Altaba's Stock Surges As Former Yahoo Trades Under New Name, Ticker Symbol

Altaba Inc.'s stock surged as it made its debut under a different name and ticker, after Yahoo completed the sale of its operating assets to Verizon Communications Inc. The stock, under the new symbol of "AABA," traded at $54.83 in morning trade, up 4.3% from Yahoo's closing price of $52.58 on Friday. Altaba is now registered as an "independent, publicly traded, non-diversified, closed-end management investment company," with its primary investments being a "substantial" stake in China-based e-commerce giant Alibaba Group Holding Ltd. and Yahoo Japan Corp. Alibaba's stock rallied 2.9% in morning trade, while the S&P 500 tacked on 0.5% and Verizon shares slipped 0.4%.