Twitter (NYSE:TWTR) is getting most of the attention on Wednesday as the company’s shares slide after Cantor Fitzgerald cuts its rating to “sell” from “hold.” It’s the third downgrade for the micro blogging site in as many days.
But many of the other social media players are doing quite well. Yelp (NYSE:YELP)is breaking out to a new record high, surging almost 9%, its biggest gain in three months, after JPMorgan Chase (NYSE:JPM) raised its price target to $89 from $75.
Wednesday’s rally could also reflect some short covering. Yelp has the highest short-interest ratio of the social media players, with 14.1% of its float in the hands of short sellers. Right behind Yelp is Pandora Media (NYSE:P), with a short-interest ratio of 12.1.
Pandora shares are also surging to record territory, building on recent gains following the announcement of strong December user data and a new in-car advertising service. The stock is up for a sixth-straight session.