Google Inc (GOOG.O) has bought Zagat, the popular dining recommendations and ratings authority, jumping into a niche Web market alongside the likes of OpenTable Inc (OPEN.O), Yelp and Yahoo Inc (YHOO.O). The shares of restaurant-booking service OpenTable, which also publishes reviews and ratings, were down more than 8 percent to $57.50 in midday trading after hitting a low of 54.50 earlier. The 32-year-old Zagat, which polls consumers and compiles reviews about restaurants around the world, will become a cornerstone of Google's "local offering" and work in tandem with its mapping services and core search engine, the Internet search and advertising leader said. Buying Zagat should fill a hole for Google -- which needs reviews and other content for its "Google Places" websites -- and fend off criticism. It has been accused of using comments from review sites, essentially siphoning off their readers and, more importantly, their clicks.
Google Inc. (Google) is focused on improving the ways people connect with information. Shares of GOOG traded higher by 0.65% or $3.48/share to $537.51. In the past year, the shares have traded as low as $464.51 and as high as $642.96. On average, 3821440 shares of GOOG exchange hands on a given day and today's volume is recorded at 1260916.
OpenTable, Inc. (OpenTable) provides solution that forms an online network connecting reservation-taking restaurants and people who dine at those restaurants. Shares of OPEN fell by 8.32% or $-5.22/share to $57.51. In the past year, the shares have traded as low as $54.42 and as high as $118.66. On average, 1269700 shares of OPEN exchange hands on a given day and today's volume is recorded at 4974656.
Yahoo! Inc. (Yahoo!) is a digital media company. Yahoo! provides engaging and innovative canvases for advertisers to connect with their target audiences. Shares of YHOO traded higher by 3.23% or $0.44/share to $14.05. In the past year, the shares have traded as low as $11.09 and as high as $18.84. On average, 28743200 shares of YHOO exchange hands on a given day and today's volume is recorded at 41748576.
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