Discover 2009 Annual Report Download - page 55

Stock Performance Graph
The following graph compares the cumulative total stockholder return (rounded to the nearest whole dollar) of our
common stock, the S&P 500 Stock Index and the S&P 500 Financials Index for the period from July 2, 2007 through
November 30, 2009. The graph assumes an initial investment of $100 on July 2, 2007, the date we began “regular
way” trading on the NYSE following our spin-off. The cumulative returns include stock price appreciation and assume full
reinvestment of dividends. This graph does not forecast future performance of our common stock.
$0.00
$20.00
$40.00
$60.00
$80.00
$100.00
July 2,
2007
November 30,
2007
May 31,
2008
November 30,
2008
May 31,
2009
November 30,
2009
Discover Financial Services
S&P 500 Index
S&P 500 Financials Index
Discover
Financial
Services
S&P
500
Index
S&P 500
Financials
Index
July 2, 2007 ..................................................................................................................................................... $100.00 $100.00 $100.00
November 30, 2007 .......................................................................................................................................... $ 63.14 $ 97.48 $ 84.67
May 31, 2008 .................................................................................................................................................. $ 62.40 $ 92.16 $ 67.82
November 30, 2008 .......................................................................................................................................... $ 36.89 $ 58.99 $ 34.60
May 31, 2009 .................................................................................................................................................. $ 34.47 $ 60.49 $ 33.48
November 30, 2009 .......................................................................................................................................... $ 56.63 $ 72.11 $ 40.11
Item 6. Selected Financial Data
The following table presents our selected historical financial data and operating statistics. The statement of income data
for each of the years in the three-year period ended November 30, 2009 and the statement of financial condition data as
of November 30, 2009 and 2008 have been derived from our audited consolidated financial statements included
elsewhere in this annual report on Form 10-K. The statement of financial condition data as of November 30, 2007 have
been derived from audited consolidated financial statements not included elsewhere in this annual report on Form 10-K.
The selected financial data as of and for the years ended November 30, 2006 and 2005, are for periods prior to our
spin-off from Morgan Stanley, are unaudited and are presented on a combined basis. The unaudited financial statements
have been prepared on the same basis as the audited financial statements, and in the opinion of our management
include all adjustments, consisting of only ordinary recurring adjustments, necessary for a fair presentation of the
information set forth in this annual report on Form 10-K.
The selected financial data presented on a combined basis reflects the historical combined income and financial
condition of the Morgan Stanley subsidiaries that comprised its Discover segment. Prior to our spin-off, the Discover
segment consisted of Discover Financial Services, a wholly-owned subsidiary of Morgan Stanley, and certain other
subsidiaries and assets related to credit card operations in the United Kingdom, which are now presented as discontinued
operations, that were contributed to the Discover segment by Morgan Stanley in conjunction with the spin-off. The
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