Is It Time To Buy Amex?

摘要

American Express (AXP, $15) is feeling the consumer's pain. In the fourth quarter of 2008 the credit card giant's earnings fell 79% as consumers spent less, more customers failed to make payments, and charge-offs for unrecoverable debt increased. To adjust, the company has slashed expenses and reduced credit limits for cardholders. But still, its stock, down 67% over the past year,rnnow trades at 1996 levels. Is AXP a value play at this price?