April 23, 2008 at 11:00 am by Tom Lydon
The battle between two giants continues, and technology exchange traded funds (ETFs) are enjoying the view from the sidelines.
Yahoo (YHOO) yesterday reported its first quarterly profit increase in two years. Surely this would encourage Microsoft (MSFT) to raise its $44.6 billion offer for the company, right? No dice. Microsoft CEO Steve Ballmer says he doesn’t plan to raise his offer, but they still might raise it to get the board’s approval, report Sara Gay Forden and Alex Armitage for Bloomberg.
Yahoo’s CEO Jerry Yang, for his part, won’t negotiate at the current offer.
Technology ETFs are benefiting as the two sides duke it out. They’re both up more than 1% midday:
- iShares Dow Jones U.S. Technology (IYW)
- up 1.8% midday
- down 10.4% year-to-date
- Microsoft is 12.4%; Yahoo is 1.9%
- Technology Select Sector SPDR (XLK)
- up 1% midday
- down 10.4% year-to-date
- Microsoft is 10%; Yahoo is 1.7%
Tags: Sector ETFs, Technology
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