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Stock Alert: American Express Rises 5%

Shares of American Express Co. (AXP) are rising more than 5 percent or $4.35 in Friday's morning trade at $85.70. The stock has traded in a range of $67.00 to $138.13 in the past 52 weeks.

U.S. stocks are rising on Friday amid a report of promising early data related to a potential coronavirus treatment from Gilead Sciences (GILD). Health-care publication STAT News reported that the experimental Covid-19 treatment remdesivir is showing promise in a Chicago clinical trial.

In a securities filing on Thursday, Hilton Worldwide Holdings Inc. (HLT) said that in April, it pre-sold $1 billion worth of points in its Hilton Honors loyalty program to American Express. The hotel company will use the proceeds from the Hilton Honors points sale for working capital, general corporate and other purposes.

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The U.S. Food and Drug Administration (FDA) has gone ahead with the approval of antiviral drug remdesivir as first treatment for COVID-19, notwithstanding last week's findings by the World Health Organization (WHO) that the drug is not effective for COVID-19 treatment. Thursday, Gilead Sciences announced that the FDA approved remdesivir, sold under the brand name Veklury. Integrated payments firm American Express Co. (AXP) reported Friday that net income for the third quarter declined to $1.1 billion or $1.30 per share from $1.8 billion or $2.08 per share in the prior-year quarter. Consolidated total revenues, net of interest expense, also decreased 20 percent to $8.8... The Federal Trade Commission or FTC has launched a new fraud reporting platform, using which, consumers can easily report fraud and all other consumer issues directly to the regulator. In a statement, the FTC said its new website, ReportFraud.ftc.gov, will provide a streamlined and user-friendly way to submit reports about scams, frauds, and bad business practices.
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