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]now that Microsoft [MSFT
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]has abandoned its bid?Yahoo shares fell 14 percent Monday as hopes for the once-dominant Internet icon dimmed following Microsoft's withdrawal of a $47.5 billion takeover bid.
The sell-off wiped out nearly half the gain in Yahoo Inc.'s stock price since Microsoft Corp. made its initial offer on Jan. 31 in an effort to challenge online advertising and search leader Google Inc. The downturn left Yahoo's market value about $13 billion below Microsoft's last offer.
Last-ditch talks between Yahoo and Microsoft were fruitless, leading Microsoft to walk away from a deal Saturday.
Despite the backlash, analysts doubt Yahoo shares will fall back to their $19.18 pre-bid price, partly because some investors may still be holding out hope that the software maker will renew its takeover attempt if Yahoo continues to struggle.
Yahoo Chief Executive Jerry Yang remains convinced that the company he started in a Silicon Valley trailer 14 years ago, was worth more than the money Microsoft had offered.
Karen Finerman’s Possible Yahoo Outcomes
1. Shareholders nominate new board
2. Yahoo sets new date for shareholder meeting
3. Yahoo board caves in to investors
What do you think? Are you buying Yahoo! on hopes of another bid? Answer the Charles Schwab Question of the Day!
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Trader disclosure: On May 2, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (MSFT), (DIS), (INTC), (HAS); Adami Owns (AGU), (NUE), (BTU), (C), (GS), (INTC), (MSFT); Najarian Owns (AAPL), (TSO), (XLF); Najarian Owns (C) Calls, (MSFT) Calls, (POT) Calls, (BUD) Calls; Najarian Owns (YHOO) And Is Short (YHOO) Calls; Finerman Owns (GS); Finerman's Firm And Finerman Own (HD); Finerman's Firm Owns (MSFT), (TSO), (VLO), (VCLK); Finerman's Firm Owns (YHOO) And (YHOO) Call Spreads; Finerman's Firm Owns S&P 500 Puts; Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM); Finerman's Firm Is Short The British Pound; Finerman's Firm And Finerman Own (C) And (C) Leaps; Finerman's Firm Owns (FNM) Calls; GE Is The Parent Company Of CNBC; NBC Universal Is The Parent Company Of CNBC
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