Yelp Inc (NYSE: YELP) was off to a relatively normal day in the market today. There wasn’t much by way of gains or declines. However, that changed minutes ago when a rumor caused excitement among investors. The stock quickly shot upward, leading to an alert from our partners at Trade Ideas. At the moment (10:39), YELP is trading at $29.99 per share after a gain of $0.63 per share (2.15%) thus far today.
YELP Gains On Takeover Rumors
As mentioned above, Yelp was off to a relatively normal day in the market this morning until minutes ago when a rumor broke and excited investors. The rumor is that the company may soon be taken over. However, it is an overwhelmingly vague rumor. The rumor doesn’t mention who the potential buyer is, nor at what price the potential takeover would take place. The rumor is simply that the company will be taken over soon.
It’s important to remember that rumors are common in the market. In fact, in the first half of this year, we’ve already seen several takeover rumors surrounding YELP; none of which, might I add, have proven to be valid. With that said, I’d be willing to bet my bottom dollar that this is just another invalid rumor. So, if you’re going to trade on it, please do so with caution.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on YELP. In particular, we’ll be following the rumor to see if a takeover does indeed come to fruition. While our opinion is that the rumor is invalid, anything can happen in the market. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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