For the past six months Google
(GOOG) has been looking at ways to expand its reach in the local search market. According to a New York Times
article, it looks like the popular search company may have found the perfect fit to help it expand: Yelp.
For those not familiar with Yelp, the company is the leading local business search site. It makes money by selling ads on top of its search results to local businesses for anywhere from $300 to a $1,000 per month. The site is also extremely valuable for users looking for reviews of the local businesses.
According to TechChrunch, the two companies are in discussions with a reported price tag of $500 million. From the Bull Pen
: For those looking for exposure to Internet stocks, consider AOL
(AOL). The company was just initiated with a Neutral rating by Goldman Sachs. After shooting up to $27 per share, the stock has fallen back near its offering price of $23. Those bullish could initiate a position here with a stop loss at $20. From the Bear Cave
(YHOO) has shown some strength over the past week but the run maybe over as the stock makes an attempt at its 50-DMA. Those bearish could initiate a short position here with a buy stop at $16.50.
A Quick Check Around the World:
Asian trading closed with the Nikkei
-1.03%, Hang Seng
-2.05%, and Taiwan
Across the pond, we see the FTSE
0.55%, Swiss Market
0.60%, and Stockholm
Over in commodities, crude oil
is trading +1.27 to 75.34 while gold
is trading +2.70 to 1110.20 this morning.
A quick check of the EUR
+.0027 to 1.4367 and the USD/JPY
+21 to 90.16.
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No positions in stocks mentioned.
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