No Help For Yelp

shares were trading lower by $5.44 (12 percent) at $37 in Thursday's session. The catalyst for the decline is an apparent decision by the company to not be acquired. The stock was halted on a circuit beaker around 12:53 p.m. ET and resumed trading at 1:00 p.m. ET. A spokesperson from Yelp told Benzinga does not "comment on speculation or rumor." This contradicts earlier reports when the issue swooned after the Street was disappointed with its Q1 results. On April 30, it dropped from its prior day close ($51.28) to $39.39. It continued lower until rumors surfaced the company had hired Goldman Sach to find a buyer for the beleaguered company. Three days later, it closed near this level before it reported Q1 earnings, closing at $49.93. The longer it took to find a buyer, the issue drifted lower until today's announcement sent the issue to a new two-year low at $36.12. Since making that low, it has rebounded into the $37 handle. Today's decline is taking place on heavier than average volume as 5.3 million shares have already traded compared with its 20-day average of 2.6 million, with less than three hours remaining in the session.