Shares in Yahoo jumped 5.6 percent in after-hours trading on the back of a Wall Street Journal report that the troubled company’s board was mulling the sale of its core Internet business.
The WSJ reported that Yahoo’s board would hold a series of meetings from Wednesday to Friday, where it would discuss whether to proceed with the spin-off of more than $30 billion in Alibaba shares, hoist a for-sale sign over Yahoo’s core online businesses or both.
Shortly after the report, more than 300,000 Yahoo shares changed hands, pushing the stock up 5.6 percent to $35.60. The shares had closed near flat at $33.71.
Yahoo chief executive Marissa Mayer is now in the fourth year of her turnaround effort, which faces headwinds ranging from the departure of key executives to uncertainty over the taxation of the massive Alibaba spin-off.
Yahoo declined to comment on the report.
Written by CNBC
(Source: CNBC)
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