In Wednesday’s Blitz Daily with Lance Ippolito, we take a look at fintech company Affirm ahead of its May 12 earnings event.
Order flow slowed down Wednesday as the stock market continues to puke in the face of nasty economic headwinds.
The selling has wreaked havoc on tech companies like payment platform Affirm after fellow fintech Upstart Holdings missed earnings expectations on Monday and substantially lowered its full-year guidance.
The news spurred a sell-off of financial-related tech names, with Affirm shedding more than 40% of its value from its May 6 closing price — ouch!
So Wednesday saw institutional traders bracing for more downside pressure with a series of bearish bets as the company gets ready to report Q1 earnings.
Of course that’s not the only outsized bet hitting the tap Wednesday, I have three more top trades waiting right inside…
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