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Discover shares rise on strong 4Q results

January 24, 2014

The Associated Press

Shares of Discover rose 5 percent Friday after it posted a double-digit percentage profit jump in the fourth quarter. The company late Thursday reported that loans, which includes student and personal loans, grew 5 percent in the quarter versus the same period a year earlier. Credit card loans grew 4 percent. Sales volume for Discover's namesake credit card increased 3 percent. Susquehanna Financial Group analyst James Friedman called Discover's stock the "best value" among credit card companies. He said personal loans may help increase revenue this year. Shares of Financial Services, based in Riverwoods, Ill. , rose $2.50 to $54.90 in afternoon trading Friday. Its shares are up 40 percent from a year ago.

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Source: Associated Press

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