Market Overview

Exclusive: Elliott's Paul Singer Says Rumors Of Yahoo Position Are Not True

Exclusive: Elliott's Paul Singer Says Rumors Of Yahoo Position Are Not True
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Shares of Yahoo! Inc. (NASDAQ: YHOO) traded up over 5 percent near $36.50 on Thursday following rumors that Paul Singer's Elliott Associates had started a position in the company.

In an email to Benzinga, Singer said rumors of the Yahoo position were not true.

Shares have since fallen on the news, though are still seeing support just below the $36 level. Remaining bullishness is likely attributed to Bernstein, which upgraded Yahoo on Thursday morning. The firm called the stock's current valuation a "worst case scenario" and holds a price target of $52.

Related Link: Calls Of Note: Wall Street Research Moving The Market On Thursday

Among hedge fund supporters currently betting on Yahoo, investors can count OZ Management and DE Shaw, which, by the end of the first quarter, held 14,647,989 shares and 12,434,375 shares of the company.

What Singer Could Be Watching

For those looking for some stocks on which Singer may be watching (according to SEC filings), there’s CorMedix Inc. (NYSE: CRMD) and Citrix Systems, Inc. (NASDAQ: CTXS). Last Tuesday, Singer disclosed a marked increase in its exposure to CorMedix, from 1,500,200 shares to 3,596,506 shares.

Earlier this week, Bernstein valued Citrix's combined business at about $99 per share including its GoTo businesses -- upside of about 28 percent.

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