Why Block Stock Tumbled by Nearly 5% on Thursday

A disquieting report about a rival's possible encroachment on its core business socked Block (NYSE: SQ) with a nearly 5% sell-off in its shares on Thursday. Investors were clearly spooked that a powerful new competitor might give the successful fintech a run for its money.

After market hours on Wednesday, Bloomberg published an article stating that ever-mighty Apple (NASDAQ: AAPL) plans to launch a small-business payments service. "People with knowledge of the matter," told the business news agency the service would be made available through iPhones, without requiring additional hardware to function.

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Source Fool.com