Yahoo! Supports Alibaba’s Proposed Partnership and 2 Other Hot Stocks to Watch
Yahoo! Inc. (NASDAQ:YHOO): Current price $33.55
On Friday, Yahoo joined SoftBank Corp in supporting Alibaba Group Holding Ltd.’s planned partnership structure. Yahoo is Alibaba’s number-two shareholder with a 24-percent position, and said that it is important for tech companies to be allowed to preserve their culture and strategy. Chief Development Officer Jacqueline Reses, who also sits on Alibaba’s board, commented, “As one of Alibaba’s largest shareholders, Yahoo believes that management’s efforts reflect the desire to govern the company for long-term success while also balancing the rights of shareholders.”
J.C. Penney Co., Inc. (NYSE:JCP): Current price $9.48
The historic department store operator anticipates raising as much as $932 million from a share sale, which would leave it with some $2.2 billion in cash at the end of 2013. Penney’s reported Friday that without the sale, it would have around $1.3 billion in cash at that time, about $200 million less than it had projected on August 19. That revelation implies that the company was spending money more quickly than was expected, a matter emphasized by a number of analysts who have a Sell on the stock. The retailer said Friday that it would sell 84 million shares in a public offering at $9.65 apiece. Shares are down around 9.5 percent in heavy trading this morning.
Facebook Inc. (NASDAQ:FB): Current price $50.88
UBS has elevated Facebook’s price target from $45 to $60, to reflect its third quarter click-thru rates, and ad product engagement that has surpassed advertisers’ internal goals. Shares are rated Buy.