Yelp Not Getting Help From Any Potential Suitors

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show. Yelp Inc YELP shares were trading lower by $1.62 at $48.29 in Monday's session. The issue rallied from its Wednesday close ($38.22) to $50.99 on Friday, before falling back to to end the session at $49.93. The catalyst for the explosive rally were rumors the company was exploring a possible sale. With no potential suitors stepping forward at this time, buyers of last week's rally may be having second thoughts about their recent purchase. Especially in light of the fact the issue was pummeled on April 30, falling from $51.28 to $39.39 following disappointing Q1 results. So far, it has found resistance above Friday's close ($49.93), reaching $50.29 before declining to $48.50 and attempting rebound back over $49. If the decline continues through the current low, there may be additional support at Friday's low.