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Sector Wrap: Credit Cards lenders up on Amex report

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April 25, 2008

NEW YORK—Shares of credit card lenders rose after American Express Co. reported first-quarter profit topping analysts' expectations.

The New York-based lender said international spending helped partially offset a slowdown in the U.S. economy and lingering bad credit. Income in its card services segment slipped 19 percent, but international income surged 30 percent.

Calyon Securities analyst Craig Maurer said he was "pleasantly surprised" by the amount of billing during the quarter, though he still worried about how bad credit many hurt the company's portfolio.

Shares of American Express climbed $1.93, or 4.3 percent, to $47.11. Shares of Discover Financial Services added 27 cents to $18.58. Shares of Capital One Financial Corp. rose $1.74, or 3.6 percent, to $50.19.

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