Yahoo! Inc. YHOO shares are trading higher by $0.08 at $47.64 in Wednesday's session. The catalyst for the modest gain is an adjusted Q1 EPS beat of $0.04 along with about a $10 million beat for revenues.
The earnings beat is less meaningful as the company is set to sell its media assets to Verizon Communications VZ in the coming months. Also, much of the value in the stock is derived from its large stake in Alibaba BABA, which has been on a nice run as of late.
After a flat open, Yahoo's stock retreated but found support ahead of Tuesday's low ($47.14) at $47.36 and began to move higher. So far, the stock has found resistance just above Tuesday's high ($47.74), reaching $47.88, and is struggling to stay green on the session.
Yahoo is now trading at its highest level since January 2015 when it peaked at $50.32.
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