Why Did Apple News Boost Block’s Stock Price Today?

Why Did Apple News Boost Block's Stock Price Today?

Tech Highlights:

  • Block did not provide the financial terms of this collaboration with Apple. It did say in its announcement that This builds on Square’s powerful software which helps sellers drive more business with marketing and loyalty programs; easily track and manage product inventory; and even simplify their cash flow with business banking tools that provide them instant access to their Square sales.

  • Block (SQ 6.75 percent) and Apple (AAPL 1.68 percent) are partnering on a new service in a meeting of two titans of the fintech and large tech sectors. Block announced the plan on Thursday morning, and enthusiastic investors sent the stock up nearly 7% in response. Block and Apple are collaborating to introduce Apple’s Tap to Pay capabilities to Block’s Point of Sale software, which is currently available on Apple’s popular iDevices. Once enabled, owners of those devices will be able to use them to make contactless payments at Block terminals that have the app installed.

According to data from several research companies, Apple’s iPhone is currently the most popular smartphone in the U.S., Block’s core market. Counterpoint Research, for example, has it that the tech giant’s familiar device comprised more than half of all smartphone shipments in the U.S. last year.  Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 06/02/2022.

The online investing service they’ve run for two decades, Motley Fool Stock Advisor, has beaten the stock market by 3X.* And right now, they think there are 10 stocks that are better buys.

Discounted offers are only available to new members. Stock Advisor list price is $199 per year. Block is always looking to broaden its payment ecosystem, and make it as convenient and accessible as possible for customers to transact with Block clients. It’s particularly encouraging that Block is currently trying to do so with iPhone owners as they now comprise a big chunk of the American economy. Our award-winning analyst team just revealed what they believe are the 10 best stocks for investors to buy right now… and Block, Inc. wasn’t one of them.

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