Shares of Yahoo! Inc. (YHOO) are higher by nearly 4% to $28.66 in pre-market trading on Tuesday after the company announced plans to move ahead with the spin off of its 40% stake in Chinese e-commerce giant Alibaba Group (BABA) despite the IRS declining to rule that the move will be tax free. Yahoo expects to complete the spin-off during Q4/15, according to Reuters.
In 2005, the web portal paid $1 billion for its stake in Alibaba. Now, the stake is worth almost $23 billion.
Shares of Advanced Micro Devices, Inc. are up up slightly this morning on a Bloomberg report that says the chipmaker has discussed the sale of a 25% stake to Silver Lake Partners. The publication notes the two sides, which met over the summer, have put the discussions on hold after failing to agree on a price and strategy.
AMD is losing market share to Intel (INTC) in processors for PCs and servers.
China Housing and Land Development, Inc. (CHLN) shares surged more than 23% to $1.60 in pre-market trading after the company announced the approval of a revised proposal for the contemplated reverse stock split with an increased cash-out price of $3.00 per share.
Microsoft Corporation (MSFT) – The software giant today announced a change in its financial reporting, reducing the number of segments to three units from six. The move aims to reflect the increasing significance of the co.’s mobile and cloud businesses.