Well, I hate to say I told you so - but I told you so. In late-morning trading this morning, Yahoo shares shed $4.69, or 16.4 percent, to $23.98, below Friday's close of $28.67. If anyone is doing the math - that means that Yahoo's market value tanked roughly $14 BILLION below the Microsoft offer of even this past Friday.
$14 BILLION. Nice job, Jerry!
I don't know whether or not the shares will completely tank (right away) back to the $19.18 level they were before the Microsoft offer - but it's clear: Jerry has only a little while before Wall Street is going to give him a serious thrashing if things don't improve in a significant way.
On the other hand - if you're not as cynical as me - you would see this as a great time to buy Yahoo (if you believe they can and will turn it around).
Let's see - whose shares went UP this morning... hmmmm... oh, I don't know... maybe Microsoft and Google? Yep. Both up 2% - not spectacular, but still, it's a little bump.
Microsoft shares rose nearly 2 percent, or 57 cents, to $29.81 (as opposed to a 10% drop when they made the bid at $29.24 ). Shares in Google went up nearly 2 percent as well (up $11.15 to $592.44).
Looks like both Steve Ballmer and Sergey Brin can each by a small South Pacific Island today - courtesy of a greedy Jerry Wang. Thanks, Jerry!
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