Based purely on the headlines, investors wouldn’t be blamed for wanting to stay far away from online bank and credit card provider Discover Financial Services (DFS). Earlier this week, Barchart content partner The Motley Fool reported that Discover CEO and board of directors member Roger Hochschild will vacate his posts. Effective immediately, the company did not provide a reason for the abrupt resignation, sending DFS stock into a tailspin.
Naturally, many investors turn to financial firms for their comparative stability. Discover being one of the top names in the sector, the C-suite rumbling did not sit well with market participants. In the trailing five sessions, DFS stock gave up 14% of equity value. In the trailing one-month period, Discover finds itself down 25%, a staggering turn of events from just a few weeks ago.
