Getting your player ready...
HONG KONG — Yahoo Inc.’s prized investment in Chinese Internet company Alibaba Group has abruptly turned into a stock market millstone. The weight drove down Yahoo’s stock by 62 cents, or 3.6 percent, to a Friday close of $16.55. It marked the third straight session that the stock has fallen because of Alibaba worries.
The reason: a surprise disclosure by Yahoo on Tuesday that Alibaba had spun off its online payment service, Alipay. The split caused investors to re-evaluate the value of Yahoo’s 43 percent stake in Alibaba, one of China’s most powerful Internet companies.
Denver Post wire reports
