9:15 AM -- Even without a Microsoft Corp. (Nasdaq: MSFT) bid, questions linger about a Yahoo Inc. (Nasdaq: YHOO) proxy battle.

Microsoft had already turned down the idea of trying to replace some Yahoo board members, but shareholders didn't give up on the idea, especially once Microsoft's acquisition bid collapsed. CNBC's Jim Goldman is reporting that Ironhorse Capital, representing 3.3 million shares, considered a run at one but is instead settling for a really loud "No" vote.

Then again, you've got Carl Icahn getting namedropped. The Wall Street Journal points out he's amassed 50 million shares since Microsoft backed out. By Wednesday, he may decide to launch his own proxy attack.

Unhappiness over the Microsoft/Yahoo outcome is no particular secret. Phil Harvey's right: Jerry Yang needs to do some victory crowing here, not mumble about being granted the lesser of two bad outcomes. He's in the spot that gets so many big-league coaches fired. Acting like a winner might not get him treated like one, but it's a necessary first step.

— Craig Matsumoto, West Coast Editor, Light Reading