As the previously hot private stocks continue to take a beating in the public markets, even the not so hot IPOs are taking hits. Square (SQ) traded down another 8% to approach the IPO price at $9. For those that don't recall, the mobile payments provider priced under the expected range and far below the last pricing in the private market. The stock perceeded to pop some 43% in the first day trading to close over $13. $SQ, Block, Inc. / 1440 The company is in a messy situation with the transition away from prime customer Starbucks (SBUX) and CEO Jack Dorsey running both Square and Twitter (TWTR). With 440 million shares outstanding, the stock is still worth in the neighborhood of $4 billion. Excluding Starbucks revenue that is going away, the company is on pace for $450 million in adjusted revenue for 2015. With the company not reporting earnings until March 9, Square is likely to linger for a long time. It doesn't help that the CEO is distracted working on Twitter that is equally weak. The weakness could cause the market to push for Dorsey to chose one or the other. Valuation is starting to get interesting, but the volatility surrounding an initial earnings report in the public market enhances the risk. For now, I'm waiting until after the earnings report to obtain a clearer picture of the future prospects.