SHARE
Facebook X Pinterest WhatsApp

Yahoo Paces Tech Stock Rally

Written By
thumbnail
Paul Shread
Paul Shread
Dec 11, 2008

A big gain in Yahoo (NASDAQ: YHOO) shares led tech stocks higher on Wednesday.

Yahoo jumped 10% after a shareholder said the company should sell its search business to Microsoft (NASDAQ: MSFT), potentially doubling the value of Yahoo shares.

And the broader market gained as hopes for an automaker bailout won out over worries about the health of credit card companies.

But despite solid gains by the major market indexes, the performance of individual stocks was mixed.

Apple (NASDAQ: AAPL), Amazon (NASDAQ: AMZN) and eBay (NASDAQ: EBAY) all lost ground on cautious analyst comments. Apple fell 2% after Morgan Stanley said it expects lower iPhone demand.

TeleTech (NASDAQ: TLTC) plunged 20% on a Stifel Nicolaus downgrade that said the company could suffer if Sprint (NYSE: S) closes call centers.

Electronic Arts (NASDAQ: ERTS) tumbled 12% on a warning.

But Seagate (NYSE: STX) gained 8% despite lowering guidance and announcing plans for a holiday shutdown.

The Nasdaq rose 18 to 1565, the S&P climbed 10 to 899, and the Dow rose 70 to 8761. Volume fell to 6 billion shares on the NYSE, and 2 billion on the Nasdaq. Advancers led by a 26-11 margin on the NYSE, and 18-10 on the Nasdaq. Upside volume was 71% on the NYSE, and 64% on the Nasdaq. New highs-new lows were 11-101 on the NYSE, and 2-91 on the Nasdaq.

Recommended for you...

U.S. Needs to Protect Tech Leadership: Qualcomm
Rob Enderle
Apr 8, 2022
HP’s ExtendXR Service Gets an Early Lead on a Looming Metaverse Problem
Rob Enderle
Mar 5, 2022
Cisco’s Purpose Is to Improve the World. Imagine if Others Followed.
Rob Enderle
Dec 17, 2021
HP Builds an Advanced Cloud Workstation for the Metaverse
Rob Enderle
Nov 13, 2021
Internet News Logo

InternetNews is a source of industry news and intelligence for IT professionals from all branches of the technology world. InternetNews focuses on helping professionals grow their knowledge base and authority in their field with the top news and trends in Software, IT Management, Networking & Communications, and Small Business.

Property of TechnologyAdvice. © 2025 TechnologyAdvice. All Rights Reserved

Advertiser Disclosure: Some of the products that appear on this site are from companies from which TechnologyAdvice receives compensation. This compensation may impact how and where products appear on this site including, for example, the order in which they appear. TechnologyAdvice does not include all companies or all types of products available in the marketplace.