Yelp Higher On Unconfirmed Takeover Chatter

Yelp Inc. YELP shares are trading higher by $0.90 at $34.43 in Thursday's session. Similar to several other times in the past year, the issue is rallying on unconfirmed takeover chatter.

Yelp's stock closed at $41.49 on February 9, fell to $35.83 the following day, when the Street wasn't satisfied with its Q4 EPS beat. The post-earnings drift lower didn't end until the issue put in a pair of lows at $33.00 area on February 23 and 24.

Today's low isn't too far off that key support level, as the current low stands at $33.26, which was made just after the open. At this time, the ensuing rally has come up just shy of the pair of highs from March 1 ($34.88) and March 2 ($34.84) as the current high stands at $34.67.