Yahoo's shares rallied up to 17 percent today on a statement from Microsoft CEO Steve Ballmer that a deal between Microsoft and Yahoo could still make sense economically, raising investor's hope for a new Microsoft bid:
In a presentation made at a Florida technology conference, Ballmer said a deal between Microsoft and Yahoo could "still make sense economically."
After that remark was reported, Yahoo shares soared by as much as 17 percent. The stock recently traded up $1.25, or 10.6 percent, at $13.
Earlier in the session, Yahoo's stock had sunk to a new $11.37 -- it's lowest price in more than 5 years and a fraction of the $33 per share that Ballmer previously offered for the Sunnyvale, Calif.-based company before withdrawing the bid in a disagreement over price with Yahoo CEO Jerry Yang.
Redmond, Wash.-based Microsoft sought to defuse Ballmer's comments with a statement that said the software maker "has no interest in acquiring Yahoo. There are no discussions between the two companies."