AMERICAN EXPRESS Q1 PROFIT TOPS EXPECTATIONS, STOCK RISES ABOVE MA5
American Express’s stock is currently trading at 113.59- higher by 1.63% as compared to its previous close.
The financial services company reported first-quarter revenue and earnings before the market opened on Thursday. American Express generated EPS of $2.01 for the first quarter. The EPS was above the consensus estimates of $1.99, as it spent more on its rewards program boosting customer spending.
American Express brought in $10.36 billion in revenue excluding interest expense for the first quarter. The revenue missed the market expectation of $10.46 billion. American Express said that revenue fell due to flat growth in its global merchant and network services unit, compared to a year ago.
On the technical front, the current price is above the MA5. The current price is above the upper band of the Bollinger Bands and is heading upwards. The RSI is currently at 66.62% and suggests that the market can move in the upward direction.
TRADE SUGGESTION- STOP BUY AT 113.65 TAKE PROFIT AT 114.15 STOP LOSS AT 113.40