Yahoo Jumping On News That Dan Loeb's Third Point Seeking Two Board Seats

News just crossed the wires that Dan Loeb's hedge fund Third Point is seeking two seats on Yahoo's

board of directors. Yahoo is currently a buyout target and shareholders are expecting some kind of strategic transaction from the troubled tech company. Third Point is a substantial shareholder in Yahoo, and has a well-deserved reputation for activism. Yahoo shares are moving higher on this news, but are still down 1.13% on the session.