|Bid||0.00 x 2200|
|Ask||0.00 x 2900|
|Day's range||65.50 - 67.28|
|52-week range||24.22 - 69.40|
|PE ratio (TTM)||N/A|
|Earnings date||31 Jul 2018 - 6 Aug 2018|
|Forward dividend & yield||N/A (N/A)|
|1y target est||59.48|
Investors worried that the growth of Square’s (SQ) Cash wallet app might be tied too closely to cybercurrency may have reason to relax. In a Wednesday note, the analysts at Nomura Instinet—Square bulls who recently suggested that the Cash App could be worth $20 per share by itself—pointed to recently Cash download numbers they say run counter to declining bitcoin prices. “The spike in bitcoin prices in late 2017 helps explain the surge in Cash App growth from +129% in 3Q17 to +181% by 4Q17.
Instinet analyst Dan Dolev reiterated his upbeat stance on Square Inc. (sq) on Wednesday, given his latest look at Square Cash app downloads. Dolev said that downloads of Cash, Square's peer-to-peer money transfer app, accelerated in May and June. Dolev's $82 price target makes him the most bullish analyst on the stock who's tracked by FactSet.
MARKET PULSE Susquehanna Financial Group analyst James Friedman raised his price target on shares of PayPal Holdings Inc. (pypl) to $105 from $93 on Wednesday. The new $105 target is the second highest among those tracked by FactSet.
Here are some things going on today in the world of tech: Shares of Tesla (TSLA) are up $6.70, or 2%, to $325.21, after Bloomberg’s Alex Webb this morning reported that the company is in preliminary talks to build a factory in Shanghai to produce more cars than it currently makes in the U.S., without citing any sources. Tesla’s Fremont, Calif., plant has so far this year made only 88,000 cars, notes Webb, but the plant in China would supposedly make as many as half a million per year. The story came as Chief Executive Elon Musk is in China for meetings this week.
MARKET PULSE Jefferies analyst John Hecht assumed coverage of Square Inc. (sq) with a hold rating on Tuesday, lowering the firm's price target to $60 from $63. A prior Jefferies analyst had rated the stock a buy.
Square’s (SQ) money transfer service Cash App has expanded a great deal since it launched, initially going by the name Square Cash. At the end of 2017, there were more than 7 million monthly active Cash App users. In a recent interview with Quartz, Square’s CFO Sarah Friar discussed the future shape of finance and went on to say that Square is effectively creating a bank account of the future with its Cash App.
BTIG analyst Mark Palmer reiterated his sell rating on shares of Square Inc. (sq) late Thursday, writing that the company's withdrawal of a banking-license application "highlights riskiness of dependence on credit to spur growth." Square said in a statement that it plans to refile the application for an industrial-loan charter, which would allow the company to take in deposits without being subject to all of the same rules as a traditional bank. "While Square retains only a small portion of the loans it originates through Square Capital on its balance sheet and sells most of them to investors, one of the painful lessons learned in early 2016 by investors in the stocks of online marketplace lenders such as LendingClub (lc) is that firms that sell the loans they originate are still vulnerable to volatility in the credit market that could negatively impact perceptions of their growth trajectories," Palmer wrote.
San Francisco-based payments processor Square Inc. said on Thursday it had withdrawn its regulatory application to open a deposit-taking bank, but that the company plans to refile its paperwork at a later date. The fintech firm last year applied with the Federal Deposit Insurance Corp (FDIC) for a special "industrial loan company (ILC)" licence that, if granted, allows nontraditional financial firms to collect government-insured deposits. “We have been engaged in constructive dialogue with the FDIC, and our decision to withdraw and refile was a procedural step in the review process that will allow us to amend and strengthen some areas of our FDIC insurance application," a Square representative said in an emailed statement.
Payments processor Square has withdrawn its application for a banking license, a report said Thursday. The San Francisco-based firm told the American Banker that it may refile its application to the Federal Deposit Insurance Corp.
Square Inc. (sq) has withdrawn its application with the Federal Deposit Insurance Corporation for a banking charter but a spokeswoman says Square plans to resubmit it at a later date. The news was first reported by American Banker. "We have been engaged in constructive dialogue with the FDIC, and our decision to withdraw and refile was a procedural step in the review process that will allow us to amend and strengthen some areas of our FDIC insurance application," the company said in a statement.
Square, Inc. will release financial results for the second quarter of 2018 on August 1, 2018, after market close. Square will also host a conference call and earnings webcast at 2:00 p.m.
When Donald Trump visits Britain next week, Prime Minister Theresa May will have to face a harsh reality: Brexit makes Britain more dependent than ever on an alliance with the most unpredictable U.S. president in living memory. Sandwiched between a NATO meeting and a summit with Russia's Vladimir Putin, Trump's first visit to Britain as president comes at one of the most important junctures for Europe and the West since the 1991 fall of the Soviet Union.
Three business that offer practical investment opportunities whether cryptocurrencies form a speculative bubble again or not.