Shares of Discover Financial Services declined amid credit-quality concerns as the credit-card company posted a 65% drop in fiscal-first-quarter profit amid the write-down of its soon-to-be-sold United Kingdom operations.
The stock was down $2.20, or 13%, to $15.20 in 4 p.m. New York Stock Exchange composite trading yesterday as the company's loan-loss provision climbed 54% to $627.1 million and delinquency and charge-off rates continued to climb. Discover shares have slumped since it began trading at $28.50 in July following its spinoff from Morgan Stanley.
