NEW YORK (TheStreet) -- Yahoo!'s (YHOO) board is considering a sale of the bulk of the company's holdings in Alibaba Group of China and Yahoo!'s Japanese affiliate back to their majority owners in a transaction that values the stakes at about $17 billion, The New York Times reported, citing people briefed on the matter.
The board is expected to meet Thursday to discuss the broad outlines of the offer, the Times said.
If directors approve the plan, they may also decide to reject separate investment proposals by Silver Lake and TPG Capital that would have given control of the Internet company to the private-equity firms and Yahoo!'s management, said some of the people.
The stock rose 2.3% to $16.36 in premarket trading Thursday.
Micron Technology (MU) posted a first-quarter loss of $187 million, or 19 cents a share, on revenue of $2.09 billion amid continued declines in pricing for dynamic random-access memory products.. Analysts were expecting a loss of 8 cents a share on revenue of $2.13 billion.
Bed Bath & Beyond (BBBY), the specialty retailer, beat Wall Street's earnings third-quarter expectations, but came in slightly below expectations on the top line. The company posted third-quarter profit of $228.5 million, or 95 cents a share, on sales of $2.34 billion. Same-store sales rose 4.1%. Analysts were expecting earnings of 88 cents a share on revenue of $2.35 billion. Bed Bath & Beyond also said it expects earnings of $1.28 to $1.33 in the fiscal fourth quarter ending in February and $3.86 to $3.92 a share for the full year. Analysts estimate fourth-quarter profit of $1.30 a share.
Toyota (TM) is targeting record global sales of 8.48 million vehicles in 2012 and 8.95 million vehicles in 2013, as the automaker bounces back from the March earthquake and tsunami in Japan that crimped production. Toyota, Japan's No. 1 automaker, fell behind General Motors (GM) and Volkswagen as the top global car seller in the first half of the year. Toyota said Thursday global vehicle sales for this year totaled 7.9 million vehicles, down 6% from the previous year.
Bank of America (BAC) will pay $335 million to settle U.S. Department of Justice charges that alleged discriminatory lending practices by its Countrywide Financial unit. The settlement, announced Wednesday, will be the largest residential fair lending settlement in history and will compensate thousands of African-American and Hispanic borrowers who were victims of the alleged discriminatory practice.
American Greetings (AM) is expected Thursday by analysts to post fiscal-third-quarter earnings of 81 cents a share on revenue of about $440 million.
-- Written by Joseph Woelfel
>To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: email@example.com.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV