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Bing Beats Yahoo!, Already

As if Yahoo! wasn’t already kicking itself for not taking Microsoft’s $31/share offer, they must be doubled over with pain now on the latest search engine data.

Just one day after formally launching – Microsoft’s new search engine called Bing has overtaken Yahoo to rank second among the most used online search engines in America.

According to the Web analytics firm StatCounter, Bing grabbed 16.28 percent of all searches in the country, doubling the share Microsoft Live Search had just a week earlier.

Yahoo, meanwhile, has dropped from 18 percent to 10.22 percent. Forrester Research analyst Shar VanBoskirk told PC World that because both Bing and Yahoo combine content and search, it's only natural that Yahoo would be hit by the new competition first.

Of course, it's too early to say anything about Bing's chances; most users are likely just taking it out for a test drive.

But Microsoft is pushing hard to take advantage of the buzz, already releasing the first commercials in its reported $100 million ad campaign to unseat Google .

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Trader disclosure: On June 5th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (C), (GS), (MSFT), (NUE), (BTU); Finerman's Firm Owns (PBR), (PM), (TBT); Finerman's Firm Is Short (IJR), (MDY), (SPY), (IWM), (USO), (XRT); Finerman's Firm And Finerman Own (BAC) Preferred Shares And Are Short (BAC); Finerman's Firm And Finerman Own (WFC) Preferred Shares, Finerman's Firm Is Short (WFC); Finerman's Firm And Finerman Own (FLS); Finerman's Firm Owns (MSFT), (RSH), (FLIR), (CSCO), (NOK); Seymour Owns (AAPL), (BAC), (F); Terranova Owns (TER), (ABT), (XBI);

Terranova Owns (BTU) And Is Short (BTU) Calls; Terranova Owns (RIMM) And Is Short (RIMM) Calls; Terranova Owns (GENZ) And Is Short (GENZ) Calls ; Terranova Owns (X) And Is Short (X) Calls; Terranova Owns (MS) And Is Short (M)S Calls; Terranova Owns (JPM) And Is Short (JPM) Calls; Terranova Owns (POT) And Is Short (POT) Calls; Terranova Owns (BRCM) And Is Short (BRCM) Calls; Terranova Owns (HES) And Is Short (HES) Calls ; Terranova Owns (IBM) And Is Short (IBM) Calls; Terranova Is Short (XOM) Call Spreads ; Terranova Owns (DIS) Call Spreads; Terranova Is Short (FCX) And (FCX) Puts

Terranova Works For (VRTS); Terranova Is Chief Alternatives Strategist Of Virtus Investment Partners, Ltd.; Terranova Is Co-Portfolio Manager Of The Virtus Diversifier PHOLIO; Virtus Diversifier PHOLIO Owns (IGE), (DBC), (DBV)

Virtus Investment Partners Owns More Than 1% Of (ABD), (CAL), (CLB), (DLR), (EPR), (EXR), (IGE), (MEE), (DBC), (DBV), (DBA), (SKT), (UA), (WBMD); Virtus Investment Partners Owns More Than 1% Of St Mary Land & Exploration Co; Virtus Investment Partners Owns More Than 1% Of Seagate Tax Refund Rights

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