Last Call: Loeb Keeps Searching for Yahoo Leadership

The exterior of Yahoo! corporate headquarters in Santa Clara, California.
Getty Images
The exterior of Yahoo! corporate headquarters in Santa Clara, California.

“Yahoo missed every important trend on the Internet: social, local, you name it.”

-Third Point Founder Daniel Loeb lobs more criticism Yahoo’s way.

Robert Hum's Market Musings

  • Not again! — Another down day… Dow falls for 6th straight day for first time since August
  • Stocks weak all day on European worries, but pare steep, early-morning declines
  • Volume picks up — first back-to-back days of 4+ billion shares traded in nearly 2 months
  • 10-year Treasury yield nears 1.82%, a 3-month low
  • Natural gas rises to a 2-month high

What Wall Street Is Saying Tonight

CISCO’S EARNINGS LOOK GOOD, BUT NOT GOOD ENOUGH/ - Paul Vigna: "Cisco Systems shares are down in late trading after the company’s fiscal third-quarter earnings disappointed the Street. Earnings rose 20%, as Cisco’s margins and revenue both improved. But the numbers appear to be just a hair above Street consensus, perhaps disappointing investors looking for a more convincing “beat.”"

PRICELINE BEATS ON EARNINGS; OUTLOOK FALLS SHORT/Reuters w/ “Online travel agency Priceline reported a big jump in earnings on an increase in travel bookings, but the company predicted a slower pace of bookings growth in the second quarter. After the announcement, the company's shares fell.”

NEWS CORP. PROFIT RISES; SHARE BUYBACK DOUBLED/WSJ – John Jannarone: “News Corp said net income rose 47% in the quarter ended March 31 thanks to growth at its cable networks. The media conglomerate also said it doubled the size of its share-buyback program to $10 billion.”

LOEB SAYS HE'LL FIGHT YAHOO AS LONG AS IT TAKES/ - Kate Kelly/Scott Wapner: "In rare public comments about his ongoing proxy fight with Yahoo , Third Point founder Dan Loeb called the company “bloated” and “not focused,” but added that the tech giant is a “great business” capable of being turned around. In an interview after his presentation at the Skybridge Alternatives (SALT) investor conference in Las Vegas, Loeb threw an unexpected bone to the Yahoo board, saying there are good people there with whom he could work. Loeb said the issue at Yahoo is fairly straightforward: There’s a lack of leadership, vision, and values. Speaking of recent revelations that Yahoo CEO Scott Thompson misrepresented his educational credentials, Loeb said the issue comes down to accountability — and there’s a crisis of leadership at the company.

MOBILE GROWTH MAY NEGATIVELY AFFECT FACEBOOK REVENUE/Associated Press with “Facebook said growth in the number of users using Facebook on mobile devices, which is hard to monetize, "may negatively affect our revenue and financial results." In an amended regulatory filing, the company said the number of people logging into Facebook is continuing to grow more quickly than the number of ads delivered. Facebook said this is in part because more people are using the social network on mobile devices, where it shows a very small number of ads.”

STOCKS TRIM LOSSES YET AGAIN: IS THE MORNING ‘AMATEUR HOUR’?/ - John Melloy: "Like clockwork, the U.S. stock market rallied back on Wednesday from its morning low - just as it did on Monday and Tuesday — as overnight panic about Europe’s political woes gave way to value buying focused on an improving U.S. earnings picture. Traders said the three-straight turnarounds for the market were a bullish sign as big institutions tend to dominate trading activity later in the day while the morning is more of a mixture of retail investors and European money managers. “Amateur hour is 9:30 to 10:30,” said Michael Murphy, a hedge fund manager with Rosecliff Capital. “Smart money trades later in the day. Risk is definitely to the upside here.”

HOW A RADICAL GREEK RESCUE PLAN FELL SHORT/WSJ- Marcus Walker: "Two years after Europe bailed Greece out to protect the euro, the rescue has become a debacle that threatens to unravel the common currency... Greece's growing turmoil is the culmination of a radical austerity experiment and botched economic overhaul that have pushed the nation to the brink of social and political breakdown. The story of the ill-fated bailout suggests that forcing deep austerity on individual member states won't save the euro and may worsen its crisis."

PFIZER PULLS PLUG ON ITS CASH COW LIPITOR/WSJ - Jonathan Rockoff: "Farewell after all, Lipitor. Pfizer conducted an intriguing experiment in brand marketing this year, aggressively pushing the cholesterol-fighting drug Lipitor in the U.S. even after its patent expired on Nov. 30. But after spending more than $87 million promoting the medicine, the world's biggest drug company is quietly giving up on its once-great cash cow for good because more generic versions will soon be going on sale."

WHEN WILL MAIN STREET RETURN TO WALL STREET? DON'T HOLD YOUR BREATH/Barron's - Randall Forsyth: “Main Street has no love for Wall Street. Not the scruffy rabble of Occupy Wall Street but the stalwart middle class that Charlie Merrill once implored to own a piece of America. They want no part of the stock market. "Invest in Stocks? Small Players Still Smarting" That was the headline of a page one story in Tuesday's USA Today. Not on the business page, but the front page of the main section, above the fold, alongside the lead story in the right-hand column of what supposedly is "The Nation's Newspaper."

Tomorrow's Earnings

Before the bell:

Arcelor Mittal, Kohl's, Sony, Sun Life Fincl.

After the bell:

Express Scripts, Nordstrom

Tomorrow's Economic Data

830 Initial Claims

830 U.S. Trade Deficit

830 Apr Import Prices

1300 30-Yr Bond Auction

1400 Apr Federal Budget

1630 Fed Balance Sheet

1630 Money Supply

Tomorrow on CNBC

700am Henry Blodget, Business Insider, CEO & Editor-in-Chief

1150am Mellody Hobson, Ariel Capital Management, President

1215pm Howard Schultz, Starbucks, Founder, Chairman, President and CEO

245pm Hank Ratner, Madison Square Garden, Vice-Chairman, CEO & President

440pm John Elway, Denver Broncos Executive VP

Follow Tom Rotunno on Twitter: @tomrotunno

Questions? Comments? Email us

Follow NetNet on Twitter @

Facebook us @