For Immediate Release
Chicago, IL – July 8, 2009 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Discover Financial Services (DFS), American Express Co. (AXP), Goldman Sachs Group Inc. (GS), JPMorgan Chase & Co. (JPM) and Bank of New York Mellon Corp. (BK).
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Here are highlights from Tuesday’s Analyst Blog:
Discover Offers $500m in Stock
Discover Financial Services (DFS) announced a $500 million common stock offering late Monday.
The credit card issuer plans to use a portion of the proceeds to buy back preferred stock issued to the U.S. Treasury under the Capital Purchase Program. Earlier this year, Discover received $1.2 billion from the Treasury under the Troubled Asset Relief Program (TARP).
Discover said that the proceeds may also be utilized to boost the capital of subsidiary Discovery Bank as well as for investment in company’s businesses.
The company has granted the underwriters an option to buy up to 15% of the stock offering in case of over-allotments. Discover also stated that it plans to offer senior notes in the near future depending on market conditions.
Last month, the US treasury allowed 10 financial majors including American Express Co. (AXP), Goldman Sachs Group Inc. (GS), JPMorgan Chase & Co. (JPM) and Bank of New York Mellon Corp. (BK) to repay $68 billion in TARP funds.
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