Discover 2010 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, 2010. 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
November 30,
2008
November 30,
2010
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
November 30, 2008 ........................................................................................................................................... $ 36.89 $ 58.99 $ 34.60
November 30, 2009 ........................................................................................................................................... $ 56.63 $ 72.11 $ 40.11
November 30, 2010 ........................................................................................................................................... $ 67.31 $ 77.70 $ 39.52
Item 6. Selected Financial Data
The following table presents our selected financial data and operating statistics. The statement of income data for each
of the years in the three-year period ended November 30, 2010 and the statement of financial condition data as of
November 30, 2010 and 2009 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, 2008 and 2007, and
the statement of income data for the year ended 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 year ended November 30, 2006, is for a period prior to our spin-off from
Morgan Stanley, and has been derived from unaudited combined financial statements. The combined basis presentation
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 combined selected financial data presented for 2006 does not reflect any
changes that have occurred in our financing and operations as a result of our spin-off and accordingly, may not be
indicative of our future performance or of the results that would have been achieved had we operated as a separate,
stand-alone entity during that period. However, the combined financial data presented for 2006 has 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.
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