Why Credit Card Stocks Are So Volatile Today
Capital One Financial's (NYSE: COF) planned acquisition of Discover Financial Services (NYSE: DFS) has received regulatory approval, and investors are breathing a sigh of relief.Shares of Discover opened up 7% and Capital One up 5%, before retreating with the broader market to up 2% and 1% as of 11:30 a.m. ET. MasterCard (NYSE: MA) and Visa (NYSE: V) were headed in the other direction, both down about 3% midday.Capital One and Discover are two of the biggest names in credit cards. The two announced their intention to join forces in early 2024 to create a new financial services powerhouse, but investors worried antitrust regulators might get in the way.Continue reading
Capital One Financial's (NYSE: COF) planned acquisition of Discover Financial Services (NYSE: DFS) has received regulatory approval, and investors are breathing a sigh of relief.
Shares of Discover opened up 7% and Capital One up 5%, before retreating with the broader market to up 2% and 1% as of 11:30 a.m. ET. MasterCard (NYSE: MA) and Visa (NYSE: V) were headed in the other direction, both down about 3% midday.
Capital One and Discover are two of the biggest names in credit cards. The two announced their intention to join forces in early 2024 to create a new financial services powerhouse, but investors worried antitrust regulators might get in the way.