American Express Drops, Crown Castle Jumps, Deckers Outdoor Tumbles as Sales Outlook Trim Spurs Downgrade
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Episode American Express Drops, Crown Castle Jumps, Deckers Outdoor Tumbles as Sales Outlook Trim Spurs Downgrade
On this episode of Stock Movers:
- American Express (Amex) shares drop. American Express Co. is cutting 5% of its headcount globally as Chief Executive Officer Steve Squeri seeks to keep a lid on the company’s rising costs. The company has been facing consistent pressure to keep and retain its premium card members, and has been refreshing certain cards and adding new perks to do so, which has boosted costs. Amex posted third-quarter earnings that beat estimates, but billed business came in shy of the average estimate, and the company is also facing a $350 million fine due to anti-money-laundering violations.
- Crown Castle (CCI) shares jump. SpaceX is working to secure access to cell towers and has been looking for access to 80,000 cell sites in the U.S. The company's moves are upending wireless stocks.
- Deckers Outdoor (DECK) shares shares slide as much as 8.4%, the most intraday in about a year, after the owner of the UGG and Hoka brands cut its full-year net sales guidance to below consensus. Analysts note that US consumer demand remains challenging.
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