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Oct. 30, 2020, 11:48 a.m. EDT

Square stock falls after report says company in talks to acquire tax-prep business from Credit Karma

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By Emily Bary

Square Inc. /zigman2/quotes/205989440/composite SQ -0.19% shares are off 9% in Friday trading after a Wall Street Journal report said that the company was in talks with Credit Karma Inc. about acquiring the company's tax-preparation business . For Credit Karma, the move would be an attempt to stave off antitrust concerns as the company is in the process of merging with Intuit Inc. /zigman2/quotes/203136605/composite INTU +1.08% , which offers TurboTax, the WSJ report said. An acquisition of the tax-prep business could allow Square to further build out its Cash App platform, which lets consumers send money to friends and conduct equity trading, among other things. The WSJ report, which cited multiple unnamed sources, said that the purchase price for the potential deal was unknown. A Square spokeswoman said that the company doesn't comment "on rumors or speculation." Square shares have gained 147% so far this year as the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.24% has risen just 0.4%.

/zigman2/quotes/205989440/composite
US : U.S.: NYSE
$ 212.52
-0.40 -0.19%
Volume: 6.53M
Nov. 27, 2020 5:00p
P/E Ratio
347.99
Dividend Yield
N/A
Market Cap
$96.01 billion
Rev. per Employee
$1.23M
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/zigman2/quotes/203136605/composite
US : U.S.: Nasdaq
$ 354.24
+3.77 +1.08%
Volume: 528,296
Nov. 27, 2020 1:00p
P/E Ratio
47.56
Dividend Yield
0.67%
Market Cap
$92.08 billion
Rev. per Employee
$724,434
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/zigman2/quotes/210599714/realtime
US : S&P US
3,638.35
+8.70 +0.24%
Volume: 1.22B
Nov. 27, 2020 2:07p
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