BUSINESS BRIEFING / CREDIT CARDS
Times Wire Reports
Credit card company Discover Financial Services said it would sell $500 million worth of common stock in a public offering and use the proceeds for investments or to buy back preferred stock issued to the U.S. Treasury under the bank rescue plan.
Riverwoods, Ill.-based Discover’s shares tumbled more than 6% in extended trading after the announcement.
Discover said it also planned to offer senior notes soon, depending on market conditions.
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