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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Capital One Financial Corporation | NYSE:COF | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 1.35 | 0.99% | 137.30 | 141.17 | 136.07 | 137.50 | 808,524 | 17:17:38 |
Discover Financial Services (DFS) spent $200,000 on lobbying in the second quarter of 2011, down 28.6% from $280,000 spent in the year-ago quarter. The second-quarter lobbying expense also showed a steep 44% decline from $360,000 spent in the first quarter of the year.
Discover lobbied the Congress and the Treasury Department of the federal government on various legislations, including those concerning financial reforms, patent reforms, electronic payments and credit card lending.
Discover also lobbied on the mandatory cap in the financial reform bill on fees charged for debit card transactions. The Federal Reserve fixed the cap in June 2011 and it will be implemented from October 1, 2011. The cap is expected to adversely affect the revenues of Discover’s PULSE network, which is the company’s ATM, debit and electronic funds transfer network.
While reduced lobbying cost helps in improving the bottom-line of companies, successful lobbying can lead to long-term benefits for them. Lawmakers receive huge contributions from health insurance companies and hence, effective lobbying can lead to favorable changes in the law.
Earnings Review
On September 22, 2011, Discover reported third-quarter earnings per share of $1.18, dramatically ahead of both the Zacks Consensus Estimate of 91 cents and 47 cents recorded in the year-ago quarter. Net income also spiked substantially by over 148.7% year over year to $649 million from $261 million.
Moreover, Discover’s total revenue, net of interest expense, increased 4.6% year over year to $1.79 billion, also exceeding the Zacks Consensus Estimate of $1.48 billion.
Discover competes with other financial services companies such as Capital One Financial Corp.(COF) and SLM Corp. (SLM). The company currently caries a Zacks #2 Rank, implying a Buy rating in the short term.
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