Diamonds and Dogs
American Express (AXP) is leading the Dow higher following better than expected earnings. The credit card company is up 5% after beating earnings by 7 cents while sales passed estimates as well rising 2.5% year to $7.89 billion. Return on average equity (ROE) came in at 25.1% up from 23.6% a year ago. Consolidated expenses were $5.5 billion, up 1 percent from a year ago.
Amazon claims another victim. EBAY (EBAY) is down 2.5% even though earnings and sales topped expectations. EBAY is down after lowering guidance for the second quarter due in part to heavy spending on revamping and marketing its e-commerce platform amid stiff competition from much larger rival Amazon.com. EBAY did reaffirm full year guidance.
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