Thursday's Market Movers: Yelp, Ross Stores, Visteon
Yelp (NYSE: YELP) shares traded up more than five percent on Thursday. This increase could have been related to rumors that Apple (NASDAQ: AAPL) may use Yelp's software in its Maps application. This combination would likely allow users to research businesses without opening the Yelp application. Yelp allows people to find places to eat, drink, relax, and engage in other activities based on others' opinions. If Yelp is used for Maps, the company could see a major increase in activity.
Ross Stores (NASDAQ: ROST) announced that its sales increased by 12 percent in June. This represented an increase from $793 million to $866 million. The increase in sales significantly beat analyst estimates, and the company is predicting an increase of two to three percent for same store sales for July. Ross Stores traded up about seven percent Thursday.
Michael Balmuth, Vice Chairman and Chief Executive Officer, noted, "We are pleased with our better-than-expected June sales. Our ongoing ability to deliver terrific name brand bargains to today's value-focused shoppers drove broad-based merchandise and geographic sales gains during the month."
Visteon (NYSE: VC) shares traded up about three percent Thursday. This share price increase occurred on the company's announcement of an offer to acquire public shares of Korean affiliate Halla Climate Control. Halla designs, manufactures, and sells automobile climate control products in South Korea. Visteon already owned 70 percent of the Halla's shares, and plans to buy the remaining 30 percent.
Don Stebbins, Visteon chairman, chief executive officer and president, stated, "Visteon is committed to the long-term success of our climate business,"
Stebbins further commented, "Full ownership of HCC is an important next step in ensuring our continued global competitiveness.”
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