Some of the names on the move ahead of the open.» Read More
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.
Shares of Yahoo fell 22 percent in premarket trading as hopes for the once dominant search engine dimmed on the withdrawal of a $43.7 billion bid from Microsoft over the weekend.
CNBC's Becky Quick is reporting this morning from Omaha on the Berkshire Hathaway Annual Shareholders meeting over the weekend. In this clip, she shows us an excerpt from her Buffett interview on the exposition floor, asking how much cash Berkshire has on hand. Buffett also comments on how some of the key people involved in the Microsoft-Yahoo fight were brought together in Omaha.
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.
Shares in China's leading e-commerce firm Alibaba.com slid 6 percent on Monday after Microsoft dropped a bid for Yahoo, Alibaba's key investor.
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Now that Microsoft has withdrawn it's bid, the pressure is on Yahoo to prove it can revive its languishing stock price.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.
Wall Street could extend gains this week if financial results from market bellwethers such as Cisco Systems and data suggest the U.S economic slowdown is not as dire as once feared.
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 flurry of last-minute talks between the heads of the companies preceded Microsoft's decision to end its bid for Yahoo.
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.
The following is the letter sent by Microsoft CEO Steve Ballmer to Yahoo CEO Jerry Yang
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.
The Dow finished a strong week only marginally higher as enthusiasm over a stronger-than-expected jobs report dissipated. What's the "Word on the Street?"
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.
The potential merger isn't worth gauging, Cramer says. Instead, focus on "new tech" stocks. Also, his thoughts on ag.