David Einhorn Discloses New Position In Yahoo! (YHOO), Sees Significant Upside

May 2, 2011 9:57 AM EDT
Shares of Yahoo (Nasdaq: YHOO) are seeing interest early Monday following a letter from noted hedge fund manger David Eihnorn of Greenlight Capital to investors disclosing a new stake in the Internet company.

Einhorn said his fund established a position in Yahoo at a average price of $16.93. He is positive on the stock related to shareholder-friendly actions and its 40% stake in Alibaba. He said, "We would not be surprised if YHOO's 40% stake in Alibaba Group alone was ultimately worth YHOO's entire current market value."

Shares of Yahoo! are flat at $17.70.

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