On Thursday, Shares of American Express Company (NYSE:AXP), surged 1.45% to $80.91.
American Express Company, stated first-quarter net income of $1.5 billion, up 6 percent from $1.4 billion a year ago. Diluted earnings per share rose 11 percent to $1.48, from $1.33 a year ago.
Results for the quarter were negatively affected by the noteworthy influence of a stronger U.S. dollar on international operations.
First-quarter merged total revenues net of interest expense reduced to $7.9 billion from $8.2 billion a year ago, down 3 percent (up 1 percent FX adjusted). Not taking into account the business travel operations that were part of the company a year ago, adjusted revenues raised 5 percent on an FX adjusted basis. That raise was driven by higher Card Member spending and higher net interest income.
Merged provisions for losses totaled $420 million, down 13 percent from $485 million a year ago. The decrease primarily reflected a larger reserve release this quarter contrast to last year. Credit indicators continued to be at historically strong levels.
Merged expenses totaled $5.2 billion, down 5 percent (down 1 percent FX adjusted2) from $5.5 billion a year ago. Not taking into account business travel operations, adjusted expenses raised 5 percent on an FX adjusted basis. That raise primarily reflected higher rewards costs and Card Member services, partially offset by lower operating expenses.
American Express Company, together with its auxiliaries, provides charge and credit payment card products and travel-related services to consumers and businesses worldwide. The company operates through four segments: U.S. Card Services, International Card Services, Global Commercial Services, and Global Network & Merchant Services.
Shares of New Residential Investment Corp. (NYSE:NRZ), gained 1.44% to $16.87, during the last trading session on Thursday.
New Residential Investment, declared the pricing of a public offering of 50,000,000 shares of its common stock at a public offering price of $15.25 per share. The size of the offering was upsized from 40,000,000 shares to 50,000,000 shares. The Company is selling 21,713,020 shares for gross proceeds of about $331 million. The selling stockholder, Home Loan Servicing Solutions, Ltd., is selling 28,286,980 shares at the public offering price. The Company will not receive any proceeds from the sale of the shares by the Selling Stockholder. As formerly revealed, the shares being sold by the Selling Stockholder were a portion of the consideration paid by the Company for its acquisition of substantially all of the assets of the Selling Stockholder. The offering was predictable to close on April 13, 2015, subject to customary closing conditions.
In connection with the offering, the underwriters will have an option for 30 days to purchase up to an additional 7,500,000 shares of common stock from the Company.
The Company intends to use the net proceeds from this offering for general corporate purposes, counting to make a variety of investments, which may comprise, but is not limited to, investments in Excess MSRs, servicer advances, real estate securities and real estate related loans, or to repay indebtedness or other obligations.
New Residential Investment Corp., a real estate investment trust (REIT), focuses on investing in and managing residential mortgage related assets. It operates through Servicing Related Assets, Residential Securities and Loans, and Other Investments segments.
At the end of Thursday’s trade, Shares of Prospect Capital Corporation (NASDAQ:PSEC), gained 1.43% to $8.54.
Prospect Capital Corporation, declared that their April 2 presentation from Grier Eliasek, President and Chief Operating Officer, is now accessible for on-demand viewing at VirtualInvestorConferences.com.
Prospect Capital’s presentation will be accessible 24/7 for 90 days. Investors and advisors may download shareholder materials from the “virtual trade booth” for the next three weeks.
Prospect Capital Corporation (www.prospectstreet.com) is a business development company that focuses on lending to and investing in private businesses. Prospect’s investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.
Finally, Alliancebernstein Income Fund (NYSE:ACG), ended its Thursday’s trading session with 1.42% gain, and closed at $7.84.
Alliancebernstein Income Fund, Annual Meeting of Stockholders was held on April 16, 2015. At the Meeting, the stockholders of the Fund elected Marshall C. Turner, Jr., Garry L. Moody and Earl D. Weiner to serve as directors of the Fund. Also at the Meeting, Fund stockholders approved a nonbinding stockholder proposal requesting that the Board of Directors of the Fund consider authorizing a self-tender offer for all outstanding common shares of the Fund at or close to net asset value, and, if more than 50% of the Fund’s outstanding common shares are tendered, to cancel the tender offer and take the steps necessary to liquidate, merge or convert the Fund to an open-end mutual fund. The Board will consider the results of the vote on the stockholder proposal at a future time.
AllianceBernstein Income Fund, Inc. is a closed-ended fixed income mutual fund launched and managed by AllianceBernstein L.P. It invests in the fixed income markets of the United States.
DISCLAIMER:
This article is published by www.wsnewspublishers.com. The Content included in this article is just for informational purposes only. All information used in this article is believed to be from reliable sources, but we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, or reliability with respect to this article.
All visitors are advised to conduct their own independent research into individual stocks before making a purchase decision.
Information contained in this article contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, counting statements regarding the predictable continual growth of the market for the corporation’s products, the corporation’s ability to fund its capital requirement in the near term and in the long term; pricing pressures; etc.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, aims, assumptions, or future events or performance may be forward looking statements. Forward-looking statements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements may be identified through the use of such words as expects, will, anticipates, estimates, believes, or by statements indicating certain actions may, could, should might occur.
