Why Square Stock Plunged Today

Evan Niu, CFA, The Motley Fool
·2 min read
Why Square Stock Plunged Today
Why Square Stock Plunged Today

Shares of Square (NYSE: SQ) have plunged today, down by 9% as of 12:40 p.m. EDT, following a report from The Wall Street Journal that the Credit Karma is in talks to sell its tax preparation business to the mobile payments company. In February, tax-preparation giant Intuit (NASDAQ: INTU) had announced its plan to acquire Credit Karma for $7.1 billion in cash and stock, which would be its largest acquisition to date.