Shares of Yelp (YELP) continued to soar after reporting a better than expected loss Wednesday afternoon. Shared gained as much as 11% today, closing at $63.89 Meanwhile shares of cosmetic company Avon (AVP) fell as much as 13% after it agreed to pay the Justice Department $68 million and the Securities and Exchange Commission $67 million to settle a bribery probe. Avon also reported a loss of $168.3 million or $0.38 a share. Adjusted earnings were $0.12 a share. Analysts were expecting $.21 a share on $2.21 billion in revenue. Avon shares closed down 10.21%.
Automakers released preliminary April car sales. Among the U.S. carmakers, General Motors (GM) reported a 7% sales gain last month, despite revelations about how the company handled recalls of faulty ignition switches. Fiat Chrysler reported a 14% increase, helped by sales of its Jeep SUVs. Ford (F) sales fell about 1%, with losses in its passenger cars and Lincoln lines. However Ford truck sales rose. Ford also announced today that CEO Alan Mulally will leave his post on July 1. Current COO Mark Fields will replace him. GM shares ended the day up 1.22%. Ford shares closed down 1.49%.
eBay (EBAY) reached an agreement with the Justice Department over a lawsuit accusing the company of making an agreement with software company Intuit (INTU) not to poach each others employees. The lawsuit said the two companies agreed not to hire each others’ employees since before 2006. eBay said it wouldn't make similar deals with other companies in the future. Intuit wasn’t named in the lawsuit because it was named as a defendant with several other tech companies in a separate 2010 lawsuit that has been settled. eBay shares ended the day down slightly at $51.69.
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