Yahoo! Inc.
 (YHOO)

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  • Fri, Jan. 8, 2:07 PM
    • Bloomberg reports Yahoo (NASDAQ:YHOO) is reconsidering the spinoff of its core business, and is now open to selling it. Shares have spiked higher in response.
    • Activist Starboard Value has called for a sale of core Yahoo. The company announced in December (along with the cancellation of its Alibaba stake spinoff plans) it would explore a spinoff of its non-Alibaba assets.
    • Bloomberg cautions Yahoo hasn't yet decided whether to sell the core business or hired a bank to run a sale process. If core Yahoo goes on the block, various P-E, Web, media, and telco firms are expected to bid for all or parts of the business.
    | Fri, Jan. 8, 2:07 PM | 36 Comments
  • Thu, Jan. 7, 2:01 AM
    • Yahoo (NASDAQ:YHOO) is working on a plan to cut its workforce by at least 10% and it could start the process as early as this month, Business Insider reports.
    • The layoffs, which would result in more than 1,000 people leaving the tech giant, is set to affect Yahoo's media business, European operations, and platforms-technology group.
    • The move also follows Starboard Value's letter to Yahoo on Wednesday, which took aim at CEO Marissa Mayer, her leadership team, and raised the prospect that a proxy battle may be on the way.
    • Previously: Starboard Pressures Yahoo, Demands Board Changes, New Strategy (Jan. 06 2016)
    | Thu, Jan. 7, 2:01 AM | 21 Comments
  • Wed, Jan. 6, 9:49 AM
    • Activist Starboard Value has delivered a letter to Yahoo’s (YHOO -0.3%) board of directors urging a change of management, “changes in Board composition, and changes in strategy.”
    • In addition, CNBC reports that Starboard has been contacted by potential buyers of Yahoo's core business.
    • “The past year has been an extremely frustrating one for shareholders of Yahoo!,” the letter said, adding that the Alibaba spin-off “turned out to be a failed effort due to a changing tax landscape and serious concerns over the potential for massive tax liability.”
    • A decline in Yahoo’s core business was also a major theme: “Also frustrating for us, and likely for you, has been the continued downward spiral of the operating and financial performance of Yahoo's core Search and Display advertising businesses”.
    • “Yahoo's current management has had over three years to demonstrate progress towards improving the Core Business, but despite these efforts, the Core Business continues to be plagued with deteriorating financial performance and an accelerating number of executive leadership departures.  Annual operating costs have ballooned, increasing by approximately $500 million despite revenue that has been declining.  In addition, the Company has spent over $2.3 billion on acquisitions.  Unfortunately, most of these investments have been misguided, poorly overseen, and, ultimately, shut down.”
    • Starboard notes that EBITDA continues a decline almost every quarter, and rejects the company’s recent announcement that it will shift focus. “Your solution to just announce a change in direction of the spin and that it will require another year for shareholders to wait while the existing leadership continues to destroy value is not acceptable.”
    • Other activists - Canyon Capital Advisors and SpringOwl Asset Management - have also called for changes at YHOO to improve shareholder value.
    • Previously: YHOO to explore various spinoff options
    | Wed, Jan. 6, 9:49 AM | 13 Comments
  • Mon, Jan. 4, 4:01 PM
    • Selling off today due to a steep decline in Alibaba, Yahoo's (YHOO -5.6%) core business is also getting a shake up: The company's much touted Yahoo Screen app and site has been shut down.
    • The video service made an aggressive investment in content, including everything from Saturday Night Live episodes, NFL clips, and a relaunch of Community after Comcast's NBC canceled the popular program. Katie Couric was also hired as a Yahoo-only news anchor; her daily news reports will remain available on Yahoo's main site.
    • "At Yahoo, we’re constantly reviewing and iterating on our products as we strive to create the best user experience. With that in mind, video content from Yahoo as well as our partners has been transitioned from Yahoo Screen to our Digital Magazine properties so users can discover complementary content in one place," an unnamed Yahoo representative said, according to Variety.
    • Yahoo Screen was originally launched in September 2013 and was the company's attempt to provide high-quality original content for the web.
    | Mon, Jan. 4, 4:01 PM | 18 Comments
  • Dec. 30, 2015, 4:06 PM
    • The Silicon Valley Business Journal reports Yahoo (NASDAQ:YHOO) has "reached out to potential buyers" about a 48.6-acre development site in Santa Clara, CA (not far from the company's Sunnyvale HQ). The property was acquired in 2006 for $106M - given the recent surge in Bay Area real estate prices, Yahoo might turn a profit on a sale.
    • Back in 2010, Yahoo received approvals to build up to 3M sq. feet of office and R&D space at the Santa Clara site, enough for 12K workers. However, the company has been in cost-cutting mode lately amid ongoing search and display ad pressures, and activists have been calling for major layoffs. Non-GAAP operating expenses fell 3% Y/Y in Q3 to $911M.
    • Shares fell 2% in regular trading, thanks in part to Alibaba's 1.9% decline. The Nasdaq dropped 0.8%.
    | Dec. 30, 2015, 4:06 PM | 25 Comments
  • Dec. 23, 2015, 5:44 PM
    | Dec. 23, 2015, 5:44 PM | 32 Comments
  • Dec. 10, 2015, 12:30 PM
    • "Zack and I are excited to announce that our identical twin girls were born early this morning. Our whole family is doing great!," Marissa Mayer (YHOO -0.7%) announces on Twitter.
    • Mayer first disclosed she was pregnant with twins on Sep. 1, while stating she plans to "approach the pregnancy and delivery as I did with my son three years ago, taking limited time away and working throughout."
    • Today's news comes just a day after Yahoo announced it's suspending plans to spin off its Alibaba stake, and will now explore spinning off core Yahoo and other assets.
    | Dec. 10, 2015, 12:30 PM | 19 Comments
  • Dec. 9, 2015, 10:22 AM
    • "There is no determination by the board to sell the company or any part of it," says chairman Maynard Webb following news Yahoo (YHOO +0.6%) has cancelled plans to spin off its Alibaba stake and will instead explore the spinoff of its other assets. He adds the board thinks Yahoo remains undervalued and is focused on "unlocking" that value.
    • Various publications reported last week Yahoo is considering a sale of its core business. P-E firms and media/telecom companies have been rumored to have interest in part or all of the company, with AOL owner Verizon declaring it would explore a deal if Yahoo put itself on the block.
    • Meanwhile, Marissa Mayer states on CNBC Yahoo has a number of options for doing a taxable or tax-free spinoff, and is exploring them. Regarding a sale, she deems the board obligated to engage with anyone making a good offer, but adds Yahoo isn't proactively seeking bids.
    • SunTrust's Bob Peck (Buy, $40 target) thinks core Yahoo could be worth $6B-$8B (higher than many estimates) after factoring the value of assets such as Tumblr (blogging), Flurry (mobile ads/app analytics), and BrightRoll (video ads). He also thinks Alibaba could buy the whole of Yahoo at a 20% premium and still make the deal accretive by 5%-10%, and that Yahoo could potentially swap its Alibaba or Yahoo Japan shares for another asset.
    • FBR's William Bird (Outperform, target hiked by $5 to $44) sees many potential suitors for core Yahoo, and estimates a $1.70/share tax bill if it's sold. He thinks the market was assuming a full ~$11/share tax bill for the Alibaba spinoff.
    • Separately, Yahoo has disclosed PayPal Mafia member Max Levchin is resigning from the board due to "other professional commitments and demands on his time." Levchin resigned as Yelp's chairman earlier this year.
    • Update (11:08AM ET): Citi has downgraded Yahoo to Neutral. Shares are now down 0.4%.
    • Update 2 (12:44PM ET): Yahoo is now down 4.4%. The Nasdaq is down 1.8%.
    | Dec. 9, 2015, 10:22 AM | 12 Comments
  • Dec. 9, 2015, 7:12 AM
    • Yahoo (NASDAQ:YHOO) has confirmed it will not move forward with a spinoff of its stake in Alibaba (NYSE:BABA), and instead examine a deal involving its core business.
    • The company's board will now evaluate alternative transaction structures to separate the Alibaba stake, focusing specifically on a reverse spin off.
    • Under that plan, Yahoo's assets and liabilities (other than its Alibaba stake) would be transferred to a newly formed entity, the stock of which would be distributed pro rata to Yahoo shareholders resulting in two separate publicly-traded companies.
    • YHOO +2% premarket
    • Source: Press Release
    • Previously: CNBC: Yahoo not moving ahead with Alibaba spinoff, will explore spinning off core business (updated) (Dec. 08 2015)
    | Dec. 9, 2015, 7:12 AM | 16 Comments
  • Dec. 8, 2015, 4:33 PM
    • CNBC's David Faber reports Yahoo (NASDAQ:YHOO) won't moved ahead with the planned spinoff of its 384M-share (~15%) Alibaba (NYSE:BABA) stake, and will now explore a spinoff of its core business.
    • YHOO +3% after hours to $35.88. There were multiple reports last week stating Yahoo is thinking of putting its core business on the block (as called for by Starboard Value) due to the tax uncertainty surrounding the Alibaba spinoff. A slew of suitors could exist for all or parts of core Yahoo.
    • Prior Yahoo coverage
    • Update (4:44PM ET): Alibaba is up 1.1% after hours to $85.29.
    • Update 2 (5:02PM ET): Faber states Yahoo will also explore a spinoff of its Yahoo Japan stake, and that the spinoff efforts could take a year or more.
    | Dec. 8, 2015, 4:33 PM | 50 Comments
  • Dec. 8, 2015, 3:43 PM
    | Dec. 8, 2015, 3:43 PM | 5 Comments
  • Dec. 7, 2015, 9:14 AM
    | Dec. 7, 2015, 9:14 AM | 27 Comments
  • Dec. 6, 2015, 8:17 AM
    • Yahoo (NASDAQ:YHOO) shareholders still do not know how - or if - the company's board plans to restructure the technology giant.
    • The firm's directors ended three days of deliberations on Friday without announcing whether they will proceed with plans to spin off its stake in Alibaba, sell its core business, shake up management, or do something else entirely.
    • "A boatload of sources," however, told Re/code's Kara Swisher that Yahoo's board will make a decision by the end of the weekend.
    | Dec. 6, 2015, 8:17 AM | 35 Comments
  • Dec. 4, 2015, 6:14 PM
    • "A boatload of sources" tell Re/code's Kara Swisher Yahoo's (NASDAQ:YHOO) board ended this week's meeting without making a decision on whether to proceed with the spinoff of Yahoo's 384M-share Alibaba stake. However, it plans to make a decision by the end of the weekend.
    • Board sub-committees reportedly mulled the tax and legal implications of the spinoff. Activist Starboard Value has called for the spinoff to be abandoned in favor a sale of Yahoo's core business, a scenario the WSJ has reported is also now being weighed. If such a sale effort happens, a slew of P-E firms and media companies could show interest in all or parts of the business.
    • One source regarding a potential sale of core Yahoo: "Any sale — if there was one — will take a very long time, given there would be numerous bidders ... It is not out of the question, but it is a process and there is no process in place as yet.”
    • Separately, Swisher states the board "appears to be sticking by" CEO Marissa Mayer in the wake of recent investor and media criticism of her tenure at Yahoo.
    • Earlier: Mizuho makes case for Comcast purchase of core Yahoo
    | Dec. 4, 2015, 6:14 PM | 28 Comments
  • Dec. 4, 2015, 1:28 PM
    • As Yahoo (NASDAQ:YHOO) wraps a few days of deliberations over its future amid speculation about whether it should focus on its core or its Alibaba stake, Mizuho is weighing in definitively: Sell the core Web business, and sell it to Comcast (CMCSA +2%).
    • "It remains unclear if the IRS will tax the spin-out of Aabaco, but in our view, a taxed transaction on a likely $3-$5b sale of the core Yahoo business outweighs the risk of the company/shareholders being hit with a $20b IRS tax bill on a spin-out of Aabaco," write the firm's Neil Doshi and Sam Phan. "We think the best option for Yahoo would be to sell its core biz to a strong strategic buyer –- namely Comcast."
    • The two cited four reasons for targeting the media/telecom giant as a buyer: First, skepticism that Yahoo can pull another turnaround; Comcast's existing digital assets; ad assets at Yahoo complementary to Comcast's ad business; and Comcast's strong ability to absorb a deal (with $25B in annual EBITDA, Comcast could retain debt-to-EBITDA ratio of 2:1).
    • Previously: WSJ: Alibaba unlikely to buy core Yahoo business (Dec. 03 2015)
    • Previously: Media companies linked to circling pack around Yahoo Internet business (Dec. 02 2015)
    | Dec. 4, 2015, 1:28 PM | 2 Comments
  • Dec. 3, 2015, 7:05 AM
    | Dec. 3, 2015, 7:05 AM | 12 Comments
Company Description
Yahoo! Inc is a technology company. It offers search, content and communication on mobile phone, tablet or desktop.