Since the Nasdaq peaked on July 20, the tech-heavy index has fallen 7.8%. But many tech stock have been much worse. Yahoo (YHOO) — thanks Alibaba (BABA)! — along with Biogen (BIIB) and Apple (AAPL) supplier Qorvo (QRVO) are among the S&P 500’s 5 biggest tech and biotech losers. Apple itself is not one of the biggest S&P 500 tech losers, falling “only” 13.5% since July 20. But Apple, as the biggest cap of all, certainly helped drive Nasdaq and
Yahoo (YHOO) received at least two price target cuts Wednesday following news that the Web portal’s planned tax-free spinoff of its remaining stake in Alibaba Group (BABA) could be in peril. The cuts came after the Internal Revenue Service said Tuesday that it won’t grant Yahoo’s request for a ruling saying the spinoff meets the agency’s active trade or business requirement. Both Alibaba and Yahoo shares were rising as of early afternoon in the
Web portal Yahoo (YHOO)’s planned spinoff of its 384 million share stake in Alibaba Group (BABA) ran into a major roadblock on Tuesday after the Internal Revenue Service said its lawyers won’t grant Yahoo’s request for a ruling saying the spinoff meets the agency’s active trade or business requirement. Yahoo has withdrawn its request for the ruling, the Sunnyvale, Calif.-based Web portal said in a filing made Tuesday with the U.S. Securities and