Apple up in premarket as Citigroup adds to 'top pick live' list
February 11, 2008: 08:13 AM EST
NEW YORK, Feb. 11, 2008 (Thomson Financial delivered by Newstex) -- Shares of Apple Inc. rose in premarket trading Monday after Citigroup (NYSE:C) added the company to its top picks live list.Analyst Richard Gardner said concerns over reductions to iPod and iPhone build plans are already fully reflected in the stock price. Gardner also said he sees 'significant offsets' to sluggish first-half 2008 iPod unit growth, including continued strong demand for PCs, lean inventories, further expansion of Apple's relationship with Best Buy Co. (NYSE:BBY) and the introduction of MacBook Air.He also believes the percentage of iPhones unlocked and used in networks where Apple receives no residuals will decline as the iPhone is officially launched in more countries.Gardner reiterated his buy rating and $212 stock price target.The stock rose 1.4% to $127.22 ahead of the open.
Monday, February 11, 2008
Thursday, February 7, 2008
Bullish On RIMM
Citigroup is out positive on Research in Motion (NASDAQ:RIMM) after hosting an investor call on Feb 4th with the head of Citi's BlackBerry Program that yielded valuable insights from a key decision-maker within one of RIM's largest customers. Reiterates Buy and $140 target.
Key Takeaways - 1) Productivity benefits shelter RIM from layoffs as RIM increasingly is viewed as a non-discretionary spend. 2) Penetration rate of 10% does not suggest saturation. 3) Replacement rate is surprisingly low (avg. useful life is about 2 years). 4) Very low re-deployment of deactivated devices (~5%) further mitigates risk from financial services. 5) MSFT Exchange 2007 not a material threat for some time. 6) Competitive solutions from MOT and NOK do not seem compelling currently.
Firm believes the recent volatility and pullback in RIM shares has been largely due to macro uncertainty and stock market jitters. They note that RIM posted strong Nov-Q results and guidance in December despite a similar same macro backdrop.
Overall, they believe the points brought up during the call are highly supportive of their bull case on RIM.
Key Takeaways - 1) Productivity benefits shelter RIM from layoffs as RIM increasingly is viewed as a non-discretionary spend. 2) Penetration rate of 10% does not suggest saturation. 3) Replacement rate is surprisingly low (avg. useful life is about 2 years). 4) Very low re-deployment of deactivated devices (~5%) further mitigates risk from financial services. 5) MSFT Exchange 2007 not a material threat for some time. 6) Competitive solutions from MOT and NOK do not seem compelling currently.
Firm believes the recent volatility and pullback in RIM shares has been largely due to macro uncertainty and stock market jitters. They note that RIM posted strong Nov-Q results and guidance in December despite a similar same macro backdrop.
Overall, they believe the points brought up during the call are highly supportive of their bull case on RIM.
Also 13 out of the last 14 quarters RIMM has had earnings surprises to the up side.
ETFs A Better Option
Exchange-Traded Funds, or ETFs, are index funds that trade just like stocks on major stock exchanges. Want to invest in the market quickly and cheaply? ETFs are the most practical vehicle. They help the investor focus on what is most important, choice of asset classes.
All the major stock indexes have ETFs based on them, including:
Dow Jones Industrial Average
Standard & Poor's 500 Index
Nasdaq Composite
There are ETFs for large US companies, small ones, real estate investment trusts, international stocks, bonds, and even gold. Pick an asset class that is publicly available and there is a good bet that it is represented by an ETF or will be soon.
ETFs differ fundamentally from traditional mutual funds, which do not trade midday. Traditional mutual funds take orders during Wall Street trading hours, but the transactions actually occur at the close of the market. The price they receive is the sum of the closing day prices of all the stocks contained in the fund. Not so for ETFs, which trade instantaneously all day long and allow an investor to lock in a price for the underlying stocks immediately.
ETFs are economical to buy and especially to maintain over the long-run, making them especially attractive for the typical buy-and-hold investor. Annual fees are as low as .09% of assets, which is breathtakingly low compared to the average mutual fund fees of 1.4%. Although investors must pay a brokerage transaction to purchase them, with discount brokers this becomes negligible with sizable trades. There are a few easy-to-avoid pitfalls to watch out for. Tax effects are also not to be ignored, and ETFs perform well after-tax. They can be margined, and options based on them allow for various defensive (or speculative) investing strategies.
Their safety as a securities instrument (considered separately from the safety of any particular asset class they might represent) is considered the same as stock certificates themselves. Internally, ETFs are far more complex entities than mutual funds. A fascinating combination of players, including brokers, money managers and market specialists combine to make them run smoothly. Legally, ETFs are a class of mutual fund as they fall under many of the same Securities Exchange Commission rules that traditional mutual funds do. But their different structure means that the SEC has imposed different requirements from traditional mutual funds in how they are bought and sold.
ETFs are index funds at heart, so investors are encouraged to study the philosophy of index investing which downplays stock picking in favor of buying the market. But unlike most traditional index funds, investors need not take a passive, buy-and-hold approach. ETFs are also becoming favorites of hedge funds and day traders who like to pull the trigger frequently. Both types of investors may coexist and in fact strengthen each other by lowering overall transaction costs.
All the major stock indexes have ETFs based on them, including:
Dow Jones Industrial Average
Standard & Poor's 500 Index
Nasdaq Composite
There are ETFs for large US companies, small ones, real estate investment trusts, international stocks, bonds, and even gold. Pick an asset class that is publicly available and there is a good bet that it is represented by an ETF or will be soon.
ETFs differ fundamentally from traditional mutual funds, which do not trade midday. Traditional mutual funds take orders during Wall Street trading hours, but the transactions actually occur at the close of the market. The price they receive is the sum of the closing day prices of all the stocks contained in the fund. Not so for ETFs, which trade instantaneously all day long and allow an investor to lock in a price for the underlying stocks immediately.
ETFs are economical to buy and especially to maintain over the long-run, making them especially attractive for the typical buy-and-hold investor. Annual fees are as low as .09% of assets, which is breathtakingly low compared to the average mutual fund fees of 1.4%. Although investors must pay a brokerage transaction to purchase them, with discount brokers this becomes negligible with sizable trades. There are a few easy-to-avoid pitfalls to watch out for. Tax effects are also not to be ignored, and ETFs perform well after-tax. They can be margined, and options based on them allow for various defensive (or speculative) investing strategies.
Their safety as a securities instrument (considered separately from the safety of any particular asset class they might represent) is considered the same as stock certificates themselves. Internally, ETFs are far more complex entities than mutual funds. A fascinating combination of players, including brokers, money managers and market specialists combine to make them run smoothly. Legally, ETFs are a class of mutual fund as they fall under many of the same Securities Exchange Commission rules that traditional mutual funds do. But their different structure means that the SEC has imposed different requirements from traditional mutual funds in how they are bought and sold.
ETFs are index funds at heart, so investors are encouraged to study the philosophy of index investing which downplays stock picking in favor of buying the market. But unlike most traditional index funds, investors need not take a passive, buy-and-hold approach. ETFs are also becoming favorites of hedge funds and day traders who like to pull the trigger frequently. Both types of investors may coexist and in fact strengthen each other by lowering overall transaction costs.
Wednesday, February 6, 2008
Steady and Yummy?
7:20 PM ET) SAN FRANCISCO (MarketWatch) -- Fast-food giant Yum Brands Inc.reported late Monday fourth-quarter net income of $231 million, or 44 cents a share, nearly unchanged from $232 million, or 42 cents, a year ago. Total revenue at the Louisville, Ky.-based company came in at $3.26 billion, up 8%. Same-store sales, or those at outlets open at least a year, climbed 3% worldwide. The average estimate had been for the company to earn 42 cents a share on revenue of $3.14 billion, according to analysts polled by Thomson Financial. Looking to the current year, Yum raised its 2008 profit target from $1.82 to $1.85 per share, excluding one-time gains. Yum shares ended trading Monday up 1.6% at $35.81.(Corrects revenue and estimated revenue figures.)
Monday, February 4, 2008
Microsoft versus Google
By Larry Dignan -
Microsoft bids $44.6 billion for Yahoo in a deal that on the surface looks like a no-brainer. Unless Google bids too.
The logic behind a Google bid for Yahoo makes a lot of sense. In fact, Google buying Yahoo makes more sense to me than Microsoft buying Yahoo (see conference call notes and Techmeme). For starters, Google would make life difficult for Steve Ballmer & Co. And as we all know Google lives to annoy Microsoft.
Meanwhile, despite a sell-off of late Google has the stock currency and the cash to compete with Microsoft. Here’s an estimate that adds some heft to this Google as spoiler idea: Citigroup analyst Mark Mahaney said Yahoo has few options to boost shareholder value right now. Should Yahoo want to remain independent it could outsource search to Google in a move that would boost earnings by 25 percent.
The next logical question: Why wouldn’t Google just buy Yahoo? Is that speculative? You bet. Is it crazy speculation? Not at all.
As I go through the list of potential synergies with Microsoft and Yahoo the overlap is stunning in some areas. Take email–there’s Outlook, Hotmail, Zimbra and Yahoo Mail. Take ad systems–there’s Adcenter and Panama. Take ad exchanges/networks–there’s Right Media, Blue Lithium and aQuantive and probably a few more I’m forgetting. You get the idea.
Now let’s tee up Google. Google buys Yahoo and substitutes Yahoo search for Google’s. Yahoo’s algorithm is booted for Google’s. Monetization rises. Suddenly, Google has destination properties beyond YouTube. Google gets content. Google gets newspaper partnerships. Google gets more users. Google dominates display advertising with DoubleClick and Yahoo in the fold.
The overlap with Google? Not nearly as much as the Yahoo and Microsoft properties have. All Google would have to do is swap search and the deal would be accretive.
Analysts are already handicapping that Yahoo’s price tag will go up a bit–just based on Yahoo’s stakes in Yahoo Japan and Alibaba, two properties Google would love to have too. If Google bids Yahoo’s value would easily eclipse that $31 a share opening volley.
Microsoft bids $44.6 billion for Yahoo in a deal that on the surface looks like a no-brainer. Unless Google bids too.
The logic behind a Google bid for Yahoo makes a lot of sense. In fact, Google buying Yahoo makes more sense to me than Microsoft buying Yahoo (see conference call notes and Techmeme). For starters, Google would make life difficult for Steve Ballmer & Co. And as we all know Google lives to annoy Microsoft.
Meanwhile, despite a sell-off of late Google has the stock currency and the cash to compete with Microsoft. Here’s an estimate that adds some heft to this Google as spoiler idea: Citigroup analyst Mark Mahaney said Yahoo has few options to boost shareholder value right now. Should Yahoo want to remain independent it could outsource search to Google in a move that would boost earnings by 25 percent.
The next logical question: Why wouldn’t Google just buy Yahoo? Is that speculative? You bet. Is it crazy speculation? Not at all.
As I go through the list of potential synergies with Microsoft and Yahoo the overlap is stunning in some areas. Take email–there’s Outlook, Hotmail, Zimbra and Yahoo Mail. Take ad systems–there’s Adcenter and Panama. Take ad exchanges/networks–there’s Right Media, Blue Lithium and aQuantive and probably a few more I’m forgetting. You get the idea.
Now let’s tee up Google. Google buys Yahoo and substitutes Yahoo search for Google’s. Yahoo’s algorithm is booted for Google’s. Monetization rises. Suddenly, Google has destination properties beyond YouTube. Google gets content. Google gets newspaper partnerships. Google gets more users. Google dominates display advertising with DoubleClick and Yahoo in the fold.
The overlap with Google? Not nearly as much as the Yahoo and Microsoft properties have. All Google would have to do is swap search and the deal would be accretive.
Analysts are already handicapping that Yahoo’s price tag will go up a bit–just based on Yahoo’s stakes in Yahoo Japan and Alibaba, two properties Google would love to have too. If Google bids Yahoo’s value would easily eclipse that $31 a share opening volley.
Sunday, February 3, 2008
Yummy Results?
Yum Brands will serve up 1st quarter results after the bell on Monday, February 4 at 4:00pm EST. Yum Brands is expecting to see a 10% earnings growth ths year with most of he growth coming from overseas. In the previous six quarters Yum Brands has surprised to the upside in earnings by about 10%.
Saturday, February 2, 2008
Hey Google Chew On This One
Microsoft's unsolicited bid for Yahoo for $31.00 a share is a bid to keep Microsoft and Yahoo in the game against Google. There is no immediate impact on Google as it will take several months for this deal to be approved and many more months to integrate products. But what if Google were to make a bid for Yahoo. After an acquisition they could divest itself of the Yahoo search engine (might be required by regulators) and keep the Yahoo portal which is the most visited portal on the web, thus driving more Google search and ad revenues.
Yahoo/Microsoft - Will It Succeed?
Yahoo-Microsoft May Lose Market Share
Yahoo (YHOO: Nasdaq) By Cantor Fitzgerald ($19.18, Feb. 1, 2008)
On Feb. 1, before the open, Microsoft extended an unsolicited offer to buy Yahoo! for $44.6 billion, or $31 per share, in equal parts cash and stock.
Yahoo's board of directors is in the process of evaluating Microsoft's proposal, which values Yahoo's enterprise at about six times our 2008 net revenue estimate, 19 times our adjusted earnings before interest, taxes, depreciation and amortization estimate, and 45 times our pro forma earnings per share estimate.
Paraphrasing Microsoft, this transaction seems to be about cost-saving synergies, scale, and consolidation, all in an effort to create a more credible, compelling, and competitive alternative to Google.
We expect a deal to happen, perhaps at a slight premium to the current offer, given Yahoo's weakened market position and Microsoft's obvious need to become more relevant in the consumer Internet services / online advertising arenas.
Nonetheless, we hold little hope that a merged Microsoft/Yahoo entity would radically alter the current competitive landscape; in fact, we think the combined company could actually lose market share to Google and others over time, as product, infrastructure, and cultural integration challenges divert attention/resources from the critical areas of innovation and customer service, and as red tape/size/bureaucracy further increase time-to-market for new products/services.
Reflecting these events, and the shares' early reaction, we are maintaining our
Hold rating on Yahoo's stock, but raising our price target to $31 (from $21). Our price implies a 2008 enterprise value-to-net-revenue multiple of about six times, an enterprise value-to-adjusted-EBITDA multiple of about 19 times, and a price-to-pro forma EPS multiple of 45 times. While these multiples seem high, given Yahoo's competitive struggles and projected three-year revenue growth rate of about 10%-20%, as well as shifting industry dynamics, and comparable company valuations, they are in line with Microsoft's current buyout proposal.
We see a number of potential risks to our rating and to Yahoo's business. These include, among others: the company's ability to attract new clients and maintain current client relationships; fierce competition in the Internet advertising, technology, and services marketplaces; spending decisions and budget allocations by clients or prospective clients; pricing pressure in some lines of business or changes in the availability and pricing of advertising space; and the ability to identify, attract, retain and motivate qualified personnel at a reasonable cost.
Additionally, acquisitions or investments may be unsuccessful and may divert management's attention. Other hurdles include: unmanageable or excessive levels of click fraud; changes in consumer behavior; the company's ability to maintain and/or add to its roster of Network distribution partners; geopolitical and macroeconomic uncertainties that may also negatively impact Yahoo's business; growth management tied to new categories and geographies, value-added services, and client relationships; and, new privacy legislation, industry standards, or other regulations.
Yahoo (YHOO: Nasdaq) By Cantor Fitzgerald ($19.18, Feb. 1, 2008)
On Feb. 1, before the open, Microsoft extended an unsolicited offer to buy Yahoo! for $44.6 billion, or $31 per share, in equal parts cash and stock.
Yahoo's board of directors is in the process of evaluating Microsoft's proposal, which values Yahoo's enterprise at about six times our 2008 net revenue estimate, 19 times our adjusted earnings before interest, taxes, depreciation and amortization estimate, and 45 times our pro forma earnings per share estimate.
Paraphrasing Microsoft, this transaction seems to be about cost-saving synergies, scale, and consolidation, all in an effort to create a more credible, compelling, and competitive alternative to Google.
We expect a deal to happen, perhaps at a slight premium to the current offer, given Yahoo's weakened market position and Microsoft's obvious need to become more relevant in the consumer Internet services / online advertising arenas.
Nonetheless, we hold little hope that a merged Microsoft/Yahoo entity would radically alter the current competitive landscape; in fact, we think the combined company could actually lose market share to Google and others over time, as product, infrastructure, and cultural integration challenges divert attention/resources from the critical areas of innovation and customer service, and as red tape/size/bureaucracy further increase time-to-market for new products/services.
Reflecting these events, and the shares' early reaction, we are maintaining our
Hold rating on Yahoo's stock, but raising our price target to $31 (from $21). Our price implies a 2008 enterprise value-to-net-revenue multiple of about six times, an enterprise value-to-adjusted-EBITDA multiple of about 19 times, and a price-to-pro forma EPS multiple of 45 times. While these multiples seem high, given Yahoo's competitive struggles and projected three-year revenue growth rate of about 10%-20%, as well as shifting industry dynamics, and comparable company valuations, they are in line with Microsoft's current buyout proposal.
We see a number of potential risks to our rating and to Yahoo's business. These include, among others: the company's ability to attract new clients and maintain current client relationships; fierce competition in the Internet advertising, technology, and services marketplaces; spending decisions and budget allocations by clients or prospective clients; pricing pressure in some lines of business or changes in the availability and pricing of advertising space; and the ability to identify, attract, retain and motivate qualified personnel at a reasonable cost.
Additionally, acquisitions or investments may be unsuccessful and may divert management's attention. Other hurdles include: unmanageable or excessive levels of click fraud; changes in consumer behavior; the company's ability to maintain and/or add to its roster of Network distribution partners; geopolitical and macroeconomic uncertainties that may also negatively impact Yahoo's business; growth management tied to new categories and geographies, value-added services, and client relationships; and, new privacy legislation, industry standards, or other regulations.
Friday, February 1, 2008
Exxon's Earnings - Full Speed Ahead
NEW YORK (CNNMoney.com) -- Exxon Mobil made history on Friday by reporting the highest quarterly and annual profits ever for a U.S. company.
Exxon (XOM, Fortune 500) shares gained nearly 2% in pre-market trading on the results, which were underpinned by soaring crude prices.
Exxon, the world's largest publicly traded oil company, said fourth-quarter net income rose 14% to $11.66 billion, or $2.13 per share. That's up from $10.25 billion, or $1.76 per share, in the year-ago period.
That tops Exxon's previous quarterly profit record of $10.7 billion, set in the fourth quarter of 2005, which also was a record for any U.S. corporation.
Exxon also set an annual profit record by earning $40.61 billion last year, or nearly $1,300 per second.
The company's full-year results exceeded its previous record of $39.5 billion in 2006.
In the fourth quarter, revenue rose 29.5% from a year ago to $116.64 billion.
Analysts were looking for the company to report quarterly profit of $10.36 billion on revenue of $114.9 billion, according to earnings tracker Thomson Financial.
Exxon's earnings are sure to draw fire from consumer rights groups, who contend the oil industry is deliberately restricting supply and profiting on the back of U.S. motorists. They have previously called for a windfall profit tax on oil firms, and have proposed breaking up the big oil companies created during the 1990s merger wave.
Exxon attributed its impressive results to strong performance across its divisions, but a large part of the surge in profit can be attributed to soaring oil prices.
Last year, crude prices skyrocketed nearly 60%. That surge helped prices break through the $100 a barrel mark for the first time ever early last month.
Natural gas prices have also increased compared to last year, albeit marginally.
But costs have also increased for the oil companies, and they haven't been able to make as much selling gasoline, which is why profits haven't risen as rapidly as crude prices.
Exxon isn't the only oil giant to report impressive earnings. No. 2 Chevron (CVX, Fortune 500) also reported a jump in quarterly profit on Friday. Conoco (COP, Fortune 500), the nation's third largest oil company, trounced profit estimates by nearly 25% when it reported last week.
Exxon (XOM, Fortune 500) shares gained nearly 2% in pre-market trading on the results, which were underpinned by soaring crude prices.
Exxon, the world's largest publicly traded oil company, said fourth-quarter net income rose 14% to $11.66 billion, or $2.13 per share. That's up from $10.25 billion, or $1.76 per share, in the year-ago period.
That tops Exxon's previous quarterly profit record of $10.7 billion, set in the fourth quarter of 2005, which also was a record for any U.S. corporation.
Exxon also set an annual profit record by earning $40.61 billion last year, or nearly $1,300 per second.
The company's full-year results exceeded its previous record of $39.5 billion in 2006.
In the fourth quarter, revenue rose 29.5% from a year ago to $116.64 billion.
Analysts were looking for the company to report quarterly profit of $10.36 billion on revenue of $114.9 billion, according to earnings tracker Thomson Financial.
Exxon's earnings are sure to draw fire from consumer rights groups, who contend the oil industry is deliberately restricting supply and profiting on the back of U.S. motorists. They have previously called for a windfall profit tax on oil firms, and have proposed breaking up the big oil companies created during the 1990s merger wave.
Exxon attributed its impressive results to strong performance across its divisions, but a large part of the surge in profit can be attributed to soaring oil prices.
Last year, crude prices skyrocketed nearly 60%. That surge helped prices break through the $100 a barrel mark for the first time ever early last month.
Natural gas prices have also increased compared to last year, albeit marginally.
But costs have also increased for the oil companies, and they haven't been able to make as much selling gasoline, which is why profits haven't risen as rapidly as crude prices.
Exxon isn't the only oil giant to report impressive earnings. No. 2 Chevron (CVX, Fortune 500) also reported a jump in quarterly profit on Friday. Conoco (COP, Fortune 500), the nation's third largest oil company, trounced profit estimates by nearly 25% when it reported last week.
Microsoft's Bid For Yahoo
Microsoft Offers To Buy Yahoo For $31 A Share; Deal Would Be Worth $44.6 Billion; Yahoo Mulling Response
Posted by Eric Savitz
Microsoft (MSFT) this morning offered to buy Yahoo (YHOO) for $31 a share in cash and stock, for combined consideration of $44.6 billion. The offering price is 62% above yesterday’s closing level of $19.18. The proposal is designed to solve two problems at once: Microsoft’s struggles at gaining traction in the Internet search and advertising marketplace, and Yahoo’s gradual loss of market share in those same markets; the deal would unite Google’s (GOOG) two biggest foes into one. Microsoft made the offer via a letter to Yahoo yesterday.
Obviously, this would be the biggest acquisition in Microsoft’s history, far ahead of its $6 billion acquisition of online advertising firm aQuantive. But it is no sure thing: this is a hostile offer, and Yahoo has yet to respond.
This week’s disappointing earnings outlook from Yahoo sent the stock spiraling lower, and triggered speculation on the Street that the company would either find a quick fix or become a potential target for activist investors or an acquisition. And Microsoft was always the most likely merger partner. But I’m not sure anyone expected this to happen so quickly.
Yahoo holders would be able to choose to receive either $31 a share in cash or 0.9509 of a share of Microsoft common stock.
This is not the first time the two companies have discussed a deal. In the letter to Yahoo proposing the combination, Microsoft notes that in February 2007 the Yahoo response to a proposed deal was that “”now is not the right time” for such a transaction.
In a statement, Yahoo said its board “will evaluate this proposal carefully and promptly in the context of Yahoo!’s strategic plans and pursue the best course of action to maximize long-term value for shareholders.”
In pre-market trading, Yahoo shares are up $10.08, or 52.6%, to $29.26. Microsoft is off $1.44, or 4.4%, to $31.16. Google, which yesterday reported disappointing fourth quarter earnings results, and which traded down in after hours dealings last night, is off $38.39, or 7%, at $525.91.
Posted by Eric Savitz
Microsoft (MSFT) this morning offered to buy Yahoo (YHOO) for $31 a share in cash and stock, for combined consideration of $44.6 billion. The offering price is 62% above yesterday’s closing level of $19.18. The proposal is designed to solve two problems at once: Microsoft’s struggles at gaining traction in the Internet search and advertising marketplace, and Yahoo’s gradual loss of market share in those same markets; the deal would unite Google’s (GOOG) two biggest foes into one. Microsoft made the offer via a letter to Yahoo yesterday.
Obviously, this would be the biggest acquisition in Microsoft’s history, far ahead of its $6 billion acquisition of online advertising firm aQuantive. But it is no sure thing: this is a hostile offer, and Yahoo has yet to respond.
This week’s disappointing earnings outlook from Yahoo sent the stock spiraling lower, and triggered speculation on the Street that the company would either find a quick fix or become a potential target for activist investors or an acquisition. And Microsoft was always the most likely merger partner. But I’m not sure anyone expected this to happen so quickly.
Yahoo holders would be able to choose to receive either $31 a share in cash or 0.9509 of a share of Microsoft common stock.
This is not the first time the two companies have discussed a deal. In the letter to Yahoo proposing the combination, Microsoft notes that in February 2007 the Yahoo response to a proposed deal was that “”now is not the right time” for such a transaction.
In a statement, Yahoo said its board “will evaluate this proposal carefully and promptly in the context of Yahoo!’s strategic plans and pursue the best course of action to maximize long-term value for shareholders.”
In pre-market trading, Yahoo shares are up $10.08, or 52.6%, to $29.26. Microsoft is off $1.44, or 4.4%, to $31.16. Google, which yesterday reported disappointing fourth quarter earnings results, and which traded down in after hours dealings last night, is off $38.39, or 7%, at $525.91.
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