Yahoo (YHOO) is playing hard-to-get with Microsoft (MSFT), and the coyness is having mixed results in the technology exchange traded funds (ETFs).
Microsoft has given Yahoo a three-week deadline to accept its $42 billion takeover offer, but Yahoo says it can do better, reports Franklin Paul for Reuters. Yahoo stock is down 1.5% midday, while Microsoft is up slightly, 0.14% midday. If Yahoo accepts the deal, it will be the biggest takeover in the high-tech industry.
Technology ETFs have been showing mixed results in trading so far today:
- Internet HOLDRs (HHH): down 0.2% midday; down 3.6% year-to-date. Yahoo is 20.4% of assets.
- Technology Select Sector SPDR (XLK): up 1.1% midday; down 12.4% year-to-date. Microsoft is 11.3% of assets.
- iShares Dow Jones US Technology (IYW): up 0.9% midday; down 13% year-to-date. Microsoft is 11.9% of assets.
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.