American Express, on the other hand, saw its share turn downward by 0.5% to $60.50
January 14, 2013 – Chevron Corp released an upbeat earnings projection for the most recently ended quarter, which helped to move the share price for the oil producer up late Thursday in afterhours trading. Meanwhile, American Express Co. shares lost on Thursday after the huge financial services corporation said it was scheduling job cuts in the thousands to help lower costs.
Chevron saw its stock increase to $111.30, an increase of 0.8% after the company announced its projected earnings for the fourth quarter to be much higher that during the third quarter.
Gains in its production and upstream exploration business and its marketing operations and downstream refining operations prompted Chevron to release its projection. Chevron did not release an estimate of its earnings per share. Chevron is scheduled to release the entire quarterly report on February 1.
American Express, on the other hand, saw its share turn downward by 0.5% to $60.50. Prior to its announcement to eliminate as many as 5,400 jobs, the company shares had been trading up nearly 1%. The announcement of the job cuts would eliminate between 4% and 6% of the company’s entire workforce. Amex said it would take a restructuring charge of $400 million in the fourth quarter related to the job cuts.
Profit for American Express for the fourth quarter was 56 cents per share. Excluding all charges, the company announced that adjusted earnings had been $1.09 per share.
In Thursday’s regular session, stocks were up, moving the S&P 500 to a closing high of five years, after new data released in China helped to bolster the outlook for an improving economy worldwide. The S&P ended higher by 0.8% to close at 1,472 and the Dow was up 81 points to end at 12,471.22 while the Nasdaq moved up 0.5% to close at 3,121.76.