Global Market Alert as Asian Stocks Follow Wall Street Lower

Global markets are following Wall Street's heavy losses Monday. Japan's Nikkei lost 4% as concerns resurface about China's economy. Commodity shares were among the biggest casualties. Yahoo (YHOO) has decided to move forward with the Alibaba (BABA) spinoff without the blessing of the IRS. The spinoff could bring in $22 billion for Yahoo and it could result in a multi-billion dollar tax bill. Earlier this month, the IRS said the spinoff may be subject to taxes. The decision to move forward puts pressure on CEO Marissa Mayer who, if wrong, could see a tax bill generated that some estimate to be $9 billion. Microsoft (MSFT) is reorganizing its financial reporting. The new financial structure will organize Microsoft's businesses into 3 separate units. It reflects the goals that the company's Chief Executive has articulated. The new units will be centered on productivity and business software, cloud computing and server tools and personal computing.