Yelp’s Stock Dips After Facebook Barges Into Local Search And Reviews With ‘Nearby’
Facebook this afternoon released a new feature called “Nearby” that lets users search and review businesses such as restaurants, hotels and bars — and it looks like Wall Street received the memo quite quickly.
The stock price of reigning online search and review site Yelp started going down precipitously almost immediately after news of Nearby emerged at around 11am Pacific Time, 2pm Eastern. Within 20 minutes after Nearby launched, Yelp’s stock had taken a swift drop of more than 3.65 percent to as low as $18.50 a share…
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