- Early Bird
- Posts
- Discover CEO's Sudden Departure
Discover CEO's Sudden Departure
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/077bc000-0073-4154-99a9-8fee54946967/photo-1529400971008-f566de0e6dfc.jpeg)
Photo by Marten Bjork / Unsplash
Today is Tuesday, August 15, 2023.
The Early Bird Index today is 57.57.
New to this newsletter? Sign up here
Discover CEO's Sudden Departure
Discover Financial Services (NYSE: DFS) Chief Executive Officer Roger Hochschild suddenly resigned on Monday, causing shares to drop by 4.87% in after-hours trading.
Details: John Owen, a member of the board, will serve as interim CEO and President. Hochschild will serve in an advisory role until the end of the year. The company is now searching for a permanent CEO.
Quote: “The Board and Roger have agreed that now is the right time to transition leadership.” - Tom Maheras, chair of the board.
Stock Price: Discover Financial is up over 5% this year, but is down 14% in the last 30 days.
Final Thoughts: The CEO’s resignation was sudden and odd. Discover Financial did not disclose any details now about the departure. A few weeks ago, the company posted disappointing financial results.
Notables
Notable Earnings Today: Home Depot (NYSE: HD), Nu Holdings (NYSE: NU), IHS Holding (NYSE: IHS), Tencent Music (NYSE: TME), H & R Block (NYSE: HRB), Sea Limited (NYSE: SE), Agilent (NYSE: A), On (NYSE: ONON), Coherent (NYSE: COHR), Paysafe (NYSE: PSFE), CAVA Group (NYSE: CAVA), Mercury Systems (Nasdaq: MRCY), Terran Orbital (NYSE: LLAP), Elbit Systems (Nasdaq: ESLT), HUYA (NYSE: HUYA), Cardinal Health (NYSE: CAH), dLocal (Nasdaq: DLO), Stride (NYSE: LRN), Jack Henry & Associates (Nasdaq: JKHY).
Notable IPOs Today: SRM Entertainment, Inc. Common Stock (Nasdaq: SRM), Sacks Parente Golf, Inc. Common Stock (Nasdaq: SPGC), VinFast Auto Ltd. Ordinary Shares (Nasdaq: VFS), 99 Acquisition Group Inc. Unit (Nasdaq: NNAGU), Tema Oncology ETF (Nasdaq: CANC).
Notable Equity Crowdfunding Campaigns Ending Today: EmailACheck (StartEngine), Heroic Public Benefit Corporation (Wefunder), Timeless Spirits and Drinks (Seed At The Table), Hercules Mulligan (StartEngine).
Notable Economic Events Today: Retail Sales / Core Retail Sales (8:30 a.m. ET), Import Price Index / Export Price Index (8:30 a.m. ET), NY Empire State Manufacturing Index (8:30 a.m. ET), Business Inventories (10:00 a.m. ET), Retail Inventories Ex Auto (10:00 a.m. ET), TIC Net Long-Term Transactions (4:00 p.m. ET), API Weekly Crude Oil Stock (4:30 p.m. ET).
Hedera's Federal Reserve Deal
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/920b666e-b7cd-4421-b8b2-225dfe6f8a2b/photo-1639762681485-074b7f938ba0.jpeg)
Photo by Shubham Dhage / Unsplash
As most cryptocurrencies stayed flat on Monday, the price of Hedera soared over 7% thanks to a new partnership.
Details: On Monday, the U.S. Federal Reserve added Dropp, Hedera’s micropayment solution, to its platform called FedNow. Dropp allows merchants to get paid in digital currencies.
Price: Hedera’s price has nearly doubled since the start of 2023.
Final Thoughts: This is a major integration for Hedera because it serves as another example of how its technology can be used in a practical setting. But as an investment, Hedera is still subject to all of the volatile concerns associated with altcoins.
Getty Faces ‘Challenging Environment’
Shares of Getty Images Holdings (NYSE: GETY) plummeted by 14.29% in after-hours trading on Monday after the visual media company posted disappointing financial results.
Financials: Getty Images reported a loss of one cent per share in the past quarter and revenue of $225.6 million; both were below estimates.
Final Thoughts: The company, which is down 20% this year, lowered its guidance for the rest of the year due to “a more challenging environment.” Although it has been a bad year for Getty investors, the company has received proposals to get acquired. If that happened, the stock could jump.
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/2f1418f3-50d8-45f9-be67-5d182b220428/TAJ_20Vertical_20Logo.png)
The Average Joe (Sponsored)
The "IKEA instructions for investing" to help you become a better investor. Market trends & insights that are simple, concise, and impactful.
Trends to Watch
Chips Ahoy: Saudi Arabia and UAE race to buy Nvidia chips to power AI ambitions (Financial Times)
Another Amazon Exit: Amazon’s Leader on Alexa, Echo and Other Devices Plans to Leave (The Wall Street Journal)
No Place Like Home(builders): Buffett’s Berkshire Cuts Activision, Unveils Homebuilder Bet (Bloomberg)
No Relief: Over 800,000 student-loan borrowers are set to start seeing their debt wiped out following income-driven repayment reforms (Insider)
Interesting Strategy: Should Bitcoin investors consider stockpiling (AMBCrypto)
Thank you for reading!
Forward to a friend and tell them to sign up here.
Be social: Like our Facebook page and follow us on Twitter.
Want more investing tips? Listen to the podcast.
Show Your Support: Buy Me a Coffee.
Questions or comments? Hit reply to reach out.