Tech Five: Alibaba shares flat off Yahoo news

Big news from Silicon Valley Wednesday, as Yahoo revealed it will spin off its core businesses and hang on to its stake in Alibaba. What impact has the move had on Alibaba shares?

Let's check out tech stocks to watch Wednesday:

Alibaba. So far, shares of the Chinese e-commerce giant are trading flat this morning, after Yahoo confirmed it will cancel plans to spin off its Alibaba stake. Shareholders had raised concerns Yahoo would not be able to pull off a tax-free spinoff.

Yahoo. Meanwhile, shares of the media company are up nearly 2% after revealing a reverse spin off involving its core Internet businesses, which have been the subject of several reports on a potential sale.

Apple. The tech giant reportedly suspended plans to offer a live-television bundle that would potentially compete with cable. According to Bloomberg, citing an unnamed source, Apple will instead allow companies to sell services straight to consumers through their App Store.

Sony. The electronics giant launched its own Messages app for users of its PlayStation video game console. The app is free on iOS and Android. Users can send text and voice messages, as well as use a variety of PlayStation-themed stickers.

Intel. The chip maker earned a "buy" rating from Nomura, reports CNBC, off expectations for a big year for its data center group. Nomura also raised its price target to $42.

Follow Brett Molina on Twitter: @brettmolina23.