In retrospect – and trust me, market commentators like myself are great at “retrospect” – my wariness voiced last week was well-placed. At least so far, as the market didn’t move a bit in the past five days. In fact, I’ll go so far as to say it’s “tired” right now. That’s not the same as saying “sell” or “go short.” It is the same as saying “keep your eyes open for a potential bout of nastiness.”
Speaking of nasty, with the Yelp (YELP) IPO upon us, I thought it was a good idea to look at a few other It-girl IPOs. Of course, there’s the success of Google (GOOG) and eBay (EBAY), but there’s also the gut-wrenching drop of Priceline (PCLN) and the disappointing performance of Groupon (GRPN).
First the horrific drop, then slow churn back, of PCLN.
GRPN hasn’t been quite as horrible….but it hasn’t been great.
How will YELP turn out? My guess is the road will be rocky….