Yahoo names Mayer as new CEO, stock rises

by Sean Patterson | Tuesday, Jul 17, 2012 | 525 views

Stocks of Yahoo Inc were up in the after hours of trading after the news of the company naming veteran Google executive Marissa Mayer as the new chief, came in.

Mayer will be joining the firm on Tuesday and will be replacing the interim chief Ross Levinsohn. Also she will become a part of the member of the board of directors and its president according to a statement by Yahoo, the Sunnyvale, Calif based firm.

The shares were up by 2.3 per cent in evening’s trade.

Yahoo, the web-portal, will be reporting its quarterly results after the markets close on Tuesday.

In the meanwhile, stocks of Cintas Corp were down after CEO Scott Farmer said that the firm, dealing in uniform and business supply, is viewing the current fiscal with caution. He said, in his statement, that the firm enters the FY13 in an economy without momentum.

That combined with the fact that there is an uncertainty in the potential changes in eth tax laws for 2013, Cintas is expecting the revenue for FY13 in the range of $4.25 billion to $4.35 billion and full year earnings in the range of $2.47 a share to $2.55 per share.

During the normal trading session, the US stocks ended lower broadly after seeing disappointing retail-sales data for June.

The Dow Jones Industrial Average was down by 56 points at 12,721.46. The Nasdaq Composite Index ended below by 12 points at 2,896.94 while the S&P 500 Index was down by 3 points at 1353.64.

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