Square (SQ) stock erases earlier losses after PayPal-iZettle news

Payments firm Square‘s stock erased its earlier losses Friday, after slipping as much as 3 percent the day after news of a PayPal-iZettle tie-up.

Shares hit a low of $53 per share but recovered to $55.04 by the end of the day.

The $2.2 billion merger will launch U.S. fintech giant PayPal into hundreds of thousands of brick-and-mortar retailers around the world through iZettle’s mobile card readers. That’s a threat to Square, which markets its high-tech registers to small businesses.

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