Shares of Yahoo (NASDAQ: YHOO) closed down 15% at just above $24, after Microsoft (NASDAQ: MSFT) withdrew its takeover offer. The wisdom of the crowd, as expressed in venture capitalist and blogger Fred Wilson’s pre-market online poll suggested a close of $22. Microsoft closed about unchanged, reflecting the view reported by the Wall Street Journal’s Marketbeat blog that the collapse of the deal was even worse for Yahoo than Microsoft. Still, Yahoo is up around 25% from when the first offer was made, while Microsoft is down slightly and Google (NASDAQ: GOOG) is laughing all the way to the bank. The question now is whether Yahoo can retain that gain.
Paul Kedrosky covers most of the bases in analyzing the situation at Infectious Greed. His bottom line:
This has a been a risky and poorly managed affair from end-to-end. Both CEOs deserve immense blame — Ballmer for vacillating; Yang for running a public company without the foremost reg...
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Study Finds School Ties Improve Analysts’ AccuracySource:
http://feeds.feedburner.com/~r/researchrecap/~3/24...Post Date: 2008-03-05 10:42:21
More evidence that it’s who you know that really matters: a new working paper* published by the Harvard Business School finds that sell-side analysts outperform on their stock recommendations when they went to the same university as a senior officer of the company. However, the authors also find that any advantage this might confer has beeen eradicated by regulation FD, designed to impede selective disclosure.
“Exploiting novel data on the educational backgrounds of sell-side equity...
Deloitte Says States Face Increasing Fiscal ChallengesSource:
http://feeds.feedburner.com/~r/researchrecap/~3/24...Post Date: 2008-03-05 09:36:08
A recent report from Deloitte’s highlights the many challenges facing state governments this year and beyond.
“Aging populations and crumbling infrastructures are increasing the strain on budget coffers. Increasing global competition is again prompting calls for improved educational performance. Citizens are continuing to demand more and more services from state governments but don’t want to raise taxes to pay for them, ” Deloitte says.
“Because of continued political ...
Research Update: Delta/Northwest MergerSource:
http://feeds.feedburner.com/~r/researchrecap/~3/24...Post Date: 2008-03-05 09:05:23
Now that Delta Air Lines (DAL: NYSE) reportedly has disbanded the outside advisers hired to guide a merger with Northwest Airlines (NWA: NYSE), is the deal dead, or is it a ploy to force the pilots to resolve their seniority issues?
CreditSights blasts Delta management for putting the deal at the mercy of the pilots.
It makes no sense pinning the consummation of an airline merger on the pilots coming to a non mediated seniority integration.
“There are three colliding issues at...
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