Yahoo Begins '13 On Up Note
Yahoo started 2013 on a positive note, closing above $20 a share on Wednesday for the first time since mid-2008. The Web portal’s stock was buoyed by the broader market rally following the fiscal cliff deal reached Tuesday, along with renewed investor optimism about Yahoo’s prospects under new CEO Marissa Mayer.
Since taking over in July, Mayer has overseen the company’s $7 billion divestiture of half its stake in China-based Alibaba Group and solid third-quarter results. She has also identified mobile as a key growth area for Yahoo and begun taking steps to enhance its mobile offerings through the acquisitions of startups like Stamped and OnTheAir and the upgrade of its Flickr and Yahoo Mail apps.
Yahoo’s share’s have gone up about 30% over the last month, hovering near $20 apiece, but not breaking through that level until closing Wednesday at $20.08, up 0.9%. Wall Street analysts on average expect Yahoo to post a profit of 28 cents a share on net revenue of $1.21 billion in the fourth quarter.