Yahoo Shrinks, Stock Price Plummets
Yahoo slightly beat profit estimates on better search revenues, but at the same time it lowered guidance to between $7.18 billion and $7.38 billion, from a previous forecast of $7.35 billion to $7.85 billion. It also announced that its shedding 1,500 workers.
The bigger problem for Yahoo is the stock price, which delivers its daily referendum on Yang, who led the arrogant board to turn down Microsoft's $31 per share bid back in the spring. Shareholders would probably look at this now as a gift they regret not taking. This morning, Yahoo stock bounced 5 percent -- trading at about $12.50 in the morning session. But that's a far cry from $31.
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