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Why Are Affirm, Upstart, and StoneCo Getting Crushed on Wednesday?
Just to name some of the biggest losers, buy now, pay later leader Affirm Holdings (NASDAQ: AFRM) had declined by 11%, lending technology platform Upstart Holdings (NASDAQ: UPST) was down by nearly 10%, and so was Brazil-based payment technology company StoneCo (NASDAQ: STNE). StoneCo received an underperform rating and $10 price target from Autonomous Research. Instead, the real reason for all of the downward momentum is PayPal Holdings’ (NASDAQ: PYPL) fourth-quarter earnings report, which was released after the closing bell on Tuesday.
