BREAKING: Market Bounces As Apple Pares Loss
Jack Dorsey and Facebook (FB) Chief Executive Mark Zuckerberg apparently think alike. Dorsey’s Square stock will change its name to Block, the company said late Wednesday. SQ stock joins Facebook in a corporate rebranding.
Square (SQ) said its name change to Block reflects the company’s commitment to blockchain technology, which underpins cryptocurrency Bitcoin. Unlike Facebook, the company’s ticker will not change and remain SQ.
SQ stock fell 3.2% to 188.20 in morning trading on the stock market today. Shares have retreated 10% in 2021 amid pressure from its Afterpay acquisition.
The digital payment processor until this week shared the same CEO with Twitter (TWTR). Jack Dorsey resigned as Twitter CEO on Nov. 29, ending the sharing arrangement with Square.
Get these newsletters delivered to your inbox & more info about our products & services. Privacy Policy & Terms of Use
Under Dorsey, Square has embraced Bitcoin. Square Cash App users are able to buy, hold and sell the cryptocurrency. But Square’s Bitcoin business has gross profit margins of only around 2%, SQ stock analysts say.
Still, Square has set up a new business line to help developers build financial services products focused on Bitcoin. Further, Square in November said the Cash App supports « Taproot, » a software upgrade to the Bitcoin blockchain intended to make the network more secure, flexible and scalable.
« Square will be renamed Block reflecting the company’s transformation from its exclusive focus on SMBs (small and medium-sized businesses) to a multi-dimention operation, serving merchants, consumers, the ‘creator’ economy (Tidel) as well as new unit, incorporating cypro initiatives, including DeFi, » said Wedbush analyst Moshe Katri in a report. « The (merchant) Seller segment will retain the Square name. »
Meanwhile, Facebook on Oct. 28 changed its corporate name to Meta Platforms. The social media firm plans to change its ticker from FB to MVRS.
The metaverse, or omniverse, centers on virtual worlds enabled by digital technologies. Analysts expect the next-generation internet to be enabled by augmented and virtual reality as well as livestreaming.
Dow Jones Futures Bounce, But Apple Tumbles On Weak iPhone Demand
Vertex Soars To 6-Month High After Scoring A Win — And It’s Not In Cystic Fibrosis
Best Growth Stocks To Buy And Watch: See Updates To IBD Stock Lists
Chart Reading For Beginners: Nvidia, Amazon, Pinterest Reveal This Key Investing Skill
How To Use The 10-Week Moving Average For Buying And Selling
SPS Commerce CEO Archie Black, 59, focused the company on fast-growing cloud opportunities. (SPS Commerce)
Get instant access to exclusive stock lists, expert market analysis and powerful tools with 2 months of IBD Digital for only $20!
Get market updates, educational videos, webinars, and stock analysis.
Learn how you can make more money with IBD’s investing tools, top-performing stock lists, and educational content.
Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the stocks they discuss. The information and content are subject to change without notice.
*Real-time prices by Nasdaq Last Sale. Realtime quote and/or trade prices are not sourced from all markets.
Ownership data provided by Refinitiv and Estimates data provided by FactSet.
© 2000-2021 Investor’s Business Daily, LLC. All rights reserved

source