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Investors in Yahoo latched onto hopes the company could resume talks with Microsoft, though an executive at the software maker cast doubt about any return to a deal.
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Stocks declined as the market pendelum swung back the other way, sending oil prices to a new high and early cyclicals such as financials and retail lower. Yahoo plunged.
Stocks declined, with General Motors dragging on the Dow amid news of another strike and Yahoo weighing on technology stocks.
Yahoo! shares went tumbling after Microsoft withdrew it's takeover offer. The terminated negotiations eliminate the risk for now of a stronger online advertising competitor to Google...
Barely two hours into trading and Yahoo shares were on the decline in a big way, off about $4.50 a share, or almost 20 percent; while Microsoft shares are on the increase. Both stocks are well off their lows and highs of the morning, however, as investors try to figure out what they'll both do next. If anything. They will do something. But what?
Stocks opened lower Monday as Yahoo weighed on technology shares after Microsoft withdrew its takeover offer.
Yahoo's shares tumbled after Microsoft withdrew its $47.5 billion takeover offer, wiping out about $7.6 billion in market value and piling pressure on its leadership, especially CEO Jerry Wang.
Talk about a nerve-wracking couple of days for Yahoo investors, especially the ones who flooded into the issue on Friday on word that Microsoft was increasing its offer to $33 a share.
A source close to Yahoo disputes Microsoft's claims that the internet search company was aloof in its negotiations following Microsoft's unsolicitied bid, and says Microsoft's own timeline shows an active negotiation process, whether Microsoft liked it or not.
Now that Microsoft has withdrawn it's bid, the pressure is on Yahoo to prove it can revive its languishing stock price.
With Microsoft now walking away from its unsolicited bid for Yahoo, new details are emerging as to just how bizarre these negotiations -- or lack thereof -- have been since Microsoft first made the deal public three months ago.
For now, it seems Microsoft CEO Steve Ballmer has kept his passionate side in check in choosing to walk away from ahostile Yahoo offer.
A chronology of events leading to Microsoft's decision to abandon its offer for Web search and advertising competitor Yahoo:
"We continue to believe that our proposed acquisition made sense for Microsoft, Yahoo! and the market as a whole," said Microsoft CEO Steve Ballmer.
Microsoft, hoping to salvage a takeover of Yahoo, has reluctantly agreed to boost its offer to about $33 a share in cash and stock from $31, though Yahoo is holding out for $37, sources have told CNBC.
For the week ending Friday, May 9, 2008, the U.S. Markets were negative for the week, with the Dow falling more than 200 points on Wednesday, making it the biggest point drop since 4/11/08.
Stocks closed mixed as profit-taking, oil's resurgence and downgrades on Sun put a lid on the post-jobs report rally.
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Stocks pulled back after rallying on better-than-expected April jobs report.