Yahoo Surges to Five-Year High on Alibaba: San Francisco Mover
This article is for subscribers only.
Yahoo! Inc., the biggest U.S. Web portal, rose to a five-year high after reporting that the value of its stake in Chinese e-commerce company Alibaba Group Holding Ltd. surged in the first three months of the year.
Shares of Yahoo gained 9.2 percent to $29.34 at 3:24 p.m. in New York for the highest intraday price since May 2008. Yahoo, which has a stake of about 24 percent in Alibaba, said yesterday that the Chinese company’s profit tripled in the first quarter.