There are many reasons for this, including several suggestions we made a few weeks ago here about steps Semel needed to take immediately to turn the tide operationally and with the hearts and minds of Wall Street. We repeated many of these same comments today in this radio broadcast.
Whether he was or not, Yahoo is attractive for many strategic (read: GOOG, MSFT, Fox, Viacom, Comcast -- even Disney... and don't forget eBay), as well as financial (read: hedge funds), buyers. Great underlying assets + one of the best known brands in the world + well-meaning but ineffective management = great opportunity at $27.40.
Look for something to happen, potentially sooner rather than later.