By Tyler Durden,
As Apple prepares to launch new financial services (including its Apple 'Buy now, pay later' program), the company is reportedly planning on cutting ties with its financing partners and instead bring all financial services "in house".
While Apple shares rallied ever-so-briefly before returning to unch on the day...
...the news rattled shares of its (soon-to-be-former) partners including Green Dot, along with payments rivals like Square and PayPal.
- APPLE RISES ON EFFORT TO BRING FINANCIAL SERVICES IN-HOUSE
- APPLE'S CURRENT PARTNERS INCLUDE GOLDMAN, CORECARD, GREEN DOT
- AFFIRM QUICKLY TURNS NEGATIVE ON APPLE'S FINCL SERVICES EFFORT
- GREEN DOT, GOLDMAN FALL AMID APPLE FINANCIAL SERVICES EFFORT
Here's how the news impacted shares of Green Dot...
Other companies, including erstwhile Apple card partner Goldman Sachs, also saw its shares edge lower on the news.
Source : https://www.zerohedge.com/markets/green-dot-paypal-square-shares-slide-apple-plans-bring-financial-services-house