Stocks do not drop immediately. The drop from 70 was quick and brutal for the longs. The Rally may make it to the offering price of 67. After the rally, I'm shorting again.
When Twitter takes a serious drop, Yelp will follow down.
The Yelp longs will stay in the stock when they are playing with profits. When the stock drops below the original investment, they bail out. Basic Psychology.
Offering has closed at 67. Wall Street Brokers do not have to support this stock anymore
Any predictions on earnings this afternoon
Revenue 331 mil a slight miss (weak economy)
Earnings 33 cents better than expected ( lower commodities--higher margins)
In 2000, AOL's market value exceeded the combination of General Motors and Ford.
Reason 4th straight quarter sales decline in stores open less that 18 months. This stock is riding up with the whole market. It will head south soon.
Sentiment: Strong Sell