Shares of Yahoo! Inc. YHOO were volatile late Tuesday afternoon, as the stock jumped from a low of $28.13 to a high of $30.23. The cause for this spike was a Dow Jones report that the company was exploring "strategic alternatives" after the market close.
When contacted by Benzinga, Axiom's Victor Anthony commented on the report, stating, "At this juncture, they need to sell."
Yahoo has felt pressure over the past year with concerns surrounding management, lavish spending and Alibaba Group Holding Ltd BABA spin-off completion.
The Wall Street Journal reported Yahoo plans to announce it is exploring alternatives "for its struggling Internet business, people familiar with the matter said. The announcement, which is expected to come along with a fourth-quarter earnings report after the market close, would be the strongest indication that Yahoo’s board is considering a sale of all or part of its Web properties."
After the initial spike, shares have settled around $29.22, down 1.2 percent on the day.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
