Market Overview

Facebook Launches New Feature That Could Rival Yelp

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The Next Web reported that Facebook Inc (NASDAQ: FB) "quietly" launched a new Places directory, allowing users to search for user-generated recommendations on restaurants, hotels, bars attractions and more.

The Places directory syncs with Graph Search and other elements of Facebook's platform and poses a competitive challenge to already established user-generated review sites like Yelp Inc (NYSE: YELP).

Users can scroll through a list of venues or attractions and can "like" the page and even view the location on a map.

Yelp recently traded at $58.34, down 3.7 percent. Facebook was down less than 1 percent.

Facebook's venture into Yelp's territory quickly garnered the attention of industry heavyweights, as Doug Kass tweeted:

Posted-In: Doug Kass Facebook Facebook Places The Next Web yelpNews Intraday Update

 

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