Bet you’d never thought you’d hear this, but Pete Najarian says Yahoo! is now a must-own stock.
Najarian is bullish for a few reasons.
First, he thinks Yahoo!’s new mobile search tool called Axis has huge potential. “It could be a huge growth area for the company,” he says.
Also Najarian thinks after resume-gate -- the decision to replace Scott Thompson with Ross Levinsohn was a good move.
Najarian believes the new CEO is about unlock shareholder value.
According to the website Business Insider, Levinsohn’s plans to “ignore his passion for big deals to solve some noisy problems and focus the company. Meanwhile, he'll begin to divest assets in order to build up a pile of cash. Then he's going to swing for the fences, hoping to propel Yahoo into growth even though its core product has already begun to erode.”
Also Najarian was encouraged by recent options activity which he considers bullish. “They came in for the October 17 calls,” he says.
For these reasons, "Yahoo! is a must own stock," he says.