Yelp Inc (NYSE: YELP)
Yelp is having an incredibly interesting day in the market today. After starting the day off in the green, the stock quickly found its way to the red. From there, it quickly worked its way back to the green and remained relatively flat throughout the rest of the morning. That is, until minutes ago when the stock started to spike for the top. Below, we’ll talk about what we’re seeing from YELP, why, and what we’ll be watching with regard to the stock ahead.
What We’re Seeing From YELP
As mentioned above, Yelp has been all over the place this morning. At the opening bell, the stock was trading in the green before quickly bouncing in the red, then back to the green. However, since then, things have remained relatively flat. That is, until the stock started to skyrocket minutes ago as rumors broke. At the moment (11:13), YELP is trading at $34.09 per share after a gain of $0.56 per share or 1.67% thus far today.
Why The Stock Is Headed Up
As is always the case, we give credit where credit is due, and Trade Ideas deserves the credit for being the first to alert us of the gains on YELP. As soon as the CNA Finance team noticed the alert, we started digging to see why the stock was making a run for the top. It didn’t take long to dig up the story. While the company hasn’t released anything that would have sent the stock upward, we did see something in social that caught our attention.
At the moment, there’s a rumor surrounding Yelp Inc in the social space. According to the rumor, the company is gearing up to be taken over. Like most rumors, this one is overwhelmingly vague and not likely true. The rumor suggests no takeover price nor who the buyer might be. Nonetheless, it is indeed causing excitement, sending the stock upward.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be watching YELP incredibly closely. While we watch, we’re looking to see if there is any validity to the rumors that are surfacing this morning. As mentioned above, they are vague, so you shouldn’t get your hopes up. Nonetheless, if an acquisition does happen, it will likely return incredible value to shareholders. We’ll continue to watch the story and bring you the news as it breaks!
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the CNA Finance mailing list below!
[Image Courtesy of Pixabay]