Capital One Shares Plummet After Breach
July 30 2019 - 12:05PM
Dow Jones News
By Gunjan Banerji
Capital One Financial Corp.'s shares were on track for the worst
day in more than four years after the company revealed a sprawling
data breach.
The bank's shares fell nearly 7% Tuesday, on pace for their
worst day since July 24, 2015, according to Dow Jones Market
Data.
The fifth largest U.S. credit-card issuer said Monday that a
hacker accessed the personal information of approximately 106
million card customers and applicants, one of the largest-ever data
breaches of a big bank.
Recent history shows that it can be hard for companies to
recover from these incidents.
Equifax Inc. said in September 2017 that hackers gained access
to some of its systems.
Its share price has still not recovered to its two-year high of
$146.26, hit in August 2017 before the breach was revealed, FactSet
data show. Equifax stock fell 1.1% on Tuesday to $141.21 in recent
trading.
The financials sector in the S&P 500 also took a hit on
Tuesday, falling 0.6%. Banks tend to fare better when interest
rates are rising, and investors are girding for the Federal Reserve
to cut rates for the first time in about a decade when it meets
this week.
Write to Gunjan Banerji at Gunjan.Banerji@wsj.com
(END) Dow Jones Newswires
July 30, 2019 11:50 ET (15:50 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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