NEW YORK (TheStreet) -- Shares of Yahoo! (YHOO) are gaining by 2.69% to $37.75 in midday trading on Friday, as Verizon Communications (VZ) is working on its bid for the Internet giant's core assets with Bank of America (BAC), sources told Reuters.
Bank of America was one of the Sunnyvale, CA-based company's top advisers as recently as last year.
New York-based Verizon has added Bank of America to its list of investment banks as it looks to beat out other bidders ahead of a June 6 second-round bid deadline for the core assets, the sources added.
Bank of America was listed as Yahoo!'s lead adviser last year for a plan to spin off its 15% stake in China-based e-commerce giant Alibaba Group Holding (BABA), Reuters said.
Shares of Verizon are higher by 0.68% to $50.50 on Friday afternoon.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C- on Yahoo! stock.
The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, good cash flow from operations and expanding profit margins.
However, the team also finds weaknesses including deteriorating net income, disappointing return on equity and a generally disappointing performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: YHOO