Friday, 6 March 2009

American Express - drops below $10

American Express shares have just fallen below the $10 level in reaction to another sharp rise in US unemployment
According to Reuters:

American Express U.S. net charge-offs -- a measure of bad loan write-offs -- jumped to 6.5 percent in the fourth quarter from 3.7 a year earlier. But analysts say the worst is yet to come, with default rates estimated to climb over 10 percent as unemployment rises toward double digit numbers.

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