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American Express reported a huge jump in quarterly profits Thursday that beat Wall Street estimates, but wary investors drove the stock lower in after-hours trading.

AmEx (AXP, Fortune 500) shares were down 2% in after-hours trading. The financial services company said its net income for the second quarter rose to $1.02 billion, from $337 million in the same period last year.

AmEx earned 84 cents a share in the latest quarter, up from 9 cents a year earlier. Analysts polled by Thomson Reuters had expected earnings of 78 cents per share.

Sales for the New York-based firm, net of interest expense, were $6.86 billion, up 13% from $6.1 billion a year ago. That beat analysts’ forecast of $6.84 billion.

Though the results for the second quarter were upbeat, chief executive Kenneth Chenault warned that AmEx customers, like other Americans, are deleveraging their debt as they focus on buying only what they can afford Online payday loans.

"Today’s cardmembers are borrowing less and paying down more of their outstanding debt," Chenault said in a prepared statement. "Over the last several quarters, this has translated into lower interest revenue."

Chenault said the company remains cautious about economic conditions, as well as Wall St. reform and difficult year-over-year comparisons in the second half of 2010.

In a conference call, chief financial officer Dan Henry also commented on changes in customer behavior and new legislation.

"It will be interesting to see how those customers react if [companies] have to put fees on debit products," Henry said. "There’s a lot of scenarios out there, and we’ll have to see how that plays out over time." 

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If you’re looking to get in on the China growth train, be prepared to stomach the near-term risk.

The Shanghai Composite is down 22% year-to-date with much of the selloff attributed to worries about China’s economy overheating.

However, last week’s news that China’s economy is still growing super-fast — but just a pinch more slowly than it was — helped quell some jitters. Over the past five days, the Shanghai Composite gained 5.7%.

But throw in the impact of the European debt crisis and the yuan (China agreed to let it fluctuate and ultimately rise but many say it’s still too low), and you still have a lot of uncertainty to contend with.

"China has grown between 8% and 10% a year over the last 25 years and that pace of growth should continue for the next decade," said Henry Zhang, co-portfolio manager of the $2.5 billion Matthews China Fund (MCHFX) — an Asia only investment firm in San Francisco.

" But this is not an area of the market where you trade in and out in a three- or six-month period," he said. "Think 3 to 5 years at least."

How to invest: You can buy individual stocks that have ADRs (American Depositary Receipts) trading in the United States, but a safer bet would be either a fund or exchange-traded fund (ETF) that is either China specific or focuses on emerging markets with a China focus.

The most popular China ETF is the iShares FTSE Xinhua China 25 (FXI), a fund that includes the 25 largest companies that trade in Hong Kong. The fund is only up 2% over the past year, but it has gained a whopping 94% over the past five years.

"If inflation and overheating growth hurt China and you’re in a China fund, you’re going to face a lot more risk," said Bill Rocco, a senior fund analyst specializing in emerging markets at Morningstar.

If investors are looking for a pure China play, which Rocco says could be a very risky bet, the best option would be the Matthews China Fund.

Concerns about Chinese bank lending have been exacerbated in recent weeks with the IPO for The Agricultural Bank of China having a pretty lukewarm debut on the Shanghai Composite last week paperless payday loans.

Where to place your bets: Rocco recommends the T. Rowe Price Emerging Market Stock Fund (PRMSX) for broad exposure. The fund has jumped 23% over the past year and gained 66% over the past five years.

"Emerging market growth is set to outpace the developed world over the next few years," said Mark Edwards, manager of the $4.5 billion fund.

He said investors can play that growth though the construction and commodity firms that will fuel the expansion, particularly since infrastructure stocks have slipped over the last six months after years of rallying.

Morningstar’s Rocco also likes Harding Loevner Emerging Markets Fund (HLEMX), Dreyfus Emerging Markets (DRFMX), Matthews Pacific Tiger Fund (MAPTX) and Matthews Asian Growth and Income Fund (MACSX).

Another good bet might be the Spider S&P China ETF (GXC), said Patricia Oey, Morningstar’s Emerging Markets ETF expert. Spider S&P holds a broader range of stocks than the iShares ETF — about 130, and it invests in stocks that are traded both in Hong Kong and in the United States. She also likes the PowerShares Golden Dragon China (PGJ) ETF.

Both have a variety of companies, including those that play into the growing spending power of the Chinese consumer, a trend all the analysts say is going to persist for some time. To broaden out, Oey said investors may want to consider the iShares All Country Asia ex Japan (AAXJ) index fund, which includes financials, telecom services, consumer staples and energy firms.

"Traditionally, China’s growth has been fueled by exports, but the next leg of growth is the rising middle class, the wave of domestic-oriented growth," Oey said.

Matthews’ Zhang likes companies that participate in education, healthcare and even infrastructure building - although that sector has taken some knocks recently. He likes Ctrip.com (CTRP), the "Chinese version of Travelocity or Expedia," and China Mobile (CHL). Over the past year, Ctrip shares have jumped 60%, while China Mobile’s stock has slipped 1.4%. 

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For deep-pocketed plutocrats purchasing trophy homes, times are good. There is a glut of mega-mansions on the market — at deep discounts.

On Realtor.com alone there are currently 6,610 listings of houses with interiors larger than 10,000 square feet.

"Buyers are not used to having this amount of inventory," said Russ Filice, an agent with Sotheby’s International Realty, which represents many ultra-high-end properties. "The options are greater than ever."

What’s surprising is that these homes are starting to move again. "Maybe not quickly, but they’re selling," Filice said.

The super-wealthy fled the mega-mansion market in the wake of the Lehman Brothers collapse in the fall of 2008. But with the stock market recovering and real estate markets stabilizing, they’re ready to deal again. But only if the price is right.

"The super wealthy were watching and waiting," said Jonathan Miller, a New York-based appraiser, who follows real estate in Manhattan and the Hamptons. "It’s always been my feeling that the high-end market comes in waves. I looked at the Hamptons in 2009 and you just weren’t seeing trophy property sales. Now you are — but not at the prices you saw during the boom."

A 48,000-square-foot home in Bel Air, Calif., was recently reduced by $13 million to $72 million. A 16,000-square-foot nouveau Mediterranean in Las Vegas went to $11.9 million from $14 million. And a 15,000-square-foot Dallas domain is down to $15 million from $17.5 million after more than two years on the market.

Don’t like those prices? There are plenty more to choose from. So many homes started during the boom, when owners were flush, were not completed until the bust, when owners’ fortunes had changed. And they’re ready to unload them.

"A number of people back in the 2003, 2004 and 2005 boom built very large homes," said Philip White, president of Sotheby’s International Realty. "Then, with the adjustment in the economy, it proved to be too much house for some of them."

In Alpine, N.J., developer Richard Kurtz broke ground in October 2007 on a home for himself. He calls it Stone Mansion, a 30,000-square-foot spread with 12 bedrooms, 15 full baths, a screening room, wine grotto and indoor basketball court. The house was finished just a couple of months ago.

Between then and now, Kurtz decided to buy a house in Florida and sell the Stone Mansion. Asking price: $68 million.

A house near Orlando has been under construction for more than three years and is not done yet. Business has been slow for owner David Siegel, who also owns Westgate Resorts, so he is putting his house on the market.

The 67,000-square-foot house sits on 10 acres and is called Versailles because it incorporates many of the design features of the French palace. Siegel hopes to get $100 million if the buyer wants the 67,000-square-foot property finished.

Or he’ll take $75 million as is.  

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Cornell’s Restaurant in Schenectady will remain open as the company that owns the restaurant’s real estate reorganizes its debts in U.S. Bankruptcy Court, officials said today.

The real estate holding company, 39-45 North Jay Street Corp., filed for Chapter 11 to protect itself from creditors, including American Tax Funding, which handles tax liens for the city of Schenectady.

JoAnn Aragosa, owner of Cornell’s, said business at the restaurant is “outstanding,” with sales up more than 20 percent over last year. However, the restaurant owes $162,257 in property taxes, according to the bankruptcy petition.

“Once you fall behind on property taxes in this city, catching up is very hard due to the very high interest rates charged by the tax lien company,” Aragosa said. “Cornell’s is open for business and we are continuing to serve our many loyal customers.”

Among its creditors are the Schenectady Metroplex Development Authority, which is owed $224,000.

“The current Metroplex board had no role in this project,” Metroplex Chairman Ray Gillen said in a statement payday loans for self employed. “From reviewing financial reports submitted by the company, the problem at Cornell’s is not on the revenue side. The restaurant is very busy and revenues continue to grow. The problem is tax liens and debts which date back to the former Cornell’s location and the way this project was put together back in 2003 by the now defunct Schenectady Economic Development Corp. This project simply has too much debt and was poorly structured.”

Gillen said Chapter 11 appears to be the only viable option for the restaurant at this time.

“Metroplex will retain ownership of the parking lot used by Cornell’s and other businesses in the area,” Gillen said. “Metroplex also has a personal guarantee from the owner which it will pursue if necessary.”

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Biogen Idec has successfully completed phase 1 and 2a safety trials of its new hemophilia B treatment rFIXFc and has begun phase 3 trials.

The Weston, Mass.-based company (NASDAQ: BIIB) has developed the new drug with Swedish company Orphan Biovitrum AB (STO: SOBI).

The treatment has the potential to improve the lives of hemophilia patients by reducing the frequency of medication doses. Current treatments require patients to receive intravenous injections two times a week, but Biogen’s latest treatment could cut that to once a week payday loans for bad credit. That “ … would be an important advancement for the hemophilia community,” says Dr. Amy Shapiro, medical director of the Indiana Hemophilia and Thrombosis Center.

Biogen Idec employs about 850 people at its manufacturing facility in Research Triangle Park, where the company manufactures multiple sclerosis drugs Tysabri and Avonex.

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About 40 executive MBA students from the W.P. Carey School of Business at Arizona State University learned from state lawmakers when they participated in a two-day mock budget exercise at the Arizona Capitol.

Students played the roles of legislators and lobbyists as they tried to pass their own mock budget on the Senate floor.

Gov. Jan Brewer, Secretary of State Ken Bennett and a representative from the Attorney General’s Office participated in the event, part of a course called “Business and Public Policy cash advance loans.” The curriculum focuses on the intersection of business and the political process.

The exercise was coordinated in partnership with Cox Communications.

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3M Co. said Tuesday that it’s acquired Dailys, a British maker of disposable protective clothing used in the workplace.

Dailys, which employs 26 people at its location in Ellesmere Port, England, primarily makes chemical protective coveralls for industrial use.

Financial terms of the deal were not disclosed.

“This acquisition supports our strategic direction by broadening our protective apparel portfolio,” Julie Bushman, vice president and general manager of 3M’s Occupational Health and Environmental Safety Division, said in a news release.

“Adding products from Dailys will accelerate our presence in disposable protective clothing not only in the U payday loan.K. but globally as well,” said Jim McSheffrey, managing director of 3M United Kingdom.

Benjamin Sallon, co-managing director of Dailys, said the merger will give the business access to 3M’s research and development capabilities, along with the Maplewood-based company’s global reach.

With $23 billion in annual sales, 3M (NYSE: MMM) employs 75,000 people worldwide and has operations in more than 65 countries.

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The experts expected home sales to drop once the homebuyer tax credit lapsed at the end of April, but the depth of the decrease was shocking.

According to the National Association of Realtors (NAR), pending home sales fell a whopping 30% in May. Their index, which measures signed sales contracts but not closed sales, plunged to 77.6 from 110.9 in April. It’s even off 15.9% from a year ago when the nation was barely emerging from the recession.

"The pending home sales report is a disaster," said Mike Larson, a real estate analyst for Weiss Research. "Sales fell off a cliff after the tax credit expired. It’s the biggest monthly decline ever and the index is at its lowest level since NAR began tracking it in 2001."

Lawrence Yun, NAR’s chief economist downplayed the damage a bit. According to him, customers rushed into deals to claim the credit, borrowing from May sales guaranteed approval cash advance loans. Once the economic recovery comes into full swing, housing markets will heat up.

"If jobs come back as expected, the pace of home sales should pick up later this year," said Yun, "and reach a sustainable level of activity given very favorable affordability conditions."

Those conditions include much lower home prices and extremely favorable mortgage interest rates. The question is when — or if — the job market will ever bounce back.

"We’re not creating jobs," said Larson. "The housing problems now are being driven by broad economic problems." 

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The Obama administration is backing a plan to nearly double the space available on the airwaves for wireless high-speed Internet traffic to keep up with ever-growing demand for video and other cutting-edge applications on laptops and mobile devices.

President Barack Obama on Monday committed the federal government to freeing up an additional 500 megahertz of radio spectrum for broadband over the next 10 years, with much of that auctioned off to commercial wireless carriers. The wireless industry currently holds roughly 500 megahertz of spectrum, but hasn’t put all of it to use.

The White House memorandum endorses one of the key proposals in the Federal Communications Commission’s national broadband plan for bringing high-speed Internet access to all Americans. That plan, released in March, envisions wireless technology as a key way to make that happen — particularly in rural areas where it may be uneconomical to build landline networks.

The FCC also wants to free up more airwaves to head off what it says could be a serious spectrum shortage — particularly in dense, urban areas — as more and more Americans use iPhones and other popular wireless devices to access everything from Facebook to driving directions while on the go no teletrack payday loans.
On Monday, the administration framed the matter as one of jobs and economic opportunity.

"America’s future competitiveness and global technology leadership depend, in part, upon the availability of additional spectrum," Obama wrote in the memorandum. "The world is going wireless, and we must not fall behind."

The president’s plan builds on efforts by the FCC, Congress and the Commerce Department’s National Telecommunications and Information Administration to identify radio spectrum that can be reallocated for commercial broadband services.

The memorandum calls for creating a public inventory of all airwaves now in the hands of government and commercial users to ensure that this spectrum is being used efficiently.

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Stocks slumped Thursday, with the Dow losing 145 points, as investors mulled mixed reports on the economy and a sell-off in bank shares as Wall Street reform talk move toward a close.

Dow Jones industrial average (INDU) lost around 145 points, or 1.4%. The S&P 500 (SPX) lost 18 points or 1.7% and the Nasdaq (COMP) composite lost 37 points or 1.6%.

Stocks fell after reports showed a still-tough environment for the manufacturing and labor markets and one day after the Federal Reserve sounded a cautious tone on the economy.

The Fed issued a cautious growth outlook Wednesday on the back of the day’s weak May new home sales report. That left stocks mixed to lower, but the tone turned even more negative overnight, with markets in Europe falling and U.S. stocks opening weaker.

"The Fed downgraded their economic outlook, which is not good for the markets," said David Chalupnik, head of equities at First American Funds. "It tells us that the economy is losing steam and earnings are at risk."

He said that markets are likely to be particularly volatile in July, as the second-quarter reporting period heats up, with many forecasts still too high relative to the current economic outlook.

Economy: The number of Americans filing new claims for unemployment fell to 457,000 last week from a revised 472,000 in the previous week, the Labor Department reported. Economists surveyed by Briefing.com expected 457,000.

Continuing claims, a measure of Americans who have been receiving benefits for a week or more, fell to 4,548,000 from 4,571,000. Economists expected 4,580,000 continuing claims, on average.

Durable goods orders fell 1.1% in May, the Commerce Department reported. That was better than the 1.3% drop that was expected. Orders rose 3% in April.

Orders excluding transportation rose 0.9% in May versus forecasts for a rise of 1.3%. Orders ex-transportation fell 0.8% in the previous month.

On the upside, mortgage rates fell this week to the lowest level on record, a boon to individuals looking to buy a home or refinance. Freddie Mac said that the average rate for 30-year fixed loans fell to 4.69% from 4.75%.

Federal Reserve: On Wednesday, the central bank policymakers opted to hold interest rates steady at historic lows near zero, as expected.

However, in the statement the bankers said that while the economy is recovering, growth is likely to stay moderate for a while. Additionally, they were concerned about the weakness in the housing market and the "less supportive" financial conditions as a result of the European debt crisis.

Companies: Thousands of Apple fans lined up Thursday morning to buy the hugely anticipated iPhone 4, which is being released at Apple stores and other retailers Thursday including Wal-Mart Stores (WMT, Fortune 500) and Best Buy (BBY, Fortune 500).

Google (GOOG, Fortune 500) won a crucial copyright infringement battle with Viacom (VIA) Wednesday when a federal court ruled Google’s YouTube isn’t liable for its users’ copyright violations. Viacom, which has been seeking more than $1 billion in damages, says it will appeal the ruling.

Oracle (ORCL, Fortune 500) shares dipped ahead of its quarterly profit report, due out after the close. The software maker is expected to earn 54 cents per share, up 17% from a year earlier, and revenue of $9.5 billion, up 38% from the prior year.

Declines were broad based, with 28 of 30 Dow issues falling. The biggest losers were Chevron (CVX, Fortune 500), Exxon Mobil (XOM, Fortune 500), Walt Disney (DIS, Fortune 500), IBM (IBM, Fortune 500), Hewlett-Packard (HPQ, Fortune 500) and 3M (MMM, Fortune 500).

Financial shares tumbled as Washington lawmakers moved closer to reaching a compromise on two different versions of the Wall Street reform bill. The KBW Bank (BKX) sector index fell 2.2%.

Market breadth was negative and volume was pretty modest. On the New York Stock Exchange, losers beat winners three to one on volume of 1.26 billion shares. On the Nasdaq, decliners topped advancers three to one on volume of 2.06 billion shares.

Currency: The euro was little changed versus the dollar, erasing earlier gains but remaining well above the four-year low of $1.188 hit last week. The dollar was barely changed versus the yen. The direction of the euro and the state of global debt are expected to be in focus at this weekend’s G-20 meeting.

World markets: European markets slipped. Britain’s FTSE 100 lost 1.5%, Germany’s DAX gave back 1.4% and France’s CAC 40 fell 2.4%.

Asian markets were mostly lower. Japan’s Nikkei ended little changed, Hong Kong’s Hang Seng fell 0.6% and China’s Shanghai Composite lost 0.1%.

Commodities: U.S. light crude oil for August delivery rose 22 cents to $76.51 a barrel on the New York Mercantile Exchange.

COMEX gold for August delivery gained $10.60 to $1,245.90 an ounce after closing at a record $1,258.30 last Friday.

Bonds: Treasury prices fell, raising the yield on the 10-year note to 3.12% from 3.11% late Wednesday. Treasury prices and yields move in opposite directions. 

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