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1.90%
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Why is American Express Co (AXP) Stock down?
We've noticed a 5.07% decline in American Express Co (AXP) stock during the 2024-10-18 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
20 Oct, 2023:
American Express Company Stock (AXP) dropped by 5.38% from $149.62 to $141.57 in the trading on Friday October 20, 2023. The reason why AXP stock down today is due to the increase in provisions. American Express boosted the money it put aside to cover for customers defaulting on their payments. AXP reported Q3 fiscal 2023 provisions for credit losses of $1.233 billion, up from $1.198 billion in the previous quarter and $778 million a year ago. The company explained the increase reflected higher net write-offs, partially offset by a lower net reserve build.
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