Affirm, SoFi stocks drop ahead of earnings


Wednesday afternoon marks an eventful period for financial-technology earnings, with Affirm Holdings Inc. AFRM, -12.71%, SoFi Technologies Inc. SOFI, -4.43%, and Marqeta Inc. MQ, -4.04% due to report, and all three stocks are falling ahead of those results. Affirm shares are down nearly 13%, while SoFi shares are off more than 4%, and Marqeta shares are down more than 3%. Investors seem to have high expectations for fintech companies this reporting season, as Toast Inc. TOST, -17.20% shares are getting burned despite a beat on headline metrics late Tuesday. Wednesday seems to be trending better for older-school fintech players, with shares of Mastercard Inc. MA, +4.09% up nearly 4% after the company delivered growth targets at its investor-day event that impressed at least one analyst. Shares of rival Visa Inc. [s; V] are up about 1% Wednesday.

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