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.
Leave a Reply