Yahoo! Gets Lift as Alibaba Prepares For American Market IPO

Shares of Yahoo spiked on Monday making it TheStreet's Move of the Day. The tech company climbed after Alibaba priced its IPO at $60 to $66 a share in a float expected to raise more than $20 billion. Yahoo owns a 22.4% stake in the Chinese e-commerce site. The Sunnyvale, Calif.-based company is expected to unload a portion of its holdings, the sale of which should amount to $7.6 billion. It will retain a stake of approximately 16.3%. Alibaba's stock will commence trading on September 19. Shares of Yahoo closed 5.6% higher to $41.81 on Monday, making it the best-performing stock on the S&P 500.