BUZZ-Affirm rises as 'buy now, pay later' seen hitting record on Cyber Monday

Reuters2023-11-27

** Shares of Affirm Holdings up 4.1% premarket to $27.31, a 15-mth high, as buy now, pay later (BNPL) seen breaking records

** Adobe expects sales on Cyber Monday, the year's biggest U.S. online shopping day, of between $12 bln-$12.4 bln, with BNPL usage to hit all-time high, contributing $782 mln, up 18.8% yr/yr

** AFRM shares have surged 171% YTD, including 49% gain in Nov through Fri close

** Earlier this month, AFRM reported fiscal Q1 beat as its GMV (gross merchandise value) rose 28% from year earlier to $5.6 bln

** Short interest in AFRM shares stood at roughly 20% of public float as of Oct 31, LSEG data showed

** Meanwhile, shares of peer Upstart Holdings also rising 1.5% to $24.08 before the bell. UPST's stock up nearly 80% in 2023 through Fri

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@thomsonreuters.com lance.tupper@tr.com 1-646-279-6380))

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