Global financial markets are in the midst of a massive sell-off this week and tech stocks are among the worst hit.
Payments companies like Square were leading the losses, despite impressive gains earlier this year.
Follow the market’s biggest individual stock moves here.
Square is getting demolished amid the stock market’s bloodbath this week.
The payments stock is down more than 7% in pre-market trading Thursday after already losing more than 10% during Wednesday’s rout. Shares are set to open Thursday’s session about 30% below their record high of $101.15 set on October 1. For context, the tech-heavy Nasdaq has shed about 8% over that time and the benchmark S&P 500 has lost less than 5%.
Square had seen a lengthy rally this year, soaring more than 190%, getting multiple upgrades from Wall Street analysts along the way as the company announced new features like peer-to-peer lending and research showing its downloads had easily surpassed its biggest competitor, the PayPal-owned Venmo. One analyst, Dan Dolev of Nomura Instinet, even suggested Square be included in the high-flying FAANG tech index.
But those gains could be short lived. Last week, a Wedbush analyst wrote a report that said the company’s …read more
Source:: Businessinsider – Finance