The U.S. stock market showed some vigor Wednesday, closing to the upside on a decent inflation number and less-than-disastrous news from the financial sector. The Dow added 0.5%, the S&P 500 climbed 0.4%, and the Nasdaq ticked up 0.1%.
On CNBC's "Fast Money" TV show, the traders discussed billionaire investor Carl Icahn's after-hours decision to pursue a proxy battle to extract value from Yahoo! (YHOO Quote). Microsoft (MSFT Quote) recently walked away from an acquisition of the Internet company.
Finerman said that the risk/reward on Yahoo! is not fantastic at this level. She said that the stock has already risen because investors thought Icahn would join the fray. There's more certainty now that Icahn has officially joined the battle, but there's no certainty that Microsoft is still interested in buying, she said.
Macke said he believes Icahn will win the proxy battle. Microsoft will return to Yahoo! at some price, he said. ...
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