PROG vs American Express: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

PROG Holdings Inc (PRG)

American Express Company (AXP)

Q3 20266 Jul – 16 Sep 2026

▲2▼2

AmEx Q2 beats but cost surge and unchanged guidance spook investors

Q2 earnings beat and raised revenue outlook AmEx beat profit expectations and raised its full-year revenue growth target to about 10%, helped by strong card spending, higher billings, and a 16% jump in card fees.
This is the core positive fundamental news that drove the quarter's results.
Platinum fee hike and new partnerships AmEx raised the Platinum annual fee 29% to $895 with near-perfect retention, launched Accor and Bottomline partnerships, and introduced business savings and checking accounts to deepen customer relationships.
These strategic moves show pricing power and expansion into new areas.
Revenue miss and unchanged EPS guidance Despite the earnings beat, revenue of $19.6 billion fell short of estimates, and AmEx kept its full-year EPS guidance unchanged at $17.30–$17.90, signaling it will reinvest rather than return more cash to shareholders.
This is the key negative that disappointed investors and weighed on the stock.
Heavy spending to compress near-term margins AmEx is ramping up marketing, technology, and card-member services spending, which jumped 50%, and this will squeeze profit margins in the near term, causing the stock to fall sharply on cost and guidance concerns.
This explains the sharp stock drop and the margin pressure outlook.

August 202625 Jul – 16 Sep 2026

▲2▼2

AmEx raises outlook on strong spending, but higher costs and spending weigh

Q2 revenue miss and unchanged EPS guidance American Express reported second-quarter revenue of $19.6 billion, up 10% but below Wall Street estimates, and kept its full-year earnings-per-share guidance unchanged at $17.30 to $17.90. The stock fell sharply because investors had hoped for a raise, and the unchanged outlook signaled that extra profit would be reinvested rather than returned.
This is the main reason the stock dropped this period and sets up the tug-of-war between growth spending and near-term profit.
Heavy spending on marketing and technology Management said it will boost marketing spending by 10% in the second half and continue investing in technology and customer acquisition. Card-member services costs jumped 50% to $1.95 billion, and data processing spending rose 13%. Higher costs eat into near-term profit, which is why the stock fell even as revenue guidance was raised.
It explains the cost side of the story and why profit guidance didn't move up despite better revenue.
Raised revenue outlook on strong card spending AmEx lifted its 2026 revenue-growth outlook toward 10%, citing strong card spending, mid-teens earnings-per-share growth, and a 16% jump in card fees. Billings grew 8% to 9%, and net interest income rose at a double-digit rate. This shows the core business is healthy and growing, which supports the stock over time.
It is the key positive counterweight: the company is growing faster than previously expected.
New business savings and checking accounts American Express launched a high-yield business savings account paying 2.95% and a business checking account, aiming to attract small-business deposits and deepen customer relationships. This gives AmEx a new source of funding and more ways to earn fees, though paying interest on deposits will cost money as balances grow.
It is a new product expansion that could add a steady funding base and fee income over time.

Latest25 Jul – 16 Sep 2026

▲2▼2

AmEx raises outlook on strong spending, but higher costs and spending weigh

Q2 revenue miss and unchanged EPS guidance American Express reported second-quarter revenue of $19.6 billion, up 10% but below Wall Street estimates, and kept its full-year earnings-per-share guidance unchanged at $17.30 to $17.90. The stock fell sharply because investors had hoped for a raise, and the unchanged outlook signaled that extra profit would be reinvested rather than returned.
This is the main reason the stock dropped this period and sets up the tug-of-war between growth spending and near-term profit.
Heavy spending on marketing and technology Management said it will boost marketing spending by 10% in the second half and continue investing in technology and customer acquisition. Card-member services costs jumped 50% to $1.95 billion, and data processing spending rose 13%. Higher costs eat into near-term profit, which is why the stock fell even as revenue guidance was raised.
It explains the cost side of the story and why profit guidance didn't move up despite better revenue.
Raised revenue outlook on strong card spending AmEx lifted its 2026 revenue-growth outlook toward 10%, citing strong card spending, mid-teens earnings-per-share growth, and a 16% jump in card fees. Billings grew 8% to 9%, and net interest income rose at a double-digit rate. This shows the core business is healthy and growing, which supports the stock over time.
It is the key positive counterweight: the company is growing faster than previously expected.
New business savings and checking accounts American Express launched a high-yield business savings account paying 2.95% and a business checking account, aiming to attract small-business deposits and deepen customer relationships. This gives AmEx a new source of funding and more ways to earn fees, though paying interest on deposits will cost money as balances grow.
It is a new product expansion that could add a steady funding base and fee income over time.

July 20266 Jul – 24 Jul 2026

▲3

AmEx Q2: Record Spending, Raised Revenue Outlook, but Reinvestment Hits Stock

Platinum Card Annual Fee Raised 29% to $895 American Express raised the Platinum card annual fee from $695 to $895, the first hike since 2021. Card fees already make up over 14% of revenue and are growing fast. Retention stayed near 100%, so this directly boosts revenue and profit.
This is a new pricing move that directly increases a key revenue stream for AXP.
New Accor and Bottomline Partnerships Expand Travel and B2B Payments AmEx launched a global partnership with Accor's loyalty program, letting cardholders transfer points and match elite status. It also integrated Bottomline's Paymode network into its business payments platform. These deals drive more card usage and transaction volume.
These are new partnerships that expand AmEx's network and drive future transaction volume.
Q2 Earnings: EPS Beat, Revenue Miss, Guidance Raised but EPS Held AmEx beat earnings per share ($4.53 vs $4.40) and raised full-year revenue growth guidance to 10%, but revenue slightly missed and EPS guidance was unchanged. Management will reinvest the extra money into growth, so profit margins may compress in the second half. The stock fell about 6% on the news.
This is the main new event of the period and explains the sharp stock drop despite a headline beat.
AI Speeds Up Tech Work, Job Cuts Only Through Attrition CEO Squeri said AI is helping AmEx tackle its technology backlog faster, with workforce reductions happening gradually through attrition. The company launched an AI-powered service portal and is using AI to speed marketing. This could lower costs and improve efficiency over time.
This is a new technology initiative that could improve efficiency and support future earnings.

6 Jul – 24 Jul 2026

▲3

AmEx Q2: Record Spending, Raised Revenue Outlook, but Reinvestment Hits Stock

Platinum Card Annual Fee Raised 29% to $895 American Express raised the Platinum card annual fee from $695 to $895, the first hike since 2021. Card fees already make up over 14% of revenue and are growing fast. Retention stayed near 100%, so this directly boosts revenue and profit.
This is a new pricing move that directly increases a key revenue stream for AXP.
New Accor and Bottomline Partnerships Expand Travel and B2B Payments AmEx launched a global partnership with Accor's loyalty program, letting cardholders transfer points and match elite status. It also integrated Bottomline's Paymode network into its business payments platform. These deals drive more card usage and transaction volume.
These are new partnerships that expand AmEx's network and drive future transaction volume.
Q2 Earnings: EPS Beat, Revenue Miss, Guidance Raised but EPS Held AmEx beat earnings per share ($4.53 vs $4.40) and raised full-year revenue growth guidance to 10%, but revenue slightly missed and EPS guidance was unchanged. Management will reinvest the extra money into growth, so profit margins may compress in the second half. The stock fell about 6% on the news.
This is the main new event of the period and explains the sharp stock drop despite a headline beat.
AI Speeds Up Tech Work, Job Cuts Only Through Attrition CEO Squeri said AI is helping AmEx tackle its technology backlog faster, with workforce reductions happening gradually through attrition. The company launched an AI-powered service portal and is using AI to speed marketing. This could lower costs and improve efficiency over time.
This is a new technology initiative that could improve efficiency and support future earnings.

Q2 202617 Jun – 2 Jul 2026

▲4

AmEx's affluent base powers record spending; digital and dining bets expand

Affluent customers keep spending, boosting AmEx revenue AmEx reported that its wealthy cardholders are still spending strongly despite inflation. Billed business grew 10% in Q1, the fastest in three years, and luxury purchases jumped 18%. This matters because AmEx earns a fee every time a card is used, so more spending directly lifts revenue and profit.
This is the core demand driver behind AmEx's recent earnings strength and stock recovery.
Strong Q1 results and low credit losses cushion AmEx AmEx's Q1 net income rose 15% as fee revenue and net interest income grew double digits. Its loan write-off rate improved to 2%, far below the average bank's 4%. Because AmEx lends to wealthier customers, fewer of them default, which keeps profits stable even in a shaky economy.
Shows the financial health and lower risk that support AmEx's valuation.
AmEx buys TheFork to grow dining and international reach AmEx agreed to buy restaurant booking platform TheFork for $700 million, adding about 75,000 restaurants to its network. This expands AmEx's international presence and gives cardholders more dining perks, which can attract new customers and increase card usage abroad.
A major acquisition that expands AmEx's global footprint and premium offerings.
AmEx joins stablecoin group and adds Apple Pay rewards AmEx joined over 140 companies backing Open USD, a stablecoin project for cheaper digital payments, and now lets U.S. cardholders redeem Membership Rewards points directly through Apple Pay. These moves push AmEx deeper into everyday digital spending, helping it stay competitive with other payment apps.
Highlights AmEx's technology push to keep up with digital payment trends.

June 202617 Jun – 2 Jul 2026

▲4

AmEx's affluent base powers record spending; digital and dining bets expand

Affluent customers keep spending, boosting AmEx revenue AmEx reported that its wealthy cardholders are still spending strongly despite inflation. Billed business grew 10% in Q1, the fastest in three years, and luxury purchases jumped 18%. This matters because AmEx earns a fee every time a card is used, so more spending directly lifts revenue and profit.
This is the core demand driver behind AmEx's recent earnings strength and stock recovery.
Strong Q1 results and low credit losses cushion AmEx AmEx's Q1 net income rose 15% as fee revenue and net interest income grew double digits. Its loan write-off rate improved to 2%, far below the average bank's 4%. Because AmEx lends to wealthier customers, fewer of them default, which keeps profits stable even in a shaky economy.
Shows the financial health and lower risk that support AmEx's valuation.
AmEx buys TheFork to grow dining and international reach AmEx agreed to buy restaurant booking platform TheFork for $700 million, adding about 75,000 restaurants to its network. This expands AmEx's international presence and gives cardholders more dining perks, which can attract new customers and increase card usage abroad.
A major acquisition that expands AmEx's global footprint and premium offerings.
AmEx joins stablecoin group and adds Apple Pay rewards AmEx joined over 140 companies backing Open USD, a stablecoin project for cheaper digital payments, and now lets U.S. cardholders redeem Membership Rewards points directly through Apple Pay. These moves push AmEx deeper into everyday digital spending, helping it stay competitive with other payment apps.
Highlights AmEx's technology push to keep up with digital payment trends.

17 Jun – 2 Jul 2026

▲4

AmEx's affluent base powers record spending; digital and dining bets expand

Affluent customers keep spending, boosting AmEx revenue AmEx reported that its wealthy cardholders are still spending strongly despite inflation. Billed business grew 10% in Q1, the fastest in three years, and luxury purchases jumped 18%. This matters because AmEx earns a fee every time a card is used, so more spending directly lifts revenue and profit.
This is the core demand driver behind AmEx's recent earnings strength and stock recovery.
Strong Q1 results and low credit losses cushion AmEx AmEx's Q1 net income rose 15% as fee revenue and net interest income grew double digits. Its loan write-off rate improved to 2%, far below the average bank's 4%. Because AmEx lends to wealthier customers, fewer of them default, which keeps profits stable even in a shaky economy.
Shows the financial health and lower risk that support AmEx's valuation.
AmEx buys TheFork to grow dining and international reach AmEx agreed to buy restaurant booking platform TheFork for $700 million, adding about 75,000 restaurants to its network. This expands AmEx's international presence and gives cardholders more dining perks, which can attract new customers and increase card usage abroad.
A major acquisition that expands AmEx's global footprint and premium offerings.
AmEx joins stablecoin group and adds Apple Pay rewards AmEx joined over 140 companies backing Open USD, a stablecoin project for cheaper digital payments, and now lets U.S. cardholders redeem Membership Rewards points directly through Apple Pay. These moves push AmEx deeper into everyday digital spending, helping it stay competitive with other payment apps.
Highlights AmEx's technology push to keep up with digital payment trends.