- Affirm Holdings ( NASDAQ: AFRM ) stock sank 10% on Friday, snapping a six-day rally that drove the stock up 43%, and tracking weakness in fintech shares along with tech stocks more broadly.
- Of S&P 500 industry sectors, Information Technology dropped 1.4% as Snap ( SNAP ) posted a "remarkably disappointing" Q2 . The only sector to do worse was Communications Services, down 4.3% , dragged down as Verizon ( VZ ) slashed its outlook . Financials slipped by a lesser degree, dipping 0.6% .
- That tech weakness washed onto the fintech sector, pulling the Global X FinTech Thematic ETF ( NASDAQ: FINX ) down 2.1% , breaking its five-day upswing.
- Affirm ( AFRM ), closing at $26.77 on Friday, is well below its all-time high of $176.65, and close to double its 52-week low of $13.67.
- Other fintech action: PayPal ( NASDAQ: PYPL ) dropped 2.1% , Block ( NYSE: SQ ), slid 4.0% , Upstart ( NASDAQ: UPST ) fell 8.5% , Robinhood Markets ( NASDAQ: HOOD ) -3.5% , and SoFi Technologies -6.0% .
- SA contributor Juxtaposed Ideas says to sell Affirm ( AFRM ) now, citing its $1.4B of cash burn . By contrast, the SA Quant rating switched to Hold from Sell earlier this month .
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Affirm Holding stock joins fintech dip, breaking six-session rally