Why Affirm's Stock Spiked Higher Today

Affirm Holdings Inc AFRM shares are trading higher following a Bloomberg report indicating Apple and the company plan to launch a 'buy now, pay later' program for Apple device purchases in Canada.

Customers can use Affirm to pay for items such as plane tickets or hotels in weekly or monthly installments.

Bloomberg broke the news Tuesday afternoon that Apple Inc AAPL and Affirm are teaming up to launch a "buy now pay later" service in Canada on Aug 11.

Affirm's stock jumped from around $60 to $68 on the news late in the trading session on Tuesday. The stock jumped so quickly that a volatility halt was put in place. The stock continued to trade higher once trading resumed after the halt.

The stock traded as high as $146.90 and as low as $46.50 over the past 52-weeks.