Square stock extends run on rollout of payroll product — up nearly 9%

Square Inc. rolled out a new, dedicated payroll app on Tuesday, which will allow employers to approve time cards and pay employees. Over the past few quarters, merchant services such as payroll have helped contribute to the company‘s strong growth. Square has been successful in convincing merchants to pay for additional services beyond payment processing, including instant access to funds and invoicing. The new app puts the payroll service in a dedicated place. Shares of Automatic Data Processing Inc. turned negative in midday trading Tuesday, and they‘re now down 0.8%. Shares of Paychex Inc. are currently off 1.7%. Square stock continues to add to its gains, and it‘s now up 8.3%. Earlier Tuesday, an analyst on the stock to $125, which is the highest listed on FactSet. The stock is up 240% over the past 12 months, as the S&P 500 has gained 17%.

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