Shares of American Express Co. (AXP) fell 2.7% to $46.10 in after-hours trading Monday after the credit-card and travel-services giant said its fourth-quarter net income dropped 9.9% as the company set aside more money to cover higher delinquencies and loan write-offs amid rising credit-card losses and a slowdown in consumer spending. The company, which warned of a weakening U.S. economy earlier this month, reported net income of $831 million, or 71 cents a share, compared with $922 million, or 75 cents a share, a year earlier. Earnings from continuing operations were 71 cents a share, compared with 73 cents a share a year earlier. Earlier this month, American Express said it expected earnings from continuing operations to be 70 cents to 72 cents a share. Revenue climbed 13% to $8.4 billion. Analysts polled by Thomson Financial, on average, estimated earnings of 71 cents a share with revenue of $7.85 billion.
Much of this may already be priced in the stock.....
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