Why Affirm Holdings Stock Tumbled on Tuesday
Fintech stock Affirm Holdings (NASDAQ: AFRM) had quite the up-and-down trading session on Tuesday. After optimism spread through the sector following an encouraging earnings release from one peer, darker news from another dampened the rally. At the end of the day, Affirm's share price was down by more than 3%; this was notably worse than the 0.4% slide of the S&P 500 index.
The good news peer in question is SoFi Technologies, which before market open published an estimates-beating third quarter.
But then fellow member of the fintech club Upstart Holdings showed up to ruin the party. That company revealed in a regulatory filing that it aims to terminate 140 of its hourly employees, citing current economic conditions and -- more worryingly -- a decline in its loan volumes.
Source Fool.com
