Square's U.K. Launch Doesn't Impress Investors

Square Inc SQ shares are trading lower by $0.13 at $17.12 in Tuesday's session. A recent Square press release confirms the U.K. launch has not attracted major buyers into the issue, contrary to initial indications.

After a higher open, the issue appeared to suggest it would attract buyers as the stock showed a follow-through to $17.50, following which the rally stalled. That marks the highest level for the issue since it put in pair of highs just above that level from February 28 ($17.79) and March 1 ($17.64).

The retreat off that high took the issue beyond Monday's close ($17.25) but did find intraday support $16.92. Square has rebounded back into the $17.00 handle.