Capital One, Discover Fall on Report of DOJ Antitrust Concerns

Capital One Financial Corp. and Discover Financial Services shares fell after a report that staff at the US Department of Justice had concerns about their $35 billion merger.

Discover slid as much as 12.5%, the most since July 2023, while Capital One shares dropped as much as 7%. Traders attributed the decline to a report by The Capitol Forum that they described as stating Justice Department staff had misgivings about the deal.

A representative for Capital One said in an emailed statement that the merger remained “well-positioned to gain approval.” The deal complies with the relevant legal requirements, the representative ...