double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs vietnamese seafood double-skinned crabs mud crab exporter double-skinned crabs double-skinned crabs crabs crab exporter soft shell crab crab meat crab roe mud crab sea crab vietnamese crabs seafood food vietnamese sea food double-skinned crab double-skinned crab soft-shell crabs meat crabs roe crabs

Breaking News

Russia launched intercontinental ballistic missile during attack on Ukraine, Kyiv says
Business

AmEx shares plunge after Costco split announcement

By
Post Wires
Published Feb. 12, 2015, 10:55 p.m. ET

American Express shares plunged after the company said its co-brand and merchant agreements with Costco in US stores will end next year.

The stock dropped 6.4 percent to $80.48 at the close in New York, its largest one-day price decline since September 2008.

“We were unable to reach terms that would have made economic sense for our company and shareholders,” AmEx Chief Executive Officer Kenneth I. Chenault said Thursday. “Instead, we will focus on opportunities in other parts of our business where we see significant potential for growth and attractive returns over the moderate to long term.”

The relationship accounted for 8 percent of American Express’ billed business last year, 20 percent of its worldwide loans, and 10 percent of its cards in force.

That adds up to a large loss, according to Jefferies & Co. analysts