Shares of the iPhone maker were higher in pre-launch trading following news that it was ending its buy-now-pay-later service, just over a year after it launched.
Called Apple Pay Later, the service 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 said the company is “no longer offering new loans” for Apple Pay Later, but existing ones are not affected.
The iPhone maker made the move after announcing that third-party services — such as those from Affirm Holdings Inc. and Citigroup Inc. – will be integrated into its 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 and debit cards, as well as lenders, when they pay with Apple Pay,” the company said in a statement. “With the introduction of this new global installment loan offer, we will no longer offer Apple Pay in the US at a later date.”
Palantir Technologies (PLTR)
Shares in the software company were most in demand ahead of the US open as analysts at Argus Research began coverage of the data analytics software company with a “Buy” rating.
Analysts at Argus Research believe Palantir will benefit from growing sales to commercial clients. The stock has a $29 price target, with AI highlighted as a potential catalyst for continued growth.
“Warfare this century will continue to be transformed by software,” Alex Karp, chief executive of Palantir Technologies, said in a letter to shareholders in May.
“Many are concerned about the use of artificial intelligence in a military context, including its potential to enable more autonomous and truly self-guided weapons systems,” he added.
However, Karp said, the company’s software “has become as important to eliminating the adversary as it is to protecting the innocent from harm.”
The electric car maker’s shares rose in premarket trading as rival Fisker ( FSRN ) filed for bankruptcy after failing to secure investment due to faltering consumer demand.
The Tesla challenger, launched by James Bond car designer Henrik Fisker, has seen its share price plunge 99% as it struggles with financial distress.
Meanwhile, Tesla CEO Elon Musk told employees on Monday that the electric vehicle maker is working on stock-based compensation for high-performing employees, Reuters reported.
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The plan comes just days after Musk won shareholder approval for his $56 billion pay plan, which consists of stock options, and two months after he announced job cuts that will affect more than 10% of the global workforce Tesla, in the face of slowing demand for EVs and intensifying price competition from Tesla. Chinese rivals.
Whitbread (WTB.L)
Premier Inn owner Whitbread said he was confident about the year ahead as he boosted sales and cut costs amid falling inflation.
Shares in Whitbread jumped 4.6% as investors welcomed news that UK trading strengthened in the latest quarter.
The Bedfordshire-based group increased its total revenue by 1% to £739m in the 13 weeks to 30 May 2024 compared with the same period a year earlier. Sales were “driven by improved trading in the UK and continued progress in Germany”.
Its Premier Inn business in Germany reported a 15% increase in total sales.
Dominic Paul, chief executive of the hospitality group, said: “While the current booking pattern means our forward visibility remains limited, our future booking position is positive and we remain confident about the full year outlook.
“This reflects more encouraging business performance in the UK, our strong business program and increased cost efficiencies, as well as good progress in Germany.”
Paul added that Whitbread is on track with a restructuring program for its food and drink business announced earlier this year, which will close or transfer more than 200 restaurants and cut around 1,500 jobs.
Its £150m share buyback is on track, he said, with 3.2m shares bought for £96m so far.
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