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Yahoo! (NASDAQ:YHOO) Gains as Alibaba Beta Tests US E-Commerce

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By on Technology & Software

Search and media site Yahoo! Inc (NASDAQ:YHOO)  gains modestly Wednesday as its partner, China’s Alibaba Group, rolls out a beta version of a U.S. e-commerce site, Reuters reported. YHOO holds a significant stake in Alibaba, valued recently at about $26 billion. 

But potential rivals Amazon.com (NASDAQ:AMZN) and eBay (NASDAQ:EBAY) are also higher, shrugging off potential competition from the Chinese commerce company. Overstock.com (NASDAQ:OSTK), also in this retail category, is off about 1% near midday. 

Alibaba’s invitation-only website, called 11main.com, is targeted to compete with the big players in many categories including fashion, home and outdoor, and jewelry. The 11main.com homepage gives only a clue as to live timing of a new shopping experience noting, “coming soon.” 

Alibaba Group is also planning an IPO. Yahoo is selling 208 million shares, or about 40% of its Alibaba stake, in the IPO and could generate in excess of $10 billion in the process. That would more than double Yahoo’s cash stockpile. 

YHOO is up 0.7% at $36.55 in midday trading, tipping into the upper end of a $23.82 to $41.72 52-week range.

AMZN is up 2% to $338.05, which is in the middle of a 52-week price range of $265 – $408.06 per share. 

EBAY is up 0.6% at $48.54 per share, which is near the low end of a 52-week price range of $48.06 – $59.70.

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