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Verizon is nearing a new and discounted deal to purchase Yahoo. The revised deal comes after Yahoo made public two major data breaches after the original $4.8 billion deal was announced in July 2016.
The updated Verizon and Yahoo deal will reportedly be discounted by nearly $300 million. In the wake of the reported renegotiated deal, which Yahoo last month said would be delayed until the second quarter, the two companies stocks have gone in different directions.
Yahoo Inc. shares rose 1.62% to $45.75 in afternoon trading Wednesday. Yahoo is currently a Zacks Rank #3 (HOLD). While Verizon Communications Inc. (VZ - Free Report) shares are down 0.66% to $7.95 and is a Zacks Rank #3 (HOLD). The new deal is still not official, but Yahoo’s stock has seen a boost based on the reports.
Since Verizon’s deal to purchase Yahoo’s core business was made public, Yahoo has disclosed two different major data breaches.
In September 2016, Yahoo announced that at least 500 million users were affected by a late 2014 cyber-hacking incident led by a “state-sponsored” actor. The stolen information included people’s names, birth dates, passwords, and, in some cases, answers to personal security questions.
Then, in December 2016, Yahoo announced a separate, even more massive breach of user data. The internet company disclosed that more than one billion user accounts had been hacked in August 2013.
These two major security breaches were a major reason for the holdup. Verizon and Yahoo are currently deciding how each will share future liabilities for the cyber attacks.
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Yahoo Gets Boost on Updated Verizon Buyout Deal
Verizon is nearing a new and discounted deal to purchase Yahoo. The revised deal comes after Yahoo made public two major data breaches after the original $4.8 billion deal was announced in July 2016.
The updated Verizon and Yahoo deal will reportedly be discounted by nearly $300 million. In the wake of the reported renegotiated deal, which Yahoo last month said would be delayed until the second quarter, the two companies stocks have gone in different directions.
Yahoo Inc. shares rose 1.62% to $45.75 in afternoon trading Wednesday. Yahoo is currently a Zacks Rank #3 (HOLD). While Verizon Communications Inc. (VZ - Free Report) shares are down 0.66% to $7.95 and is a Zacks Rank #3 (HOLD). The new deal is still not official, but Yahoo’s stock has seen a boost based on the reports.
Since Verizon’s deal to purchase Yahoo’s core business was made public, Yahoo has disclosed two different major data breaches.
In September 2016, Yahoo announced that at least 500 million users were affected by a late 2014 cyber-hacking incident led by a “state-sponsored” actor. The stolen information included people’s names, birth dates, passwords, and, in some cases, answers to personal security questions.
Then, in December 2016, Yahoo announced a separate, even more massive breach of user data. The internet company disclosed that more than one billion user accounts had been hacked in August 2013.
These two major security breaches were a major reason for the holdup. Verizon and Yahoo are currently deciding how each will share future liabilities for the cyber attacks.
Verizon’s purchase of Yahoo is meant to help the telephone company expand into more media and advertising ventures.
Stocks that Aren't in the News. Yet.
You are invited to download the full, up-to-the-minute list of 220 Zacks Rank #1 ""Strong Buys"" free of charge. Many of these companies are almost unheard of by the general public and just starting to get noticed by Wall Street. They have been pinpointed by the Zacks system that nearly tripled the market from 1988 through 2015 with a stellar average gain of +26% per year. See these high-potential stocks free >>