Yahoo stock surges in anticipation of Alibaba IPO

AP Photo

AP Photo

Yahoo is benefiting once again from its stake in China's hottest Internet company, Alibaba Group.

Investors latched on to Yahoo Monday in anticipation of a huge windfall from Alibaba's initial public offering of stock later this year. Yahoo's stock gained $1.51, or 4 percent, to close at $39.11.

Alibaba ignited the excitement about its forthcoming IPO by announcing plans to list its stock on a U.S. exchange.

Yahoo Inc. is expected to sell about half its 24 percent stake in Alibaba as part of an IPO that analysts believe could raise $15 billion. That means Yahoo is likely to collect several billion dollars from AIibaba's IPO. That money could then be used to pay a special dividend to shareholders or buy back more of its stock.

Alibaba GroupbusinessChinaScience & TechnologyWall Street

If you find our journalism valuable and relevant, please consider joining our Examiner membership program.
Find out more at www.sfexaminer.com/join/

Just Posted

Dave Hodges, pastor at Zide Door, the Church of Entheogenic Plants that include marijuana and psilocybin mushrooms, holds some psychedelic mushrooms inside the Oakland church on Friday, July 22, 2021. (Kevin N. Hume/The Examiner)
Psychedelic spirituality: Inside a growing Bay Area religious movement

‘They are guiding us into something ineffable’

A former inmate and a sheriff’s deputy are among the first four members chosen to serve on the newly created Sheriff’s Department Oversight Board. (Kevin N. Hume/The Examiner)
Years after fight club scandal, Sheriff’s oversight board takes shape

‘We want to promote law enforcement best practices’

More than a thousand people gathered in front of the California Capitol building to protest Gov. Gavin Newsom’s stay at home order and demand that the state re-open on May 1, 2020. (Photo by Anne Wernikoff for CalMatters)
Newsom blames ‘right-wing pundits’ for COVID surge

By Emily Hoeven CalMatters Gov. Gavin Newsom on Monday placed the blame… Continue reading

Strong California revenues will allow the state to commit to offering no-cost food to every student. (Amanda Mills/Pixnio)
How California plans to offer free daily meals to 6 million public school students

By Ali Tadayon EdSource With one in every six children facing hunger… Continue reading

Most Read