Zynga Shares Reach New High - Yelp Effect?

Zynga

has toppled today's pre-market $15.44 high on a trading volume that is double that of yesterday and highest since the company started trading late last year. Could Yelp's

IPO be shedding new light to the social gamer's shares? Unlike Zynga, Yelp debuts today with net losses in its financial statements, and is garnering positive enthusiasm so far. YELP's per-share value was set at $15 earlier today--higher that the $12-14 range previously indicated in initial filings. Bloomberg is currently indicating a $21-23 opening when shares start trading. This is an indication of investors not letting fundamental concerns get in the way of the IPO's enthusiasm. Which bodes well for companies such as Zynga who are actually turning in a profit. ZNGA trades at $15.60 at the moment, it's all-time high, up 7.4 percent on yesterday's close. Over at the NYSE, YELP opened at $22.01 per share.