Discover Financial Services
DFS,
stock was down 16.5% to $101.61 in recent trades, after the company disclosed an investigation by the Federal Deposit Insurance Corp. The stock is headed for its largest single-day loss since March 18, 2020, when the stock fell by 26.77%, according to Dow Jones Market Data. Discover Financial also said it booked a $365 million liability to provide refunds to merchants after a misclassification of some credit-card accounts. Discover Financial said it is “difficult to determine the final amount of potential refunds at this time.” Discover Financial Services is the worst performer in the S&P 500
SPX,
and is snapping a three-day winning streak. The stock is still up more than 6% so far in 2023.
