Yelp ( YELP) shares screamed higher, despite the expiration of the lock-up period related to the company's initial public offering. Today is the first day that the company's largest shareholders and insiders could sell stock following the March IPO, but a wave of selling related to the release of more than 50 million shares from lock-up has failed to materialize. Growth at the San Francisco-based online review site operator has been strong, with the company reporting a 67% rise year-over-year in revenue to $32.7 million in its second quarter. Yelp's stock was up nearly 18% at $21.62 on volume of 6.8 million, nearly 10 times its daily average.
Lexmark International ( LXK) shares fell on heavier-than-normal volume one day after the company announced it plans to divest its inkjet business. Lexmark said it will stop making and selling inkjet printers, and focus on its imaging and software businesses. As a result of the decision, Lexmark intends to sell its 1,000 patents related to inkjet printing and lay off 1,700 workers. Shares of Lexmark fell 1.03% to $21.10, one day after rising more than 13% on the news.
At mid-day, tech stocks were largely flat, with the Nasdaq up less than 0.1%, as all eyes are focused on Federal Reserve Chairman Ben Bernanke, who is set to speak later in the week at Jackson Hole, Wyo. Interested in more on Yelp? See TheStreet Ratings' report card for this stock. -- Written by Chris Ciaccia in New York >Contact by Email. Follow @Commodity_Bull