Ultimate Market Recap: Yelp IPO, Gas Prices Keep Climbing

7 Buzzing Stocks: Yelp Goes Public, Zynga Surges 8%

Shares of Sara Lee Corp. (NYSE:SLE) jumped more than 4 percent in early morning trading.  The company said it will pay a special dividend of $3 per share, as it spins off its Coffee and Tea unit.

Yelp Inc. (YELP) shares will begin trading today after being priced at $15 per share late Thursday.  The business review company was expected to price between $12 and $14 per share.

The new PIMCO Total Return ETF (TRXT) gained 1 percent before the opening bell.  The ETF launched Thursday and will allow investors to see PIMCO’s macroeconomic views in real time through the holdings of the ETF.

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Zynga Inc. (NASDAQ:ZNGA) shares surged 8 percent early Friday.  The online gaming company announced it will allow users to play its games without going through Facebook.

Shares of SINA Corp. (NASDAQ:SINA) increased 3.2 percent after Baidu (NASDAQ:BIDU) said it will begin displaying real-time links to tweets on Sina’s microblogs.  Sina is an online media company and MVAS provider in the People’s Republic of China and for the global Chinese communities.

Shutterfly Inc. (NASDAQ:SFLY) shares surged 13.5 percent in early trading.  The online photo company plans to purchase Kodak’s online photo sharing platform for $23.8 million.  The deal will transfer customer accounts and images in the U.S. and Canada from Kodak Gallery to Shutterfly.

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Shutterfly, Foot Lock, Big Lots in Trading Demand Spotlight March 2nd

Shutterfly, Inc. (NASDAQ:SFLY): Eastman Kodak Company (EKDKQ) has announced that it has entered into an agreement with Shutterfly (NASDAQ:SFLY) for the proposed sale of certain assets of its KODAK Gallery on-line photo services business for $23.8M. The terms of the agreement include the transfer of Gallery customer accounts and images in the U.S. and Canada to Shutterfly. The agreement comprises the initial, stalking horse bid in a Court-supervised auction process under Section 363 of the U.S. Bankruptcy Code that will ensure the maximization of value for the assets. Kodak is focusing its consumer business on retail and destination photo solutions as well as home printing products. Under the terms of the Agreement, Kodak will seek U.S. Bankruptcy Court approval of sale and auction procedures by late March. Under these proposed procedures, other potential buyers may submit alternative bids to Kodak and seek to establish the superiority of their alternative bid. Kodak is targeting completion of the sale process this spring. Shares of Shutterfly, Inc. are trading 19.03% higher today.

Foot Locker, Inc. (NYSE:FL): Says capital program in 2012 is planned to be about $160M. Foot Locker plans to open 82 new stores and close 75 stores in 2012, “the first time in many years that we opened more stores than we closed.” Says sees FY12 tax rate is planned at 37%. Comments made on the Q4 earnings conference call. Shares of Foot Locker, Inc. are trading 0.61% higher today.

Big Lots, Inc. (NYSE:BIG): Sees adjusted operating profit rate for the U.S. operations for FY12 will be relatively flat to last year. Says expenses as a percent of sales are expected to increase slightly. Expects FY12 net interest expense to be approximately $2M and the effective effective income tax rate is planned to be in the neighborhood of 38%-39%. Sees FY12 U.S. CapEx $130M-$135M, with maintenance capital about $40M. Sees Q1 sales in Canadian operations $25M-$30M. Comments made on the Q4 earnings conference call. Shares of Big Lots, Inc. are trading 3.46% lower today.

S&P and Nasdaq Finish Higher for Fourth Straight Week

Markets closed down on Wall Street today: Dow -0.02%, S&P -0.42%, Nasdaq -0.43%, Oil -1.97%, Gold -0.52%.

On the commodities front, Oil (NYSE:USO) fell to $106.70 a barrel. Precious metals were also down, with Gold (NYSE:GLD) falling to $1,713.30 an ounce while Silver (NYSE:SLV) fell 2.36% to settle at $34.82.

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Today’s markets were down because:

1) EU. At the end of a two-day meeting in Brussels, leaders of 25 of the European Union’s 27 member states signed on to a so-called fiscal compact designed to prevent against future debt crises by forcing countries on the euro to adhere to stricter budget guidelines and keep deficits low. But Spanish Prime Minister Mariano Rajoy quickly cast a pall upon the otherwise happy conclusion to many months of debate about how best to preserve the single-currency union when he announced that Spain would no longer aim to reduce its deficit to 4.4 percent of gross domestic product, instead aiming for 5.8 percent of GDP this year after the deficit exceeded targets last year and amid predictions that the economy will shrink in 2012.

2) Oil. With little major economic news outside of Europe, investors continued to keep a close watch on the global oil market and rising gas prices. Gas prices climbed for the 24th straight day on Friday, hovering around $3.74 a gallon. Until the standoff over Iran’s nuclear program comes to an end, oil prices will likely remain high, well above $100 a barrel, though WTI crude declined some today.

3) Yelp. The big news today was Yelp’s (NYSE:YELP) initial public offering, which saw shares spike nearly 64 percent, closing at $24.58 after starting day with an initial pricing of $15 a share. But the business reviews site wasn’t the only company making headlines, as Shutterfly (NASDAQ:SFLY) shares surged after the company announced that it would buy Eastman Kodak’s online photo services business for $23.8 million.

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5 Buzzing Stocks: Leap Wireless Drops 5%, Yelp Closes 63.8% Higher

Shares of Leap Wireless International (NASDAQ:LEAP) dropped nearly 5 percent in late trading.  The company filed to sell 23.5 million shares held by money manager MHR Institutional Partners.

On its first public trading day, Yelp Inc. (NYSE:YELP) shares surged 63.8 percent.  Shares edged slightly lower after the closing bell, but are still above $24 per share.  The average Yelp insider acquired shares at $1.12.

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After closing 4.2 percent higher on Friday, shares of Wynn Resorts (NASDAQ:WYNN) continue to edge higher in extended trading.  Shares were halted during regular trading as the company retracted an announcement that it had advanced a project in Macau.

Shutterfly Inc. (NASDAQ:SFLY) declined 1.15 percent in late trading, despite closing 16 percent higher in regular trading.  The online photo company plans to purchase Kodak’s online photo sharing platform for $23.8 million.  The deal will transfer customer accounts and images in the U.S. and Canada from Kodak Gallery to Shutterfly.

Shares of Citigroup Inc. (NYSE:C) edged slightly lower as Chairman Richard Parsons has decided not to stand for re-election at the April shareholders meeting.  The WSJ reports that the board is expected to name Michael O’Neill as his replacement.

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To contact the reporter on this story: Lindsey Grossman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com