AmEx Extends Drop as Costco Loss Prompts Analysts to Cut Targets
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American Express Inc. fell in New York as JPMorgan Chase & Co. and others lowered their target price for the stock after the card issuer ended its agreement with Costco Wholesale Corp.
AmEx slid 2.8 percent to $78.26 at 9:44 a.m., the worst performer in the Dow Jones Industrial Average for a second straight day. The lender fell 6.4 percent on Thursday after saying it will terminate its exclusive credit-card and merchant agreement with Costco in the U.S. next year as the companies failed to renew their 16-year partnership.