They have met or exceeded earnings estimates -- in some quarters quite substantially -- every quarter since the IPO,

The estimates are for earnings to be down 50 percent in the second quarter, 37 percent in the third quarter, and 12 percent in the fourth.

Fourth quarter results from continuing operations met or exceeded our long-term targets for earnings, revenues and, on a pro forma basis, return on equity. Higher spending by affluent consumers, small businesses and corporate Card members more than offset the impact of an industry-wide spike in bankruptcy filings before new legislation went into effect last October.

We've now changed the valuation of the stock market quite a bit, ... If anything, the earnings estimates have been going up and stocks have been going down. The price-to-earnings ratio on forward earnings is now down to about 15 times, which is very low relative to interest rates and inflation at the present time.

isn't really baked into earnings estimates.

It was a very good quarter. We beat Wall Street consensus estimates for revenue, and we believe we met them for earnings.