Shares of Affirm Holdings, Inc. (AFRM) slipped 13% on Monday morning after fintech peer Klarna announced it will be the sole provider of "buy now, pay later" loans for Walmart (WMT).
AFRM is currently trading at $43.60, down $6.48 or 12.94%, on a volume of 13.2 million shares, above average volume of 6.9 million, on the Nasdaq. The stock has opened its trading at $46.48 after closing Friday at $50.08. The stock has traded between $22.25 and $82.53 in the past 52-week period.
The Walmart news came after Klarna filed an initial public offering prospectus on Friday. The number of shares to be offered and the price range for the offering have yet to be determined, but the company has applied to list its ordinary shares on the New York Stock Exchange under the symbol "KLAR."
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