American Express shares fall on 3Q estimates

CHARLOTTE, N.C.—Shares of American Express Co. fell Wednesday, as analysts reduced their forecasts for the company's third quarter results.

American Express shares shed $1.16 cents, or 3 percent, to close at $36.89. Its shares have traded between $35.10 and $63.63 in the last 12 months.

Wall Street's projections, according to a survey of analysts polled by Thomson Reuters, now estimate average earnings of 70 cents per share for the period ending Sept. 30.

The average estimate for American Express has fallen from 81 cents per share from four weeks ago. The high estimate then was 87 cents per share and the low estimate was 71 cents per share. It now ranges from 51 cents per share to 86 cents per share.

Currently, 15 analysts provide Thomson Reuters with earnings estimates for the New York-based credit card lender.

One downward revision was made to estimates within the past week, while nine downward revisions were made and three upward revisions have been made in the past four weeks.

Within the last four weeks, one analyst added an estimate.