American Express Jumps After Saying Coronavirus Won't Affect Results

America Express says its guidance is secure despite the spreading coronavirus outbreak.
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Shares of American Express  (AXP) - Get Report got a boost Wednesday after the company said that its guidance is secure despite the spreading coronavirus outbreak.

The credit card company’s chief financial officer, Jeffrey Campbell, made the comments during an interview at KBW Fintech Payments Conference, according to a FactSet transcript of the interview.

The reason for the optimism is that the Asia Pacific region, including Australia, only accounts for a small portion of its business.

American Express shares rose 6.22% to $114.73.

Other companies with more exposure to the region haven't been as lucky.

Skyworks Solutions  (SWKS) - Get Report, for example, lowered its second-quarter expectations due to the fallout from the coronavirus epidemic.

The company now expects second-quarter revenue of between $760 million and $770 million compared to its prior guidance between $800 million and $820 million. Non-GAAP earnings are expected to be $1.34 a share at the midpoint compared to a previous outlook of $1.46.

Analysts were expecting the company to report earnings of $1.44 a share on revenue of $797.8 million.

The Italian government on Wednesday took a page out of China’s playbook in battling the coronavirus epidemic as the government announced it will temporarily shutter all of the nation’s schools and universities.

The closure will go into effect from Thursday and will last until mid-March, according to Italian media reports.

The move came as the death toll in Italy climbed to 79 on Tuesday, up from 52 on Monday. As of Wednesday, there were 2,502 officially reported cases of the coronavirus in Italy, making it the worst-impacted country outside of Asia, including Iran, though the accuracy of Iran’s reporting of cases has been widely viewed as circumspect.