Affirm Surges 37% On Amazon Deal
Shares of fintech company Affirm Holdings are up 37 percent in pre-market trade following its deal with Amazon.com.
Affirm had on Friday announced that its flexible payment solution will soon be available to Amazon.com customers. The flexible solution which is being tested with select customers now would be made available to more customers in the coming months.
Affirm already has a relationship with several big and small e-commerce players.
The tie-up would enable Affirm’s alternative to credit cards to be offered to the millions who shop on Amazon.com in the U.S. Amazon customers would have the option at checkout to split the total cost of purchases of $50 or more into simple monthly payments by using Affirm.
California-headquartered Affirm Holdings, Inc. operates a platform for digital and mobile-first commerce in the United States and Canada. The platform includes point-of-sale payment solution for consumers, merchant commerce solutions, and a consumer-focused app. Its payments network and partnership with an originating bank, enables consumers to pay for a purchase over time with terms ranging from one to forty-eight months.
Affirm has traded in the range $46.50-$146.90 since its listing in January, 2021. The shares are currently trading at $93.09, up $25.019 or 37.10 percent from previous close.
Iridium Communications Shares Up 7%
Shares of Iridium Communications Inc. (IRDM) are currently trading at $43.65, up $3.03 or 7.46%, with trading volume of over 360K versus an average volume of 658K shares. The stock has been trading in the range of $23.65 – $54.65 for the past one year.
There are no recent company-specific news that could be attributed to today’s stock movement.
Last month, while reporting financial results for the second quarter, Iridium raised its full-year 2021 total service revenue growth guidance, citing strong subscriber growth during the first half of the year.
For fiscal 2021, the company projected service revenue growth of 4% – 5%, compared to the $463.1 million reported in 2020. Previously, the company expected total service revenue growth of about 3%. Analysts polled by Thomson Reuters currently expect the company to report revenues of $602.29 million for the year.
Festive sales to lift auto dealer volumes by 10-15%: Crisil
Fuel prices, third wave are risks: Crisil
Festive season sales and pent-up demand along with new offerings are expected to push automobile dealers’ volumes up by 10-15% in FY22, even as they see a patchy recovery this fiscal, according to a survey by credit ratings agency Crisil.
However, a possible third wave of COVID-19, spurt in fuel prices and supply constraints of original equipment manufacturers (OEMs) are seen among factors that could slow the sector down, Crisil said on Monday.
Also, the performance of the dealers varies sharply from region to region with the dealerships in north India being impacted the most, the agency said.
“Last fiscal did see a demand uptick during the festival season, but it did not sustain. This fiscal, too, sales across segments are yet to reach pre-pandemic levels,” Crisil said.
“Also, the deal conversion cycle has doubled, with customers deferring purchase decisions,” said director Bhushan Parekh.
Applebee's brings back popular dessert after song goes viral
New York (CNN Business)This summer’s viral craze of stacking milk crates in a pyramid and trying to climb them like stairs has been banned the app that helped give life to it.
TikTok has deleted search results for the hashtag “milk crate challenge” and explained in a statement that the challenge was publicizing a dangerous activity.
“TikTok prohibits content that promotes or glorifies dangerous acts, and we remove videos and redirect searches to our Community Guidelines to discourage such content,” a spokesperson said. “We encourage everyone to exercise caution in their behavior whether online or off.”
The challenge, like so many viral internet dares, began as a simple premise with often funny results: Someone gathers a bunch of milk crates and stacks them in a pyramid formation, then attempts to step up one side and down the other without the crates faltering underneath them (but the crates always topple, and the person walking them goes down with them).
A search for the hashtag Friday morning brings up a “No results found” screen on TikTok. “This phrase may be associated with behavior or content that violates our guidelines,” the results said.
People attempting the challenge are getting hurt according to a local news report. That prompted a Virginia orthopedic surgeon to warn against the stunt at a time when emergency rooms and medical personnel are overwhelmed with Covid-19 patients.
Axis Bank begins issuing debt securities under ₹35,000 crore-debt raise plan
The shareholders of Axis Bank had approved the proposal in bank’s annual general meeting in July
Axis Bank on August 30 said it has started issuing debt securities under its ₹35,000 crore-debt raise plan announced earlier this year.
In April, the private sector lender had said that its board had approved capital raise proposal up to ₹35,000 crore by issuing various debt instruments in Indian or foreign currency in domestic/overseas markets in one or more tranches.
The shareholders of the bank had approved the proposal in bank’s annual general meeting in July.
“The bank has initiated the process of issuing of the debt instruments, in the form of the additional tier 1 notes [notes] in foreign currency, subject to market conditions,” Axis Bank said in a regulatory filing.
This will be a sustainable bond under the sustainable financing framework of the bank.
The issuance is part of the existing global medium term notes (GMTN) programme of the bank, it said.
The lender said the offering under the GMTN has been informed to Singapore Exchange Limited (SGX) and the International Securities Market (ISM).
“The notes will not be offered or sold in India under the applicable laws,” it added.