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Good reviews for Yelp IPO

Friday, March 02, 2012 - 01:00

Mar 2 - Shares of online review website Yelp soared in their market debut, as the latest Internet company to go public amid strong demand for the sector. Conway G. Gittens reports.

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A busy time at the post of Yelp; the latest hot market debut. The consumer review website came to market late Thursday at a higher-than-anticipated price of $15 a share. When the stock finally began trading at the New York Stock Exchange on Friday, the share price climbed as high as $26 a share, which was a 73 percent jump, before backing off that opening high. Yelp has over 25 million reviews on its website - of everything from local plumbers and shoe-repair shops - to reviews of the favorite local hot spots. Investors taking a piece of Yelp are getting exposure to local ad markets. But there's also a lot of competition from Facebook, Groupon, Angie's List and Google - which recently bought restaurant reviewer Zagat. Conway Gittens, Reuters

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Good reviews for Yelp IPO

Friday, March 02, 2012 - 01:00