Stocks making the biggest moves midday: Square, Pfizer, Ralph Lauren and more

Stocks making the biggest moves midday: Square, Pfizer, Ralph Lauren and more

— Jack Dorsey's payments company saw its shares surge 11.5% after the firm announced plans to in a $29 billion, all-stock deal as it looks to expand further into the booming installment loan market. The price tag marks a roughly 30% premium to Afterpay's last closing price. Square also reported second-quarter earnings of 40 cents per share, up from a loss of 3 cents per share over the same period last year. The company's gross profit increased 91% from a year ago, which marked a record quarterly growth rate. Payments stocks — Stocks of payment tech firms that provide card issuer processing and network services to banks are sinking in response to the news of Square's buy-now-pay-later acquisition of Afterpay. shares sank 8% despite reporting second quarter earnings of $2.04 that beat analysts' expectations $1.90. shares fell 4% and shares are down 3.4%. — Shares of the newly public stock trading app rose 4% following its Nasdaq debut last week. ARK Invest's Cathie Wood of Robinhood shares on Friday in three ARK funds, a major vote of confidence from the innovation investor. , , — Pfizer shares rose 2.7% and its partner BioNTech's shares jumped 6% after it in Europe.