American Express shifts focus to high-end Platinum card with $895 annual fee, boosting spending and reducing loan defaults. Luxury spending surges 15% at high-end retailers, 9% on business and first-class airfare, and 12% at luxury hotels. Meanwhile, general airline and lodging spending only rises 3% and 5%.

Despite fears, American Express reports successful relaunch of Platinum card with 2.9 million new card accounts at year-end. Analyst concerns over competition, high fees, and perks causing weariness. Company sees wild success in product launch, but shares down 3.5% after earnings slightly below estimates due to higher expenses from Platinum refresh.

Read more at CNBC
Tesla announces plans to build a Gigafactory in Texas. The new facility will focus on manufacturing the Cybertruck, Model Y, and Model 3. The Gigafactory is expected to create thousands of jobs and boost the local economy.

CNBC
Apple unveils new 5G iPhone 12 lineup. The phones feature OLED displays, A14 Bionic chip, and improved camera capabilities. The iPhone 12 Mini is the smallest and most affordable option, starting at $699.

CNBC
Amazon Prime Day sales surpass $3.5 billion, up 60% from last year. Top-selling items include AirPods, Instant Pots, and 23andMe DNA kits. The event, typically held in July, was delayed to October due to the pandemic.

CNBC
Netflix reports disappointing subscriber growth in Q3. The streaming giant added 2.2 million subscribers, falling short of its forecast of 2.5 million. Netflix cites increased competition and the lack of new content as reasons for the slowdown.: American Express wants even more credit card high spenders