Yahoo stock rallies after Carl Icahn increases stake
Reporting from San Francisco — Billionaire investor Carl Icahn spurred a rally in Yahoo Inc. shares Friday after he disclosed that he had increased his stake in the struggling Internet company.
The company’s stock surged 93 cents, or nearly 9%, to $11.51 in the shortened trading session after Icahn, a Yahoo board member who has been pushing a strategy shift or a sale to Microsoft Corp., said he had bought about 6.8 million shares.
Perhaps it is not all over afterall for dot.com giant Yahoo! ? The article goes on :
A Securities and Exchange Commission filing showed that Icahn had paid an average of $9.88 a share from Monday through Wednesday, boosting his holdings by about $67 million. The purchases gave Icahn a nearly 5.5% stake in Yahoo, worth about $870 million based on Friday’s closing price.This is the first time that he has significantly upped his stake in Yahoo. Icahn, who couldn’t be reached for comment, is one of the loudest voices calling for a change in its direction. He and two of his picks became directors in an August settlement that ended a bruising proxy fight.