Yahoo landed once again on the Fast team’s radar Thursday after Third Point’s Dan Loeb announced the hedge fund had acquired a 5.1 percent stake in Yahoo and called for a new board of directors.
Loeb, in his letter to the Yahoo board, slammed the directors for making “serious misjudgments” and for destroying the value of for stockholders. The news comes two days after the board fired CEO Carol Bartz.
Shares of the Internet giant spiked on the news. So is it time to jump aboard Yahoo? Fast trader Guy Adami certainly thinks so.
“Yahoo is a very interesting buy here,” he said. “This stock definitely has some mojo … I think it goes higher.”
But Stephen Weiss is staying away.
“I think it is a deteriorating franchise and I don’t think you invest in a company just because it may be bought,” he said. “There are other opportunities.”
Loeb has been known to get things changed, Weiss said, but he thinks Loeb’s call for a new board is a tall order. “I don’t know anybody that can move (co-founder) Jerry Yang and the others.”
But Yahoo wasn’t the only big tech stock catching the attention of the Street.