Yahoo (YHOO) is playing hard-to-get with Microsoft (MSFT), and the coyness is having mixed results in the technology exchange traded funds (ETFs).
Microsoft has given Yahoo a three-week deadline to accept its $42 billion takeover offer, but Yahoo says it can do better, reports Franklin Paul for Reuters. Yahoo stock is down 1.5% midday, while Microsoft is up slightly, 0.14% midday. If Yahoo accepts the deal, it will be the biggest takeover in the high-tech industry.
Technology ETFs have been showing mixed results in trading so far today:
Internet HOLDRs (HHH): down 0.2% midday; down 3.6% year-to-date. Yahoo is 20.4% of assets.
Technology Select Sector SPDR (XLK): up 1.1% midday; down 12.4% year-to-date. Microsoft is 11.3% of assets.
iShares Dow Jones US Technology (IYW): up 0.9% midday; down 13% year-to-date. Microsoft is 11.9% of assets.
