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Last Call: Yahoo Tweaks Background Check Language

Thursday, 19 Jul 2012 | 11:52 PM ET
Yahoo!
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Yahoo!

Yahoo CEO offer, January 3, 2012: ”Please understand that this offer is contingent upon the successful completion of your background check.”

Yahoo CEO offer, July 19, 2012: “You represent that all information provided to Yahoo! or its agents with regard to your background is true and correct.”

— Below, Yahoo reveals its compensation package for its new CEO, with slight tweaks in language regarding the… background check.

Market Musings WithCNBCMarket Guru Robert Hum

  • Recap: Dow +34.66 (+0.27%) at 12943.36, S&P +3.73 (+0.27%) at 1376.51, Nasdaq +23.30 (+0.79%) at 2965.90
  • Despite disappointing data, stocks close with small gains as techs & materials lead the way
  • Dow, S&P have highest closes since early May
  • Big day for Big Blue: IBM makes up all of Dow’s gains, over 1/4 of S&P’s gains
  • Crude oil closes at 2-month high, up over 10% last 7 days for best 7-day win streak since Oct. 2009

Earnings Central

Google Earnings Beat Forecast but Revenue Is Light/CNBC.com with wires: “Google reported quarterly earnings that beat Wall Street's expectations, but revenue fell slightly short. The report on Thursday sent its shares higher in extended-hours trading. After the earnings announcement, the Internet giant's shares rose 3 percent in trading after the closing bell.”

Microsoft Earnings Top Forecasts; Revenue Is Slight Miss/CNBC.com with wires: "Microsoft reported earnings excluding items that beat analysts' expectations though it posted a net loss — the first since it went public in 1986 — and delivered revenue that fell short of expectations. The loss was attributed to a previously announced charge for writing down the value of its ailing online unit. Still, its shares rose after-hours trading on Thursday."

AMD Sales Sink on Weakness in China, Europe/Reuters: “Advanced Micro Devices forecast revenue below expectations as it struggles with a weak global economy, tepid PC sales and relentless pressure from top chipmaker Intel . On Thursday, it estimated revenue in the current third quarter would fall 1 percent from the second quarter, plus or minus 3 percent.”

Chipotle restaurant sales miss estimate, shares tumble/Reuters: “Chipotle Mexican Grill Inc on Thursday said the sluggish U.S. economy slowed growth in sales at established restaurants during the second quarter, sending its shares down more than 6 percent.”

The Word on the Street Tonight

Kayak Prices IPO at $26 a Share, Above Expected Range/CNBC.com – Kayla Tausche: “Online travel service company Kayak Software priced its initial public offering at $26 a share, above the expected range of $22 to $25. The company raised $91 million, with an offering of 3.5 million shares, as expected. Trading is expected to begin on Friday.”

Citi, Morgan Stanley Are 60% Apart on Brokerage Valuation/WSJ – Matthias Rieker & Brett Philbin: “Citigroup Inc. disclosed Thursday that its valuation of the Morgan Stanley Smith Barney brokerage is substantially above Morgan Stanley's appraisal, the first public jostling between the partners on price. Morgan Stanley owns 51% of the joint venture but has submitted a bid to buy an additional 14%. Both companies delivered valuations to one another Monday, and Citi disclosed Thursday in a filing with the Securities and Exchange Commission that the two appraisals are 60% apart.”

New Yahoo CEO Gets $70 Million Pay Package/Reuters: “Marissa Mayer will receive a pay package that could total more than $70 million in salary, restricted stock and stock options over five years, a Yahoo SEC filing on Thursday revealed. Mayer's pay package with Yahoo is broken out into $1 million in annual salary and $42 million in stock options and other awards, as well as $14 million in "make whole restricted options" for forfeiture of compensation from Google.”

Yahoo Tweaks Background Check Language for Mayer/WSJ – David Benoit: “Yahoo made a slight tweak to the language in its offer letter to Marissa Mayer versus the letter it sent to Scott Thompson. And it has to do with the background check. Mayer’s letter released today reads: “You represent that all information provided to Yahoo! or its agents with regard to your background is true and correct.” Thompson’s letter, dated January 3, read: ”Please understand that this offer is contingent upon the successful completion of your background check.”

Economic Data

N/A

Earnings

Before the bell:

General Electric, Schlumberger

Key Guests

Ann Mukherjee, Frito-Lay, CMO (5:30am)

Martin Sorrell, WPP, CEO (6am)

Alexandra Lebenthal, Lebenthal & Co, Pres & CEO (7am)

Joe Watkins, Republican Strategist, Romney Surrogate (7:30am)

Grover Norquist, Americans for Tax Reform, President (8am)

Rep. Carolyn Maloney, Chair of the Joint Economic Committee, (D) NY (8:10am)

Travis Kalanick, Uber CEO (8:40am)

Dennis Berman, WSJ Marketplace Editor (9am)

Paul English, Kayak.com, Co-Founder, Steve Hafner, Founder of Kayak.com (9:40am)

Linda Abraham, Co Founder, CMO, Comscore, (10am)

Thomas Lee, JPMorgan, Chief US Equity Strategist, (11am)

Anna Maria Chavez, Girl Scouts of America, CEO (11:30am)

Paul Richards, UBS, Managing Director (12:30pm)

Danielle Hughes, Divine Capital, Founder & CEO (1pm)

Larry Thomas, Fender, CEO (1:30p)

Andre Julian, Trade Aviator, President (2pm)

Peter Boockvar, Miller Tabak + Co, (3pm)

Doug Sandler, Riverfront Investment Group, co founder (4pm)

Jonathan Thomas, American Century Investments, CEO (4:40pm)

James Pethokoukis, American Enterprise Institute, (7pm)

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