Here's Why Block Stock Sank This Week
Shares of financial technology (fintech) company Block (NYSE: SQ) are having a rough week. As of Friday morning (before the market opened), Block stock had dropped nearly 14% for the week, according to data provided by S&P Global Market Intelligence.
Negative stock market conditions are partly to blame. The S 500 is down almost 3% for the week, as of this writing. So it's only natural for Block stock to be down as well. But investors are also digesting the news that an executive for the company stepped down this week. And I believe it's causing confusion.
On Sept. 18, Block filed an official update with the Securities and Exchange Commission (SEC) stating that Square CEO Alyssa Henry is leaving on Oct. 2. Square is the part of Block that provides products and services for merchants.
Source Fool.com
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