Yelp Attempts To Close Above $40 After Q2 Beat

Yelp Inc YELP shares are trading higher by $8.50 (27 percent) at $39.97 in Friday's session.

The catalyst for the rally is a Q2 beat of 28 cents, swinging for a estimated loss of 3 cents to a gain of 25 cents. The company posted a sales beat of nearly $4 million.

After a much higher open, Yelp had a brief retreat to $37.85 before continuing its move higher. So far, the ensuing rally has taken the stock to $40.46 as 12:45 p.m. EST and it's attempting to remain in the $40.00 handle.

That marks the first time in the $40.00 handle since February 9 when it ended that session at $41.49. The following day it swooned to $35.83, when the Street punished after its Q4 beat was accompanied with lower guidance.