American Express Company (NYSE: AXP)
American Express Company was off to a relatively positive day in the market today. At the opening bell, the stock was trading in the green. From there, we continued to see growth throughout the day with the occasional bump in the road. However, everything changed minutes ago when the stock took a dive. Below, we'll talk about what we're seeing from AXP, why the stock is tanking, and what we'll be watching for ahead.
What We're Seeing From AXP
As mentioned above, American Express Company was having a pretty good start in the market early on today. After starting the day off in the green, the stock continued on a steady upward run to what seemed like it would be impressive daily gains. However, all of that came to an end minutes ago as the stock started to take a dive. At the moment (1:42), AXP is trading at $79.10 per share after a loss of $0.31 per share (0.39%) thus far today.
Why The Stock Is Spiking Downward
As is almost always the case, our partners at Trade Ideas were the first to inform us of the drop on AXP. As soon as we got the alert, the CNA Finance team went to work to figure out exactly why the stock was taking a dive. In this case, it didn't take long to dig up the news. Unfortunately, it seems like one of the most trusted and respected investors in the world isn't happy with the company.
In fact, minutes ago, Billionaire Investor Mogul Charlie Munger made negative comments about the company. In particular, he said he was confused about the future of the company. Not to mention, he is the Chairman of the largest shareholder the company has. As a result, American Express started to take a dive as investors reacted to the comments. At the end of the day, when the big players in the game - the Munger- and Buffet-type players - speak, investors listen and investors react.
What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will be digging further into Charlie Munger's opinion of AXP. We'll also be keeping a close eye on the company and any other news surrounding it. We'll be watching the story closely and bringing updates to you as they break!
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