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Yahoo announced plans Tuesday for a tax-free spinoff of its stake in Chinese Internet giant Alibaba, splitting off the valuable holdings from its core operations. The move aims to deliver more cash for shareholders than an outright sale of the stake, which could be hit with a hefty tax bill, and help Yahoo's efforts to refocus under chief executive Marissa Mayer. Shares in Yahoo jumped 7.5 percent in after-hours trade as investors cheered the move. Yahoo said its board had authorized the move to split off its remaining holdings in Alibaba into a newly formed independent investment company called SpinCo, shares of which would be distributed to Yahoo shareholders.
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Fame is an illusive thing - here today, gone tomorrow. The fickle, shallow mob raises its heroes to the pinnacle of approval today and hurls them into oblivion tomorrow at the slightest whim; cheers today, hisses tomorrow; utter forgetfulness in a few months.
Henry Miller (1891-1980) American Author