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Yahoo! (YHOO) Stock Pops on Alibaba's Strong Earnings

NEW YORK (TheStreet) -- Yahoo! (YHOO - Get Report) shares are rallying 5.39% to $35.20 on Tuesday, boosted by Alibaba Group Holding's (BABA) solid quarterly earnings that beat analysts' forecasts.

The Internet giant currently has a 15% stake in Alibaba, but going forward, it's focusing on spinning off its stake even without the IRS approval, Fortune noted.

In the second quarter of fiscal 2016, Alibaba earned 57 cents a share on revenue of $3.49 billion.

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Analysts had expected the company to earn 54 cents a share on revenue of $3.39 billion.

Alibaba's revenue grew 32% from the previous year's revenue of $2.74 billion, helped by a rise in gross merchandise volume and monetization rate.

Separately, Yahoo! for the first time on Sunday live-streamed the NFL game between the Jacksonville Jaguars and Buffalo Bills. More than 15.2 million people tuned in to watch, according to

"We're thrilled with the results of our initial step distributing an NFL game to a worldwide audience and with the work of our partner, Yahoo!,"...