Big web companies doing well

I woke up this morning to read Yelp shares were up 22% after the lockup ended and Pandora shares pop 9% after revenue beats expectations. It’s good to see that some web companies are doing well and it’s not all bad news out there.

LinkedIn is another good performer. Their share price is up 63% since the start of the year.

In my Kernel column last week I wrote that the problems at Facebook, Groupon, and Zynga are real and will have a knock on effect on valuations at smaller companies, but don’t amount to a systemic crisis. This mornings news from Yelp and Pandora strengthens my belief in that conclusion.