On Wednesday, Shares of Yahoo! Inc. (NASDAQ:YHOO), gained 4.42% to $42.79.
Yahoo is pushing ahead with plans to spin off its stake in Alibaba Group Holding after comments by the IRS triggered a share slump amid concerns the deal could hit a snag.
Potential IRS changes to the tax-free treatment of spinoffs shouldn’t affect formerly filed requests, the Web portal said in an e-mailed statement. Yahoo has already lodged its plan and is still working toward undertaking the transaction in the fourth quarter, it said.
Yahoo unveiled the plan in January as it seeks to maximize the return of cash to shareholders. The potential change would affect IRS rules for spinoffs by creating new U.S. guidelines that might require a minimum size for active businesses inside the spun-off company.
Yahoo! Inc. provides search and display advertising services on Yahoo properties and associate sites worldwide. The company offers Yahoo Search that serves as a starting point to navigate the Internet and discover information; and Yahoo Answers, which enables users to seek, discover, and share knowledge and opinions across mobile phones, tablets, and desktops.
Shares of Cisco Systems, Inc. (NASDAQ:CSCO), declined -0.39% to $29.62, during its last trading session.
On Wednesday morning, Bradley, the vice president of the Internet of Everything Practice at Cisco, spoke at Internet Week New York about the vast opportunities on getting everything connected to the Internet and how companies can leverage these opportunities to solve their own problems by making sure to focus on the consumer connection.
“Internet of Everything is great, but unfortunately just connecting things isn’t enough,” Bradley said. “What we found when we started thinking about this was value is not found in simply connecting a thing, but value is found in a connection itself, and we define a connection as having four elements: people, process, data, and things.”
Cisco Systems, Inc. designs, manufactures, and sells Internet Protocol (IP) based networking products and services related to the communications and information technology industry worldwide.
At the end of Wednesday’s trade, Shares of Cadence Design Systems Inc. (NASDAQ:CDNS), gained 0.82% to $19.56.
Cadence Design Systems, unveiled the Allegro® 16.6 portfolio, which features several new products and technologies. Comprised of in this release is the new Allegro PCB Designer Manufacturing Option, which can shorten the time to create manufacturing documentation by up to 60 percent, and several key technology updates catered to enhance efficiency, control and productivity for designers, while streamlining handoff to manufacturing. Driven by increasing demands to provide a more predictable and shorter design cycle, the Allegro 16.6 portfolio comprises more capabilities that accelerate routing and tuning for high-speed interfaces such as DDR3 and DDR4.
Cadence Design Systems, Inc. develops, sells, leases, and licenses electronic design automation (EDA) software, emulation and prototyping hardware, verification intellectual property (VIP), and design intellectual property (design IP) for semiconductor and electronics systems industries worldwide.
Finally, NVIDIA Corporation (NASDAQ:NVDA), ended its last trade with no change, and closed at $21.04.
On May 7, NVIDIA Corporation stated revenue for the first quarter ended April 26, 2015, of $1.15 billion, up 4 percent from $1.10 billion a year earlier and down 8 percent from $1.25 billion the previous quarter.
GAAP earnings per diluted share for the quarter were $0.24, unchanged from $0.24 a year earlier and down 31 percent from $0.35 in the previous quarter. Non-GAAP earnings per diluted share were $0.33, up 14 percent from $0.29 a year earlier and down 23 percent from $0.43 in the previous quarter.
“The importance of visual computing is evident all around us,” said Jen-Hsun Huang, president and chief executive officer of NVIDIA. “Our expertise in this field enables us to take a leading position to advance deep learning, virtual reality and self-driving cars.
“Our singular focus on visual computing is aligned with some of the most exciting growth opportunities in computing recently,” he said.
NVIDIA Corporation operates as a visual computing company in the United States, Taiwan, China, the rest of Asia Pacific, Europe, and other Americas. The company operates through two segments, GPU and Tegra Processors.
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