Yelp Drops on Facebook Competition

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Shares of Yelp
YELP
dropped nearly three percent on Monday to close at $18.92 on reports of increased competition from Facebook
FB
. According to
TechCrunch,
Facebook has revamped its “Nearby” feature. The changes should make it much more competitive with services like Yelp. Yelp is a website that allows users to browse for local restaurants and nightlife spots. Users can both read and submit reviews. Facebook's new Nearby feature will allow its members to do much the same, using GPS coordinates to browse “nearby” spots. Yelp went public in March. Since then, shares have declined about 23 percent. The relatively young tech company is one of the most hated stocks on the Street, with almost half of outstanding shares sold short. Yelp's 23 percent drop is certainly horrendous when compared to the S&P 500's performance this year. Yet, it isn't as bad as say Groupon
GRPN
or even Facebook.
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