Why Synchrony's Stock Price Soared 21.1% in July
Synchrony Financial (NYSE: SYF) bounced back in July, as its stock price rose 21.1% in the month, according to S&P Global Market Intelligence. It bested both the S&P 500, up 9.1% in July, and the Nasdaq Composite, up 12.4% for the month. Synchrony is still down about 28% year to date, as of Aug. 2.
Synchrony Financial is one of the leading providers of store cards -- those that can be used only for purchases at a particular store or retailer. The cards are branded with the name of the retailer, but Synchrony lends the money for the purchases and collects the interest on payments.
The company has cards with more than 100 partners, including the e-commerce giant, Amazon.com (NASDAQ: AMZN). If you have an Amazon store card, you're paying your bills to Synchrony.
Source Fool.com
