American Express (AXP) had dropped 4.3% during the month of trading before its earnings release last night. Now it’s doing its best to reclaim those losses and extend a rally that began in February 2016 after reporting earnings last night.
American Express reported a profit of $1.34 a share, on sales of $7.89 billion. While those numbers were down from a year ago thanks to the loss of Costco Wholesale (COST) as a customer, they topped the Street consensus for $1.28 a share on revenue of $7.75 billion.
JPMorgan’s Richard Shane and team claim that American Express is “becoming great again.” They explain why: