EmptyStreet agrees with B'buster decision
Shares of Blockbuster rose 5.6% Wednesday, a day after the video rental giant withdrew its bid for electronics retailer Circuit City. The stock closed at $2.65; it has traded from $2.38-$5.80 in the past year. Meanwhile, Circuit City shares hit a more than 17-year low of $2.10 before closing down 9% at $2.32.
report boosts Yahoo
Yahoo shares rose as much as 8% Wednesday on renewed hopes for a sale. The Wall Street Journal reported that Microsoft has approached such media giants as Time Warner and News Corp. about a joint takeover of the Web titan. Microsoft would buy Yahoo's search business, leaving the rest to a partner, the Journal said. Yahoo's stock closed up 3.4% to $20.88.
Cisco heads East
Cisco Systems will invest in media and technology startups in Russia and other former Soviet states through Russian venture capital firm Almaz Capital Partners, the tech giant said Wednesday. The venture firm has launched a $60 million fund, targeting small- to medium-size technology, media and telco firms in the region.