Credit Card Companies Benefitting From Increased Consumer Spending in September
06 Novembre 2012 - 2:20PM
Marketwired
In the face of a slowing global economy credit card stocks have
impressed investors with strong gains. Major companies such as Visa
and MasterCard have surged recently after reporting financials that
have topped analysts' estimates. Five Star Equities examines the
outlook for companies in the Credit Services Industry and provides
equity research on American Express Company (NYSE: AXP) and
Discover Financial Services (NYSE: DFS).
Access to the full company reports can be found at:
www.FiveStarEquities.com/AXP
www.FiveStarEquities.com/DFS
Companies' profits were boosted by strong consumer spending in
the U.S., which rose more than forecasted last month. Consumer
spending in the U.S. saw its largest gain in six months with a 0.8
percent increase in September, while income rose 0.4 percent.
According to Bloomberg economists had predicted a gain of 0.6
percent.
"In the U.S., we saw an improvement in consumer confidence,
which resulted in an increase in consumer-spending growth, although
that growth is slower than 2011 or the numbers we saw in the first
half of 2012," MasterCard's CEO, Ajay Banga, said in a conference
call. "Housing-related categories of retail spending continue to
perform well, which I think points to the underlying improvement in
the housing market."
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American Express reported for the third quarter of 2012 credit
card spending in the U.S. increased 8 percent from a year ago,
while spending increased 6 percent globally. "We generated solid
results this quarter against the backdrop of a very uneven global
economy," said Kenneth I. Chenault, chairman and CEO. American
Express and Wal-Mart have recently launched a card-based account
service.
Discover Financial Services is a direct banking and payment
services company with one of the most recognized brands in U.S.
financial services. For the third quarter of 2012 the company
reported credit card loans grew 4 percent to $48.1 billion when
compared to the year-ago quarter. The company in September was
ordered by the Federal Deposit Insurance Corp. to pay $200 million
to cardholders who were improperly sold credit protection.
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