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. Tech stocks in general have also been selling off today following lackluster earnings from the biggest companies in the sector.
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.
Image source: Credit Karma.
Source Fool.com
