NEW YORK (TheStreet) - Yahoo! (YHOO) was a big mover in premarket trading on Wednesday after investors responded positively to the Internet giant's buyback and debt offering.

Shares of the Sunnyvale, Calif-based company jumped after market close on Tuesday after Yahoo! announced that it will raise its buyback offering by $5 billion, and issue $1 billion in convertible debt. Yahoo! shares continued their momentum, rising 2.08% to $35.35 on Wednesday. The company was also one of the most active premarket Nasdaq stocks on share volume of 538,271.

Vodafone (VOD) - Get Report was a more modest gainer, rising 0.31% to $36.62 on share volume of 364,050. Facebook (FB) - Get Report shares gained 0.35% to $46.52 on share volume of 197,605, while Sirius XM (SIRI) - Get Report rose 1.09% to $3.72 on 116,692 shares.

Shares of Microsoft (MSFT) - Get Report, which held its annual shareholders' meeting on Tuesday, crept up 0.22% to $36.82. The meeting was Steve Ballmer's last before stepping down as the software giant's CEO. Also on Tuesday, Nokia (NOK) - Get Report shareholders approved the sale of "substantially all of Nokia's Devices & Services business" to Microsoft. More than 99 % of the votes cast at the meeting in Helsinki were in favor of the proposal.

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Nokia shares gained 2.56% to $8 before market open.

Software specialist Red Hat (RHT) - Get Report was another gainer, climbing 0.5% to $46.65.

--Written by James Rogers in New York.

Follow @jamesjrogers

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