Yelp Inc (NYSE: YELP)
Yelp was off to a relatively strong day in the market early on. When the opening bell rang, the stock was in the green and, for a short while, continued to climb. However, after a few minutes of upward movement, we started to see declines that nearly brought the stock back to the break even point. Nonetheless, minutes ago, it started spiking. Below, we’ll talk about what we’re seeing in the market, why, and what we’ll be watching with regard to YELP ahead.
What We’re Seeing From YELP
As mentioned above, Yelp was having an interesting start to the trading session today. When the opening bell rang, the stock was already in the green. From there, we saw more upward movement for a short while before a quick reversal brought it close to breaking even. Nonetheless, things all changed minutes ago when YELP started spiking upward yet again. At the moment (11:07), YELP is trading at $36.47 per share after a gain of $1.30 per share (3.70%) thus far today.
Why The Stock Is Headed Upward
Early in the day, our partners at Trade Ideas gave us a signal to watch YELP closely today. I’m glad they did. Nonetheless, as soon as we saw the most recent spike, it was time for the CNA Finance team to dig to see exactly what was happening. It didn’t take long to dig up the story. While there has been no fundamental news released about the company, we are seeing rumors in the world of social media.
All over social at the moment, there’s a big rumor circulating surrounding Yelp. That rumor is that the company is going to be taken over soon. However, this time around, the rumor is incredibly vague. Nonetheless, it seems to be exciting investors.
What We’ll Be Watching Moving Forward
Moving forward, the CNA Finance team will be keeping a close eye on YELP. In particular, we’re interested in seeing whether or not this rumor actually amounts to anything. While, in most cases, rumors tend to be duds, in some cases, they are signals of big news coming. Nonetheless, we’ll keep a close eye on the news and bring it to you as it breaks!
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[Image Courtesy of Flickr]