Here’s what you need to know for today:
Yahoo Becomes Altaba
Yahoo is selling the bulk of its assets to Verizon for $4.83 billion, though that number will probably get smaller thanks to several public hacks of the service. Yahoo also owns 16% of Alibaba (“China’s Amazon.com”), 36% of Yahoo Japan (a joint venture with SoftBank), and a bunch of patents. When Verizon fully acquires their share of Yahoo, the parts they don’t acquire will become Altaba. Current CEO Marissa Mayer will have nothing to do with Altaba, and no one knows if she’ll actually move along to Verizon, either.
Indian Point is Closing
New York’s favorite nuclear power plant Indian Point is closing by 2021. While this might not seem like financial news, Indian Point is owned by Entergy, a publicly traded company. Here’s what news of Indian Point’s closure is doing to Entergy’s stock:
China is Driving Bitcoin Down
After increasing to over $1000 a bitcoin, the popular cryptocurrency dropped in value by hundreds of dollars. Why? China’s central bank told investors, who were buying bitcoin like mad, to rethink their approach to investing in Bitcoin. For more on why this is happening, read this detailed explanation by Quartz.