Synchrony Financial Posting Steep Loss After Being Sued By Walmart

(RTTNews) - After gapping open sharply lower, shares of Synchrony Financial (SYF) continue to see significant weakness in afternoon trading on Friday. Synchrony is currently down by 9.8 percent after hitting its lowest intraday level in well over a year.

The initial sell-off by Synchrony came after retail giant Walmart (WMT) sued the credit card issuer for breach of contract.

Synchrony called the lawsuit completely baseless and without merit, accusing Walmart of attempt to exert leverage and avoid the contractually defined process for valuing the loan portfolio that Synchrony has serviced on behalf of millions of Walmart customers for the last 20 years.