American Express (NYSE: AXP) reported a 47% drop in its fourth-quarter net income. American Express' quarterly net income fell to $637 million, or $0.56 per share, from $1.2 billion, or $1.01 per share, in the year-ago period. Excluding items, the company earned $1.09 per share. However, analysts were expecting earnings of $1.06 per share.