American Express shares fell 3% to $316.65 in morning trading despite adjusted EPS of $4.68, above the $4.51 consensus, and a raised low end of its full-year adjusted EPS forecast now at $17.60 to $17.90. GAAP EPS of $5.42 included a $982 million pre-tax gain from selling a stake in a corporate travel business. Card Member billed business rose 8% to $454 billion, and the net write-off rate improved to 1.8% from 1.9%. However, total revenue of $20.06 billion missed the $20.12 billion estimate, and a lower effective tax rate of 18.1% from 24.1%, driven by discrete one-time benefits, lifted net income. Visa fell 0.6% to $411.99 and Mastercard 0.5% to $630.05, while the Financial Select Sector SPDR ETF was down 0.8%.
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