American Express Shares Rise After Company Beat EPS Expectations

American Express Co. shares rose nearly 2% late Wednesday as the credit card company surpassed earnings expectations. American Express said it earned $2 billion, or $2.10 a share, in the second quarter, compared with $1.42 a share in the year-ago period. Revenue hit $8.23 billion, down slightly from $8.28 billion a year ago. Analysts polled by FactSet had expected American Express to report adjusted earnings of $1.96 a share on sales of $8.28 billion. American Express said its bottom line included a $1.1 billion ($677 million after taxes) gain from the sale of its Costco co-brand card portfolio and a $232 million charge to cover its efforts to reduce costs. Shares had ended the regular trading session up 0.5%.