154.18 -0.69 (-0.45%)
After hours: 7:59PM EDT
|Bid||154.17 x 1100|
|Ask||155.25 x 3200|
|Day's Range||152.43 - 167.40|
|52 Week Range||32.33 - 193.44|
|Beta (5Y Monthly)||2.68|
|PE Ratio (TTM)||240.12|
|Earnings Date||Nov. 05, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||165.77|
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.
Personal-finance firm Credit Karma is in talks to sell its tax-preparation business to Square Inc, the Wall Street Journal reported on Friday, citing people familiar with the matter. The move is aimed at avoiding potential antitrust objections to Credit Karma's pending sale to TurboTax maker Intuit Inc. , the report added. The U.S. Justice Department is concerned that bringing together Credit Karma's tax-preparation business with TurboTax would leave taxpayers with fewer and potentially more expensive options, the report said.
While cash isn't likely to go away entirely -- at least not anytime soon -- it is continuously becoming easier, cheaper, and generally more desirable to use card, contactless, and mobile payments for everyday purchases. Financial technology companies all over the world stand to benefit from this trend, often referred to as the War on Cash. Square (NYSE: SQ) is one of them.