Yahoo Leads Market Comeback
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A report that Yahoo (NASDAQ: YHOO) may have a new suitor helped stock indexes recover more than a third of Monday's plunge today.
Yahoo shares jumped 7% on a Wall Street Journal report that former AOL CEO Jonathan Miller is trying to raise money to buy the company for around $20 to $22 a share, with help from private equity and sovereign wealth funds. Yahoo ended the day at $11.50 a share.
GE (NYSE: GE) boosted the broader market, surging 13.6% after the company maintained financial guidance and its hefty dividend. Hopes for a bailout of automakers also buoyed investor sentiment.
The biggest news of the week will likely be Friday's nonfarm payrolls report, which is expected to show a loss of more than 300,000 jobs last month. Investors will get a preview of that number Wednesday morning when ADP releases its monthly private sector employment report.
Palm (NASDAQ: PALM) ended the day 7% higher despite lowering its outlook, while Research In Motion (NASDAQ: RIMM) fell 6% after JP Morgan lowered estimates on the company. Apple (NASDAQ: AAPL) rose 4%.
Intel (NASDAQ: INTC) gained nearly 6% on a solid state storage deal with Hitachi.
Sierra Wireless (NASDAQ: SWIR) tumbled 28% on plans to buy Wavecom (NASDAQ: WVCM), which gained 15%.
Clearwire (NASDAQ: CLWRD) lost 26% on reports that the credit crunch may slow its WiMax buildout.
Tessera (NASDAQ: TSRA) shares plunged 46% on an unfavorable patent ruling.
Marvell (NASDAQ: MRVL) surged in late trading on results that beat estimates.
The Nasdaq rose 51 to 1449, the S&P gained 32 to 848, and the Dow rose 270 to 8419. Volume rose to 6.97 billion shares on the NYSE, and 2.15 billion on the Nasdaq. Advancers led by a 28-10 margin on the NYSE, and 20-8 on the Nasdaq. Upside volume was 89% on the NYSE, and 85% on the Nasdaq. New highs-new lows were 21-137 on the NYSE, and 4-133 on the Nasdaq.