Yahoo! Climbs Pre-Market With Alibaba IPO Announcement

Yahoo Inc. (NASDAQ:YHOO) shares are up between $38.40 and a high of $39.79 in early Monday pre-market trade after China-based Alibaba said it will hold its Initial Public Offering (IPO) in the U.S. The e-commerce company is reportedly in talks with about six banks to underwrite the IPO.

The listing could bring in about $15 billion to the company, and it would be significant to Yahoo as the Internet firm holds a 24% stake in Alibaba. Yahoo (NASDAQ:YHOO) has said previously it plans to cash out some of its holdings in Alibaba in an IPO.

Yahoo (NASDAQ:YHOO) has a market cap of 38.09 billion and a price to earnigs ratio of 29.61. The company is 71% owned by institutions.

Other Market Movers Include:

Giant Interactive Group (NYSE:GA), a China-based online game developer and operator, said it entered into a definitive Agreement ith Giant Investment Limited and Giant Merger Limited, a wholly owned subsidiary of Parent. Under the terms of the deal, the acquirers will buy the company for cash consideration equal to US$12.00 per ordinary share of the company and US$12.00 per American Depositary Share of the company, each representing one Share (each, an “ADS”), or approximately US$3.0 billion in aggregate cash consideration.

Giant Interactive Group (NYSE:GA) was trading down .35% in pre-market. The company has a p/e ratioo of 15.29 and a 52-week high of $11.60.

Shares in First Solar (NASDAQ:FSLR) were up nearly 1% in recent pre-market trading on Monday after the photovoltaic (PV) solar module manufacturer said over the weekend that it has completed the construction of a 1.3MW(DC) solar PV power plant in Japan. The power plant is located in Kitakyushu-shi and can provide approximately 1,400 MWh of clean solar electricity per year. Power from the project will be purchased by Kyushu Electric Power Company.

First Solar (NASDAQ:FSLR) closed at $54.03 Friday regular hours, in a 52-week range of $25.66 – $65.99. The company has a p/e ratio of 14.94 and has 99.51 million outstanding shares.


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