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.
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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.