At just around noon today on the East Coast, Microsoft CEO Steve Ballmer said at a conference that buying Yahoo still would make sense.

"We offered $33 bucks (for Yahoo) and it's $11 today," Ballmer said. "It's clear Yahoo didn't want to sell. They probably still think it's worth more than $33 a share. I still think it makes sense for their shareholders and ours."

And with that, Yahoo's stock was no longer valued at $11.

Here's the chart:

Yahoo's stock is now up more than 11 percent at $13.05.

Update, 11 am: A Microsoft spokesman says: "Our position hasn't changed. Microsoft has no interest in acquiring Yahoo!; there are no discussions between the companies."