American Express turned in solid quarterly results Friday, increased its dividend, and highlighted record levels of card member spending. However, investors seemed to be shrug off the positives, sending shares down 3% to $316.

American Express (NYSE: AXP) posted fourth-quarter earnings that beat expectations, but the credit card company's guidance was a bit underwhelming. Investors were disappointed, sending Amex shares down 3% as of 10:15 a.

American Express shares fell about 3% Friday after the company reported earnings and gave an outlook that disappointed some investors. The credit card company logged net income of $2.17 billion, or $3.