NEW YORK (TheStreet) -- Shares of Yahoo! (YHOO) closed up 0.71% to $40.94 on Wednesday after the tech company's general counsel Ron Bell said that by the end of the fourth quarter, it will complete the spin-off of its stake in Alibaba (BABA), Bloomberg reports.
"We continue to work with them and be responsive to their questions and inquiries," Bell said in a shareholders meeting in California.
Additionally, CEO Marissa Mayer last week told investors that the spin-off is "proceeding as planned," and reassured that any new tax steps were not specific to Yahoo!.
The Alibaba stake was valued at nearly $40 billion when the spinoff was announced in January of 2015, Bloomberg noted.
Separately, TheStreet Ratings team rates YAHOO INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate YAHOO INC (YHOO) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, reasonable valuation levels and solid stock price performance. We feel its strengths outweigh the fact that the company has had sub par growth in net income."
Highlights from the analysis by TheStreet Ratings Team goes as follows: