Today shares of 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.
It was reported by the WSJ that Yahoo’s board would hold a series of meetings starting this Wednesday thru Friday, where it would discuss whether to proceed with the spin-off of $32 billion in Alibaba shares, hoist a for-sale sign over Yahoo’s core online businesses or possibly even both. The report did not specify which core businesses could be sold so that it still a mystery.
After the report, more than 300,000 Yahoo shares changed hands, pushing the stock up 5.6 percent to $35.60. In later after-hours trade, the stock, which had closed near flat at $33.71, made further gains, climbed more than 7 percent to $36.09.