MarketWatch – In an investor letter, Greenlight, a hedge fund run by investor David Einhorn, said it “established a new position” in Yahoo YHOO +2.49% at a price of $16.93 a share. It highlighted Yahoo’s major stake in Alibaba Group, which it argued could be “ultimately worth Yahoo’s entire current market value.”
Yahoo’s shares traded up more than 3% to set a 52-week high of $18.35 after Greenlight also argued that the tech giant has recently become more “shareholder-friendly.” The stock closed at $18.14, a gain of 2.5%.
