Tag Archives: AXP

QUICK BLURBS [ADS, AXP, BAC, IBKR, KMX, SVU]

(4,146 words) [IBKR] Partly due to an exceptionally low volatility trading environment, which has made it difficult to earn profits and which Petterfy says may continue “indefinitely,” the company is winding down its options market making operations. While the company will use the excess capital from market making to further support its brokerage operations, the latter […]
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[AXP] POTENTIAL PRESSURE ON MULTIPLE FRONTS

(879 words) 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 […]
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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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QUICK BLURBS [AXP, BX, MCO, OAK]

7/21/2016: AXP (Earnings Call) Very competitive card environment right now, but not that different from 90 days ago.  Co. has seen “some modest share of wallet losses” among its existing customers.  Competitors have launched new marketing efforts and products geared towards capturing same card members as AXP and going after former Costco cobrand member too. […]
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