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Fly News Breaks for May 19, 2017
AXP, COF, SYF, DFS
May 19, 2017 | 08:08 EDT
Wells Fargo cut its rating on the credit card sector to Market Weight from Overweight. The firm noted that the sector's net chargeoffs increased to 3.6% last quarter, representing a four year high. The firm is also worried about slowing receivables growth and increased competition in the space. Despite the downgrade, it continues to recommend Discover (DFS) and Synchrony (SYF). It lowered its price target on Discover to $70 from $80 and cut its price target on Synchrony to $30 from $35. It keeps Market Perform ratings on American Express (AXP) and Capital One (COF).
News For DFS;SYF;COF;AXP From the Last 2 Days
COF
Mar 28, 2024 | 12:56 EDT
Bearish flow noted in Capital One with 6,831 puts trading, or 3x expected. Most active are Sep-24 145 puts and Apr-24 143 puts, with total volume in those strikes near 3,600 contracts. The Put/Call Ratio is 1.79, while ATM IV is up over 1 point on the day. Earnings are expected on April 25th.
COF, DFS
Mar 28, 2024 | 06:11 EDT
In a regulatory filing on Wednesday, Discover (DFS) announced that its board accepted the resignation of Michael G. Rhodes from his positions as CEO and President of the company, a member of the board and a director and officer of Discover Bank, each effective April 1. Rhodes, who was not expected to have a long-term role at the combined company after completion of the company's merger with Capital One (COF), informed the board that he has accepted a job offer at another financial institution. Also on Wednesday, Ally Financial (ALLY) announced that Rhodes will be its new CEO, starting at the company on April 29.
DFS
Mar 27, 2024 | 16:14 EDT
Ally Financial (ALLY) announced that Michael Rhodes will be its new CEO, starting at the company on April 29. He will also be appointed as a member of Ally's board of directors at that time. Rhodes most recently served as CEO of Discover Financial Services (DFS) and was a member of the company's board of directors. He additionally held the role of President of Discover Bank and sat on the Bank's board of directors.