Yelp Inc (NYSE:YELP) shares soared 9% to $19. in
early trading on the day of its giant lockup expiration. Shares had been
hammered in the weeks leading up to the expiration, and 21.8% of Yelp's float
was shorted as of Aug. 15.
Yelp, which makes it revenues by offering product
reviews on its site, has been one of the better performing social media stocks
in the market. About 52.7 million shares will be freed up at the end of the
180-day lock-in period and early investors such as Chairman Mac Levchin and
Chief Executive Jeremy Stoppelman will become eligible to sell their shares if
they want to.
Can YELP Extends Rally? Find Out Here
Zynga Inc (NASDAQ:ZNGA) stock fell 2.27% to $3.01
after the company said Chief Creative Officer Mike Verdu has decided to leave
the social gaming firm, one of several recent departures at the company as it
has faced an erosion of investor confidence. Mr. Verdu will be starting a new
venture funded by Zynga.
WellPoint, Inc. (NYSE:WLP) shares climbed 6.90% to
$61.33 in the early hour after Sanford C. Bernstein upgraded shares of
WellPoint from a market perform rating to an outperform rating in a research
note released today. They currently have $73.00 price target on the stock, up
from their previous price target of $72.00.
Warner Chilcott Plc (NASDAQ:WCRX) stock increased
2.02% to $13.16. Morgan Stanley reduced its rating on Warner Chilcott from
Equal-weight to Underweight on August 21. Morgan Stanley downgraded WCRX from EW to UW as they see a
more favorable risk-reward in other stocks. The analysts question Warner's LT
prospects since they est. 80% of 2013E revs to be potentially threatened by
generics, but future pipeline success and/or M&A could boost prospects.
Dycom Industries, Inc. (NYSE:DY) stock plunged
15.94% to $15.87 after the company posted fiscal fourth-quarter earnings of
$13.3 million or $0.39 a share on a nearly 5% rise in contract revenue to $318
million. Analysts had expected earnings of $0.41 a share on revenue of $324
million.
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