Yahoo Finance's Julie Hyman and Brian Sozzi discuss American Express earnings and how the stock is rising today.
JULIE HYMAN: Welcome back. We've got stocks that are continuing to sell off at this hour. They're up off the lows of the session. The Dow at one point was down more than 600 points, now it's only down more than 300 points. S&P and the NASDAQ also at pretty deeply in the red here.
There's one stock that's higher that we're watching, more than one, but there's one in particular. And that's American Express, after the company came out with its numbers and also raised its forecasts. Brian Sozzi talked to the CEO, so Amex, an outlier in the, right direction today, Soz.
BRIAN SOZZI: Yeah this is quite the move in Amex, but again perhaps justified, just given the revenue strength Amex saw throughout its various businesses. I have the full story right now on the Yahoo Finance homepage.
But yes, I caught up with Amex CEO Stephen Squeri ahead of our show today, him really striking an upbeat outlook for this year, saying that he's not see any cautiousness in consumer spending. And Squeri citing, quickly after I asked him about any potential weakness in consumer spending, travel bookings. Telling me that travel bookings so far in January are up 19%. So that is pretty good given where we are in the pandemic.
Now Amex is seeing earnings this year in a range of 9.25 to 9.65, the consensus was for about 9.67. But again, Squeri striking an upbeat tone in our interview. Also, too, I think what you're seeing here is a positive response to their dividend increase. Amex out here raising its dividend 20% in a broader stock market looking for yield, looking for a little safety in this volatile world, that is going to be well received.
But I do find it interesting, Julie, Squeri he talked our All Markets Summit conference in the fall, really noting that they're taking a wait and see approach to Bitcoin. That is what he told us at the time. And I would say that strategy is validated, in light of just this plunge in cryptocurrencies off the highs here. Squeri is still, I think, taking a wait and see approach to rolling out anything related to crypto on the Amex platform.
JULIE HYMAN: And it's also interesting as you talk about the consumer that we got the Conference Board's read on consumer confidence today for January, coming in better than estimated. And that survey noting that a lot of people are planning to make purchases, and big ticket purchases in some cases, things like houses and cars and vacations. So one would think that would be good news for a company like Amex, Soz.
BRIAN SOZZI: Well, I'm-- only thing I'm buying today, Julie, is more coffee. This is a big day of earnings. We have 3M CEO Mike Roman on next. It's going to be a long day, long day at the ranch.