and while JNJ said there was a campaign of misinformation involved, consumer demand for the product nonetheless decreased. Aid Helps, More NeededMcDonald's (NYSE:MCD) said today it has $40 million set aside to help franchisees grappling the effects of Covid-19, but more cash is likely needed. The company is also taking a hard line, saying aid will be available on a case-by-case basis and that if franchise owners need more money, they will have to pursue other avenues or consider selling their stores. Encouraging ForecastChevron (NYSE:CVX) was one of the Dow leaders today amid encouraging news about crude demand, the pivotal catalyst for this and other energy equities.Just a couple of months ago, this seemed like an impossibility, but today, some oil market observers believe it's possible that demand will outstrip supply later this year. Time will tell if that forecast is accurate, but it's hard to image better news than that for Chevron and the energy sector. Bottom Line on the Dow Jones TodayNot surprisingly, reopening news is positive and stocks are reflecting as much. The weekly test courtesy of jobless claims arrives tomorrow and if there's any evidence to suggest claims are declining in material fashion, stocks could rally anew.The reopening process is a slow slog, but investors are gravitating to incremental signs, including news that live sports -- though almost certainly without fans -- could be returning next month. That's one more step in the right direction and it is notable for financial markets.Todd Shriber has been an InvestorPlace contributor since 2014. As of this writing, he did not hold a position in any of the aforementioned securities. More From InvestorPlace * Top Stock Picker Reveals His Next 1,000% Winner * America's Richest ZIP Code Holds Shocking Secret * 1 Under-the-Radar 5G Stock to Buy Now * The 1 Stock All Retirees Must Own The post Dow Jones Today: Pent Up Demand and Reopening in Sight appeared first on InvestorPlace.
The U.S. Treasury is gearing up to auction a $3 trillion in debt to finance the growing federal budget deficit. Charles Schwab Chief Fixed Income Strategist Kathy Jones joins Yahoo Finance’s Seana Smith to discuss.
DOW UPDATE The Dow Jones Industrial Average is rallying Wednesday afternoon with shares of American Express and Walt Disney leading the way for the blue-chip average. The Dow (DJIA) is trading 338 points (1.
DOW UPDATE Powered by strong returns for shares of American Express and Intel, the Dow Jones Industrial Average is rallying Wednesday afternoon. The Dow (DJIA) is trading 265 points, or 1.1%, higher, as shares of American Express (AXP) and Intel (INTC) have contributed to the index's intraday rally.
DOW UPDATE Buoyed by strong returns for shares of Intel and Caterpillar, the Dow Jones Industrial Average is rallying Wednesday afternoon. The Dow (DJIA) was most recently trading 333 points, or 1.4%, higher, as shares of Intel (INTC) and Caterpillar (CAT) are contributing to the index's intraday rally.
Don't expect to see most employees of American Express (NYSE: AXP) back at the office anytime soon. Steve Squeri, CEO of the payment card giant, has announced in a video message to employees that the majority of them will continue to work remotely through the end of this year. "We will open buildings on a location-by-location, floor-by-floor, and colleague-by-colleague basis, as each location and floor is different."
The stock market was rising sharply on Monday as investors cheered a positive development in the fight against COVID-19. As of 2:50 p.m. EDT, the Dow Jones Industrial Average and S&P 500 benchmark index were up by 3.9% and 3.3%, respectively. American Express (NYSE: AXP) was higher by 8%, credit card-focused bank Capital One (NYSE: COF) was up by 9%, and Discover (NYSE: DFS) was up by 7%.
Head of Macro Strategy at Academy Securities Peter Tchir joins Yahoo Finance’s Seana Smith to break down his outlook on the markets as coronavirus cases surpass 1.5M in the U.S., according to John Hopkins.
DOW UPDATE Shares of Boeing and Raytheon Technologies Corp. are seeing strong returns Monday afternoon, sending the Dow Jones Industrial Average soaring. Shares of Boeing (BA) and Raytheon Technologies Corp.
"If you can work from home effectively, you should plan on doing this for the rest of the year," he said, adding that AmEx's offices in the near term will mostly serve as an alternative workspace. AmEx employees that need to work from office will return in phases, starting with 10% occupancy, and no likelihood of it reaching close to 50% this year. As the virus outbreak hit business volumes, AmEx moved from a largely brick-and-mortar operation to having more than 60,000 employees equipped to work from home and two-thirds of its customer-care professionals working remotely by March end.
DOW UPDATE Shares of Boeing and Dow Inc. are trading higher Monday afternoon, sending the Dow Jones Industrial Average soaring. Shares of Boeing (BA) and Dow Inc. (DOW) have contributed around half of the blue-chip gauge's intraday rally, as the Dow (DJIA) is trading 874 points (3.
(Bloomberg) -- American Express Co. Chief Executive Officer Steve Squeri said a majority of the company’s employees will work remotely through the end of this year as it seeks to slow the spread of the coronavirus.While the New York-based credit-card issuer wants to be prepared to have half of normal staffing at most locations by the end of the year, Squeri doesn’t expect it “to get anywhere near the 50% mark by the end of 2020,” he told employees in a video message Monday.“We’ll be limiting the number of people in elevators and scheduling times for arrivals and departures,” Squeri said in the video. “And facial coverings will be required when you’re entering and moving about the building.”AmEx’s 64,500 employees are spread out across offices around the world, but its headquarters are in Manhattan, the U.S. epicenter of the pandemic. The firm also has offices in Salt Lake City, Phoenix and Sunrise, Florida, according to regulatory filings.The company’s work environment will be completely different from the one employees left earlier this year, as Covid-19 cases swelled in the U.S. and sparked widespread shelter-in-place orders across the country, Squeri said.“If you can work from home and you do not want to come in, you do not have to come in,” he said. “In fact, if you can work from home effectively, you should plan on doing so for the rest of the year.”Office LifeAmEx will have procedures for seating that ensure employees aren’t clustered together, Squeri said in the message to employees. The firm won’t allow meetings in conference rooms and no visitors or contractors will be allowed in the building.Employees won’t be allowed to sit in the cafeteria, with food instead being delivered to individual floors. The firm also is optimizing its air-conditioning systems and enhancing its cleaning protocols. Hand sanitizer will be readily available.“The key here is that returning to the office will not happen all at once,” Squeri said. “We will open buildings on a location-by-location, floor-by-floor and colleague-by-colleague basis, as each location and floor is different.”Quick PivotAmEx -- long known for its premium credit cards that offer perks for dining and travel -- has adjusted its offerings for the pandemic. The firm’s $550-a-year Platinum card now offers as much as $320 in statement credits for spending on select streaming and wireless-telephone services.The credit-card company has vowed it won’t eliminate jobs this year as a result of the pandemic. Still, it plans to reduce discretionary expenses by $3 billion, one of the largest cost-cutting initiatives in the company’s history.“We have done a great job of exiting our facilities and running the company virtually,” Squeri said in the video. “We’re more agile, flexible and less bureaucratic. It’s been inspiring to see, and I want to keep it that way.”(Updates with number of employees, plan details starting in fourth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
American Express CEO Stephen Squeri lays out his vision for how employees will return to work after COVID-19 quarantines lift.
Billionaire Warren Buffett’s investment conglomerate Berkshire Hathaway (BRK.A) divested 84% of its holding in Goldman Sachs (GS) in the first quarter of the year.Berkshire reduced its ownership in the investment bank to 1.9 million shares from 12 million shares, SEC filings disclosed late on Friday. Shares in Goldman Sachs have plunged about 33% in the first three months of the year as the coronavirus pandemic pulled down financial markets and led to large losses at some of the biggest corporates.In addition, Berkshire shed its holdings in the insurer Travelers Cos (TRV) and oil company Phillips 66 (PSX), the filings showed.The Goldman divestment comes after Buffett earlier this month said that the banking system was not his main worry during the coronavirus pandemic. At the same time, the investment guru announced that Berkshire sold off all of its holdings in the U.S. four largest carriers - American Airlines Group Inc (AAL), United Airlines Holdings Inc (UAL), Delta Air Lines Inc. (DAL), and Southwest Airlines Co. (LUV) - as air travel was shut off in an effort to contain the fast spread of the coronavirus pandemic.“Overall the banking system is not going to be the problem," Buffett said at a May 2 shareholder meeting. “If problems become severe enough in an economy, even strong banks can be under a lot of stress, and we'll be very glad we've got the Federal Reserve system standing behind them.”Against this, five-star analyst James Fotheringham at BMO Capital on Thursday raised Goldman Sachs to Buy from Hold and ramped up the price target to $276 from $205, citing the bank’s strong capital position, relatively small loan book, limited reliance on spread income, and ongoing expense/funding initiatives leave."GS is well-positioned versus most of the moneycenter banks,” Fotheringham wrote in a note to investors. “From a credit perspective, we expect GS can withstand the $8 billion (pre-tax) of expected cumulative credit losses (both on and off balance sheet 1Q20A-1Q22E).”Fotheringham added that GS shares trade at a very steep discount to his estimated pro forma Tangible Common Equity (TCE) in 1Q22E. He forecasts a cumulative net loss rate of 5.6% (1Q20A-1Q22E) for loans on balance sheet, and estimates GS’s pro forma adjusted TCE/TA will remain above 5%, even after maintaining dividend payments and resuming share repurchases in 2021.Overall, the rest of Wall Street analysts are cautiously optimistic about the bank’s stock. The 16 analyst ratings are divided into 9 Buys and 7 Holds which add up to a Moderate Buy consensus. The $212.87 average price target sees shares gaining 24%, if the target should be met in the next 12 months. (See Goldman Sachs stock analysis on TipRanks).Berkshire is still a major holder in other financial firms, including Wells Fargo (WFC), American Express (AXP), Bank of America (BAC), PNC Financial (PNC) and JPMorgan Chase & Co (JPM).Related News: Carl Icahn Initiates Position in Delek US Holdings, Boosts Occidental Petroleum Is Royal Caribbean Cruises (RCL) Stock a Buy? This Analyst Says Yes Nike Warns Virus Store Closures To Have “Material Impact” On Q4 More recent articles from Smarter Analyst: * Facebook Workplace Hits 5 Million Paid Users As Remote Work Demand Rises * NYSE to Reopen Its Trading Floor on Tuesday * Agilent Up 5% On Solid Revenue Beat, But Top Analysts Stay Cautious * Facebook-Backed Reliance Launches Powerful Online Grocery Service In India
Although American Express (NYSE: AXP) fully expects to start buckling under the weight of an economy straining from the effects of the SARS-CoV-2 coronavirus, the company's latest figures indicate it isn't faltering yet. On Friday the big payment card company released its latest set of monthly loan delinquency and write-off statistics, which appear to be staying level for now. As for small business cardholders the figures came in at, again respectively, 2%, 2%, and 1.9%.
(Bloomberg Opinion) -- Just as some U.S. states begin to reopen and try to mend the virus-stricken economy, Warren Buffett delivered a harsh reminder that things may be anything but normal for a long time.The crisis has spooked America’s forever optimist so much so that he’s fled the airline industry entirely, and now even certain automobile and banking stocks, according to a regulatory filing Friday detailing Berkshire Hathaway Inc.’s investing moves for the first quarter. This included dumping 84% of Berkshire’s stake in Goldman Sachs Group Inc. and reducing its JPMorgan Chase & Co. position by 3%. Buffett, 89, said proudly just two weeks ago that he thinks “nothing can stop America,” but it’s getting harder to believe him. While Buffett made his about-face on airlines known during Berkshire’s atypically morose shareholder meeting two weekends ago, the near-exit of Goldman was the latest shocker. Shares of the investment bank dipped 2% in late trading and are down more than 25% for the year. Occasionally, some big Berkshire investment decisions have been made by Buffett’s deputies, Todd Combs and Ted Weschler; however, Buffett said exiting airlines was his call, and it’s fair to assume that selling all that Goldman stock wouldn’t happen without his blessing. Of course, we don’t know exactly when in the first quarter those sales were made, but they raise a red flag nonetheless.When it comes to banks, Berkshire itself is looking more and more like one as it sits on an ever-rising pile of cash. Its war chest stood at $137 billion as of March, and for what seems to be the first time ever, Buffett isn’t looking to spend it. “The cash position isn’t that huge when I look at the worst-case possibilities,” the billionaire told his virtual listeners on May 2 during the meeting, which was filmed from an empty Omaha auditorium that would normally be lined with some 40,000 of his devoted followers. Indeed, for one of the world’s most famous investors, he isn’t doing much investing lately. Still, Buffett did explain that the U.S. Federal Reserve’s extraordinary actions to help buoy financial markets are partly why he hasn’t been able to strike his usual sweetheart deals — like the Goldman stake he acquired during the 2008 financial crisis. Investors also may not have seen the worst of things yet; Buffett’s actions clearly suggest that he sees the possibility for further pain. If he saw buying opportunities, he’d be buying. The Fed even warned Friday in its financial-stability report that asset prices are “vulnerable to significant declines” if this public-health crisis worsens.Even if Buffett’s outlook for the coming months is quite bleak, there are some long-term holdings he seems comfortable holding onto: Berkshire’s sizable stakes in Apple Inc., American Express Co., Bank of America Corp., Coca-Cola Co. and Wells Fargo & Co. were all unchanged. That said, much has happened in the six weeks since the last quarter ended, so who knows.Buffett may always be America’s biggest cheerleader, but he’s an investor first and this is what that looks like. He’s also only an investor, as even he’ll admit, and only health officials can really say where we go from here. This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Tara Lachapelle is a Bloomberg Opinion columnist covering the business of entertainment and telecommunications, as well as broader deals. She previously wrote an M&A column for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
DOW UPDATE Behind negative returns for shares of Raytheon Technologies Corp. and American Express, the Dow Jones Industrial Average is falling Friday afternoon. Shares of Raytheon Technologies Corp. (RTX) and American Express (AXP) have contributed to the blue-chip gauge's intraday decline, as the Dow (DJIA) was most recently trading 24 points lower (-0.