Discover Financial Q2 Profit Slips, But Lending Rises

Discover Financial Services (DFS) said before the market opened that second-quarter profit was down a bit from the same quarter last year as it set aside more money to cover bad debts, but roughly in line with analyst projections.

Investors ignored the profit miss and bid shares up as much as 3% early amid a broad market rally, partly in reaction to rising hopes the Federal Reserve will agree to extend stimulus measures to bolster the U.S. economy as Europe remains mired in debt crisis. The Fed's regular meeting is scheduled for Tuesday and Wednesday.

Discover shares rose 2.7% to 33.74 in afternoon trading.

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Chrysler gives up bid for federal green car loans

Chrysler today said it is withdrawing its application for a loan from the U.S. Department of Energy that it had been seeking since 2008. It had applied for a loan under a program designed to encourage development of hybrids and electric vehicles.

Ford received $5.9 billion and Nissan received $1.4 billion in loans from the program in 2009.

General Motors, in contrast, withdrew its $14 billion application in January 2011. Russian steelmaker Severstal's $730 million loan, which received conditional approval last year, was rejected last month.

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