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Amazon stock sees slight rebound, Robinhood jumps on new stake from FTX owner, Affirm stock rises

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Yahoo Finance Live looks at several stocks tied to trending industry stories.

Video transcript

RACHELLE AKUFFO: Welcome back to Yahoo Finance Live, everyone. It is time for our triple play. And I'm going to be kicking us off with fintech meme stock Robinhood. Now the stock and trading investment app Robinhood actually saw shares jump amid news that FTX founder Samuel Bankman-Fried disclosed a 7.6% stake in the company. As you can see, though, the share is still up there, more than 24% on the day.

Now this is some relief as the stock is currently down around 40% year to date. Now we did see that that boost from crypto exchange billionaire, that was a factor in lifting some of these other fintech stocks as well like SoFi. Now meme stocks SoFi and Robinhood are usually popular with retail investors. So we do tend to see sometimes some of these wild swings. Now SoFi, as we can see, also currently trading in the positive there up about 18% on the day.

Now the personal finance company did take a hit after disappointing earnings and forward guidance were accidentally released early a few days ago. And that came on the heels of fellow loan company Upstart also reporting mixed results as well as saying that they were cutting guidance as inflation and recession concerns persisted across the industry.

EMILY MCCORMICK: Well, Rachelle, going back to your note there on Robinhood and the investment that Sam Bankman-Fried made in it, it is interesting to see that in the filing, Sam Bankman-Fried acquired the shares of Robinhood with the belief that they quote, "represent an attractive investment." Now, if we take a look at how the stock has been trending for the year to date, before yesterday's close, Robinhood shares had been down by more than 51%. Of course, this had been amid the broader meme stock and tech stocks sell off.

So clearly here, at least Sam Bankman-Fried does potentially see a value play. Again, that stock certainly getting a pop from his vote of confidence. But we'll see if that trend can continue as we head into next week's trading. My triple play pick is also a fintech player. And it's a firm. Now shares of the buy now pay later platform are soaring today. And that's after the company reported some results that helped at least temporarily assuage concerns over how fintech companies have been able to perform in this current macro environment, especially given that recent tech sell off.

Now a firm's revenue grew 54% over last year to reach nearly $355 million. And adjusted losses narrow to just $0.19 per share. Now Affirm also raised its revenue forecast to as much as $1.34 billion for the full year. Previously, it saw at least 1.31 billion. Now that new guidance implies sales growth of more than 50%. And the Wall Street response to this report has been largely positive. Kevin Barker over at Piper Sandler said, quote, "we believe the stock has been under pressure the past few months due to funding concerns related to higher interest rates. And this quarter's results showed no signs of funding headwinds."

So Dave, clearly with investors really selling tech across the board the past few weeks, we're at least now starting to see some standouts in a positive way from the pack.

DAVE BRIGGS: Yeah, desperately needed. And a shout out to their CFO, Michael Linford, on Yahoo Finance this morning. I love when CFOs, CEOs talk narratives. And he doesn't want to hear this talk about a downturn or recession. He says, quote, "I would not bet against the American consumer to our friends on the show this morning."

And speaking of, my play has a direct relationship with them. My play is Amazon. They expanded their relationship most recently. And Amazon has been hammered as of late. As you know, shares down 33% year to date. They've given away all of their pandemic gains and talk of hitting that $2 trillion market cap. Well, they have all but subsided.

The stock peaked at 3,700 back in July 2021. And it has been pretty much downhill since then. But a nice pop today. We are up just over 5% on the day as you mentioned. A lot of those tech stocks seeing a little bit of a bounce back today. A bit of interesting news that's not good for Amazon, a story about a lawsuit from a shareholder, Steven Nelson, who's actually suing Jeff Bezos, suing CEO Andy Jassy, and 17 other Amazon leaders, saying they knowingly broke state law in how they used customer data. So keep your eye on that.

And you know I'm always biased about the sports industry. A big night for Amazon last night debuting their full NFL slate, 15 football games, which will stream on Amazon Prime on Thursday nights. And that will really change the streaming atmosphere when folks have to get Amazon Prime and to see NFL games. That is a game changer, Rachelle.

RACHELLE AKUFFO: I was a little bit hurt that I didn't see my Vikings on that lineup. But that's OK. I won't bear any ill will. Obviously, Amazon, as with a lot of these mega cap tech stocks, having a tough time of it. But we could perhaps be seeing somewhere near the bottom of it. A lot of people wondering what Amazon will do next. They continue to branch out into different avenues, different revenue streams, as we saw most recently with health care. Amazon is obviously one that's not going to be going away anytime soon, even amid is downturn, but obviously, still one to watch.

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