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Mobile Minutes: Facebook takes on Yelp; Gilt?s value slashed; Pinterest goes wide; Amazon?s victory

Yelp Inc. slipped as much as 6.8 percent after Facebook Inc. started testing a new part of its site for searching and rating local businesses.

Internet retailer Gilt Groupe Inc. is close to selling itself for a fraction of the value placed on it by investors four years ago, the latest sign private companies are struggling to live up to once-soaring valuations.

Pinterest will let any U.S. business buy its "promoted pins" advertising product starting in January, the latest step by one of the technology world's so-called unicorns to build an advertising business worthy of its $11 billion valuation.

Amazon.com Inc. appears to be on the winning end of a vote by the Seattle City Council Monday in favor of allowing contract drivers to unionize.