It might be hip to be buzzy payment firm Square on Wall Street today, but fashion and retail stocks weighing in with third-quarter results were also getting strong reactions from investors.
Square, the payment firm led by Jack Dorsey, who’s also Twitter’s chief executive officer, shot up nearly 50 percent to $13.44 in morning trading after its initial public offering on the New York Stock Exchange. That gives the company a market capitalization of about $360 million and is a better performance than expected after the offering priced at $9 a share, below the $11 to $13 projected range. The performance could aid and comfort both the IPO market and tech companies with big, although still unproven, valuations.
Among the companies weighing in with quarterly results, Stein Mart Inc. gained 10 percent to $7.93 and Perry Ellis International Inc. shot ahead 17.6 percent to $20.92 in early trading.
The market overall was flat-ish, with the Dow Jones Industrial Average up 3.54 points to 17,740.70 and the S&P 500 Retailing Industry Group ahead 0.4 percent to 1,273.52.
In Europe, markets were trending higher despite fears of future terrorist attacks following last week’s mass shootings in Paris.