Tech Five: Yahoo drops, Microsoft buys SwiftKey

Brett Molina

USA TODAY

How did Wall Street respond to Yahoo's cost-cutting moves? Meanwhile, online retailer Amazon may open up more physical stores.

It was reported that the Yahoo board has approved a massive $1.1 billion deal to buy New York-based blogging platform Tumblr May 19, 2013.

Let's look at tech stocks to watch Wednesday:

Yahoo. Shares lost 7% after the company announced it would cut $400 million in costs, including laying off 15% of their workforce. Yahoo says the cuts are part of a larger plan to "simplify the company."

Marvell Tech. Shares in the semiconductor maker jumped after investing firm Starboard Value disclosed a 7% stake in the company, reports Reuters. Starboard believes Marvell's shares are undervalued.

Microsoft. The tech giant announced it will acquire SwiftKey, a startup behind the popular keyboard app for Android and Apple devices. SwiftKey says its apps will remain available for mobile devices.

Amazon. The CEO of mall operator General Growth Properties claims Amazon is planning to plunge deeper into the physical retail business, with a goal to open up to 400 locations.

Twitter. The social network is opening up more tweets to visitors who don't log in to the service. The goal is to keep visitors up to date on big news stories as they unfold on Twitter.

Follow Brett Molina on Twitter: @brettmolina23.

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