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American Express: Winning the Battle, Losing the War?

When American Express (AXP) won the battle to be the only provider of Hilton Worldwide Holding's (HLT) reward cards, some analysts mused that it was more important symbolically than financially. Unfortunately, the financials matter more than the symbols...and the win could be a sign that American Express could continue to feel pressure on its sales growth.

Credit Suisse analysts Moshe Orenbuch and Serena Hong explain how the "rewards...


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