Shares of the iPhone maker were higher in pre-market trading following reports that the company is ending its “buy now, pay later” service, just over a year after its launch.
The service, called Apple Pay Later, allowed customers to split purchases between $50 and $1,000 into four payments spread over six weeks, with no interest or fees.
Apple’s website states that the company is “no longer offering new loans” for Apple Pay Later, but existing loans will not be affected.
The iPhone maker made the move after announcing that third-party services – such as those from Affirm Holdings Inc. and Citigroup Inc. – would be integrated into the upcoming iOS 18 software.
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“Starting later this year, users around the world will be able to access installment loans offered through credit cards, debit cards and lenders at checkout with Apple Pay,” the company said in a statement. “With the introduction of this new global installment loan offering, we will no longer offer Apple Pay Later in the US.”
Palantir Technologies (PLTR)
Shares in the software company were the most sought after in the run-up to the US opening bell, when analysts at Argus Research began covering the data analytics software company with a buy rating.
Analysts at Argus Research believe Palantir can benefit from growing sales to commercial customers. The share price target is $29, highlighting artificial intelligence as a potential catalyst for continued growth.
“Warfare will continue to be transformed by software in this century,” Alex Karp, CEO of Palantir Technologies, said in his letter to shareholders in May.
“Many fear the application of artificial intelligence in the military context, including its potential to enable more autonomous and even self-driving weapon systems,” he added.
However, Karp said the company’s software has become “as important to eliminating an adversary as it is to protecting innocents from harm.”
Shares of the EV maker rose in premarket trading as rival Fisker ( FSRN ) filed for bankruptcy after failing to secure investment amid sagging consumer demand.
The Tesla challenger, founded by James Bond car designer Henrik Fisker, has seen its share price plummet 99% as it faces a cash crunch.
Meanwhile, Tesla CEO Elon Musk told employees on Monday that the electric vehicle maker is working on stock-based compensation for high-performing employees, according to Reuters.
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The plan comes just days after Musk won shareholder approval for his $56 billion pay plan, consisting of stock options, and two months after he announced job cuts affecting more than 10% of Tesla’s global workforce in light of dwindling demand for electric vehicles and increasing price competition from Chinese rivals.
Whitbread (WTB.L)
Premier Inn owner Whitbread said he is confident about the year ahead as sales have increased and costs have been reduced amid falling inflation.
Shares in Whitbread are up 4.6% as investors welcome news that UK trading has strengthened last quarter.
The Bedfordshire-headquartered group grew its total turnover by 1% to £739 million in the 13 weeks to May 30, 2024, compared to the same period the year before. Sales were “driven by improved UK trading and continued progress in Germany.”
The Premier Inn operations in Germany reported a 15% increase in total sales.
Dominic Paul, CEO of the hospitality group, said: “While normal booking patterns mean our visibility into the future remains limited, our forward booking position is positive and we remain confident in the full year outlook.
“This reflects encouraging trading performance in Britain, our strong commercial program and increased cost efficiency, as well as good progress in Germany.”
Paul added that Whitbread is on track with the program announced earlier this year to restructure its food and drink business, which will see more than 200 restaurants closed or converted and around 1,500 job cuts.
The £150m share buyback is on track, he said, with 3.2m shares bought for £96m so far.
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