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Discover Financial expects to report 1st-qtr loss

Published: March 11, 2010 7:06 PM
By The Associated Press  

Quick ReadDiscover Financial expects to report a first-quarter loss due to soured loans

(AP) — Discover Financial Services on Thursday said it expects to post a loss for its fiscal first quarter after setting aside more funds to cover soured loans.

The credit-card company expects a first-quarter loss of 22 cents per share to 23 cents per share. Analysts polled by Thomson Reuters expected earnings of 9 cents per share.

Discover boosted its reserves to cover unpaid loans...

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