Stock market news, June 10, 2014: The Dow Jones Industrial Average closed at another record high today after adding 2.82 points. The Dow was down most of the day, but rallied in the last hour. U.S. crude oil futures flirted with $105 per barrel.
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- Yelp Inc.: (NYSE: YELP) Soars in Early Trading – But Is it a "Buy"?
Online review site Yelp Inc. (NYSE: YELP) joined the Internet IPO craze when it started trading today (Friday) – and soared more than 60% in its first hour of trading.
Yelp is one of the largest business search/rating sites. It allows users to search for local businesses and read reviews and opinions written by contributors.
Yelp priced its IPO late Thursday at $15 a share, above analyst expectations of $12 to $14. That gives the U.S. consumer rating site a $900 million value. The company offered 7.1 million shares, raising $106.5 million.
Yelp could be the last Internet IPO until Facebook's long awaited debut later this year. It faces the same concerns as its predecessors – can it live up to its valuation and turn a profit for investors?