Yahoo! Inc (NASDAQ:YHOO) shares increased more than 2% to $41.85 per share in pre-market trading on Wednesday after the company confirmed plans to spin off Alibaba (NYSE:BABA) holdings despite IRS comments that might complicate the tax status of the move.
Sarepta Therapeutics Inc (NASDAQ:SRPT) shares soared over 50% to $24.60 in pre-market trading after the pharmaceutical company announced that it will begin the process of gaining regulatory approval for eteplirsen; a therapy for Duchenne muscular dystrophy.
Time Warner Cable Inc (NYSE:TWC) shares increased 2.5% to $162 in pre-market trading following news that the cable company has been approached with a takeover offer from French-owned Altice SA (AMS:ATCE). TWC is currently valued at $45 billion and recently called off a merger with Comcast (NASDAQ:CMCSA). Neither TWC nor Altice provided a comment.
Etsy Inc (NASDAQ:ETSY) shares fell more than 16% to $17.52 after the platform for craft goods reported huge quarterly losses. Etsy posted a loss seven times wider than the same quarter last year and missed Wall Street’s revenue estimate. Etsy went public in April with an IPO price of $16.