Discover Financial Services

Morgan Stanley won a crucial legal ruling in its battle with former credit card subsidiary Discover Financial Services over almost $800 million Morgan Stanley says it is owed, reports Dow Jones.

Discover Financial Services (NYSE: DFS) today released its annual Holiday Shopping Survey, which assesses consumer spending trends and gift intentions for the 2009 holiday season. This year, shoppers plan to spend 13 percent less on holiday gifts compared to last year. Forty-eight percent of shoppers who plan to spend less said the economy was very influential on their decision to cut back on holiday spending this season. But of those spending less, nearly 80 percent say it will not put a damper on their holiday spirit.

Discover Finds Consumers Wary

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RIVERWOODS, Ill.--(BUSINESS WIRE)--Dec. 2, 2009-- The Discover U.S. Spending Monitor was flat in November, rising only a half point to 86.3 (based out of 100) as a majority of consumers continued to be pessimistic about the economy and their personal finances. Overall, 59 percent of consumers rated the economy as poor, a 3-point increase from October. Forty-nine percent of consumers felt economic conditions were getting worse, a 3-point rise from October and second consecutive increase.

EXPECTATIONS ARE LOW FOR THE HOLIDAYS

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The new credit card law, enacted in the depths of a recession, cracks down on issuers' longstanding practices, but could also indirectly benefit the companies in an economic recovery.

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RIVERWOODS, Ill.--(BUSINESS WIRE)--The Discover U.S. Spending Monitor fell 3.2 points in October to 85.8 (based out of 100). The decline was primarily due to a rising number of consumers concerned about the state of the economy. Overall, 56 percent of consumers rated the economy as poor, a 4-point increase from September. Forty-six percent of consumers felt economic conditions were getting worse, a 3-point rise from September and the first increase reported since July.

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RECESSION: Half of Small Business Owners Say Economic Recovery More Than a Year Away; 53% Say Small Businesses Will Lead U.S. Recovery;

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