Shares of Altaba Inc. , formerly known as Yahoo, ran up 4.6% in premarket trade Thursday, on the heels of Alibaba Group Holding Ltd.'s better-than-expected quarterly results. The stock was on track to open at the highest price seen during regular session hours since Aug. 28, 2000. Altaba was Yahoo until the company completed the sale of its operating business to Verizon Communications Inc. in June, but is now a closed-end management investment company that owns a "substantial" Alibaba stake. Alibaba's stock surged 5.5% ahead of the open after the China-based e-commerce giant beat fiscal first-quarter profit and revenue expectations. Altaba's stock has soared 57% year to date through Wednesday, while Alibaba shares have rocketed 82% and the S&P 500 has gained 10%.
Copyright © 2017 MarketWatch, Inc.
Continue Reading Below