Tag Archives: AXP

Quickblurb [American Express]

Mounting pressure on multiple fronts could collectively confound the Street’s expectations of low double digit EPS growth in 2018 and 2019.  [As you’re likely aware, AXP primarily differs from Visa and Mastercard in that the company, in addition to running a payment processing network like its peers, also: 1) issues credit cards (i.e. makes loans) to […]

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QUICK BLURBS [AXP, BAC, C, JPM, MCO, WFC]

(4,009 words) 10/20/2016: MCO (Earnings Call) Opportunistic issuance on historically low rates drives massive USD issuance/refinancing during the q across investment grade (+20% y/y for the q; +10% for the full year), high yield (+35%; -5%), and leverage loans (+50% on refi and growing CLO activity; +10%), though some of this was pulled forward from […]

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ADS – LOW QUALITY BEAT AND RAISE, CREDIT SALES SLOWING BUT TENDER SHARE GROWING, REDEMPTIONS RAISE QUESTIONS ON BREAKAGE ASSUMPTIONS

10/20/2016: ADS (Earnings Call) Card Services (revenue +26% y/y, adj. EBITDA +14%) did better than expected: gross yields of 26.8% 60bps better than guidance and “cardholder friendly” changes made in mid-2015 lapping; operating leverage; loss rate of 4.7% 20bps better than expected, but co. thinks this is a timing issue and expects to give back […]

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