Yahoo! Inc. (YHOO) - NASDAQ
  • Fri, May 13, 6:46 PM
    • Warren Buffett (BRK.A, BRK.B) is in on the second round of the auction for the core assets of Yahoo (NASDAQ:YHOO), along with Quicken Loans' Dan Gilbert, according to Reuters' Greg Roumeliotis.
    • Yahoo is flat in after-hours action so far.
    • Buffett is backing a consortium bidding for the assets that includes Gilbert, sources told the organization.
    • Updated 6:55 p.m.: And Yahoo is now up 1.2% after hours.
    | Fri, May 13, 6:46 PM | 80 Comments
  • Thu, May 5, 1:25 PM
    • Though Yahoo's (YHOO +2.4%) efforts to sell its core business get far more ink, Alibaba's (BABA +3.7%) movements continue having a bigger impact on its shares. The web portal is trading near $37 today after Alibaba posted mixed FQ4 results - EPS missed due to large investments in areas such as local services and entertainment content, but revenue beat as annual sales growth accelerated to 39% from FQ3's 32%.
    • Driving the acceleration: Alibaba's Chinese retail marketplace (Taobao/Tmall) revenue rose 41% Y/Y to $2.84B, an improvement from FQ3's 35% growth. Marketplace GMV rose 24% to $115B, and Alibaba's monetization rate on these sales improved to 2.47% from 2.17%. International commerce revenue rose 21% to $308M, and cloud computing/Internet infrastructure revenue 175% to $165M.
    • Aggressive spending led Alibaba's costs/expenses to rise to 60% of revenue from 58% a year ago. Cost of revenue rose to 35% of revenue from 29%; R&D, sales/marketing, and G&A were either flat or down as a % of revenue. $118M in losses were recorded for Alibaba's share of its Koubei local services JV with Alipay parent Ant Financial. Alibaba ended FQ4 with $17.3B in cash and $9B in debt.
    • Yahoo's 384M-share Alibaba stake is currently worth $30.2B.
    | Thu, May 5, 1:25 PM | 16 Comments
  • Wed, May 4, 4:58 PM
    • AT&T (NYSE:T) is breaking up a 15-year hosting partnership with Yahoo (NASDAQ:YHOO), electing to give most of that business to Synacor (NASDAQ:SYNC).
    • Synacor has jumped 56% in after-hours trade; YHOO is flat in postmarket action.
    • In return for hosting AT&T's Web and mobile portals, Yahoo had shared revenues from the sites with the telecom, while AT&T customers got access to Yahoo's search engine and media services on the AT&T portal.
    • Yahoo's share came to about $100M/year, which will now go to Synacor, a company with a market cap of $44.5M.
    • Yahoo will still keep a small piece, continuing to host mail for AT&T customers. Yahoo says only that AT&T is still a "valued partner."
    | Wed, May 4, 4:58 PM | 26 Comments
  • Mon, May 2, 8:12 AM
    • Following the Berkshire Hathaway (BRK.A, BRK.B) annual meeting on Saturday, Warren Buffett is spending the morning with CNBC.
    • On IBM: He's still a buyer of the stock, though not aggressively so. His cost basis is a little less than $170 per share vs. the current $146. He's comfortable with the company, he says, or else he wouldn't own the stock. Yes, IBM has tough competition, but it's always been so and always will be so.
    • Again defending Coca-Cola (NYSE:KO): It's "illogical" to tax sugar in soft drinks and not all sugar. He says he drinks five cans of Coke a day ... "I can't imagine anyone feels better than I do."
    • On American Express (NYSE:AXP): There's no question that "payments" are being attacked on all fronts by some very smart people. Losing Costco was a big deal, but CEO Ken Chenault decided the economics didn't make sense. The company is buying back about 6% of the float each year, raising Berkshire's stake in AmEx without it having to lay out a dime. It's a wonderful business, but it's not a business that's competition-free, nor will it ever be.
    • Turning to Yahoo (NASDAQ:YHOO): Obviously, they deteriorated significantly, and something has to change. On Marissa Mayer's $55M golden parachute ... Severance numbers throughout corporate America are a little bit crazy.
    | Mon, May 2, 8:12 AM | 89 Comments
  • Mon, May 2, 2:33 AM
    • A new SEC filing reveals that Yahoo's (NASDAQ:YHOO) board has agreed to a $55M severance package for the embattled chief executive if the company's auction of its Internet operations ends in a sale that ousts Mayer from her job.
    • That's a lot of money for a CEO who hasn't been able to keep Yahoo's stock from falling. In 2015, the value of the firm's stock fell by a third, while her "actual" compensation totaled $14M, well above the $12M median paid to top executives in the S&P 500.
    | Mon, May 2, 2:33 AM | 62 Comments
  • Fri, Apr. 29, 6:04 PM
    • Yahoo's (NASDAQ:YHOO) detailed 10-K amendment filed this evening shows that CEO Marissa Mayer made $36M in 2015.
    • That's down from $42.1M in 2014, mainly due to smaller option awards of $19.94M and the loss of $1.11M in non-equity incentive compensation.
    • The company says her "actual earned compensation" was only 13.9M considering just over $22M less in vested value of stock and option awards.
    • CNBC makes the eye-opening note that the company provided personal security services for Mayer and her immediately family to the tune of $544,061 for 2015; required to be reported in summary compensation, but "the Compensation Committee does not consider this item to be a compensatory perk."
    • Among other execs: CFO Ken Goldman received $14.95M, up slightly from 2014's $13M; Chief Revenue Officer Lisa Utzschneider received $10M; General Counsel Ronald Bell received total comp of $4.49M; and co-founder and "Chief Yahoo" David Filo again took just $1.
    • Yahoo stock fell 34.6% in 2015. In 2016 to date, it's up 10%.
    • Now read A Shotgun Wedding For Yahoo! (Podcast) »
    | Fri, Apr. 29, 6:04 PM | 105 Comments
  • Wed, Apr. 27, 9:33 AM
    • After launching a proxy fight last month in an effort to displace Yahoo's (NASDAQ:YHOO) board, Starboard Value is dropping its nine-director slate as the company's agreed to add four independent directors, including Starboard chief Jeffrey Smith.
    • Share are up 0.9% out of today's market open.
    • Smith is joining the Strategic Review Committee, and the board also adds Tor Braham, Eddy W. Hartenstein, and Richard Hill. CEO Marissa Mayer says it's a "constructive resolution."
    • Starboard had said the current board and management couldn't be trusted with decisions around selling the core assets of Yahoo to another company.
    • Braham in particular has experience in technology M&A deals with years of experience as a managing director at Deutsche Bank.
    • Now read A Shotgun Wedding For Yahoo! (Podcast) »
    | Wed, Apr. 27, 9:33 AM | 8 Comments
  • Wed, Apr. 27, 9:03 AM
    • Yahoo (NASDAQ:YHOO) is close to a settlement with Starboard that includes adding four independent directors, including Starboard chief Jeff Smith, Dow Jones is reporting.
    • Smith joins the board's Strategic Review Committee, putting him more squarely at the center of the fate of Yahoo's asset sale.
    • Late last month, Starboard launched plans for a proxy fight and to nominate up to nine directors for Yahoo's board, saying the company's board and management had failed to live up to promises.
    • The firm said it had a 1.7% stake in Yahoo.
    | Wed, Apr. 27, 9:03 AM | 17 Comments
  • Fri, Apr. 22, 7:14 PM
    • Yahoo (YHOO -0.5%) and advisers are set to spend the weekend narrowing down more than 10 first-round bids for its core business, ranging from $4B-$8B, Bloomberg reports -- with an eye to moving forward as soon as next week.
    • They'll aim for about seven finalists and plan to offer them increased access to internal docs and management.
    • The higher-end bids reportedly came from bidders who haven't spent as much time with Yahoo, which should lead to more scrutiny into the structure of the offers.
    • In addition to the known bidders (that hadn't denied reports) -- Verizon (VZ +1%), YP Holdings, TPG, and Bain/Vista Equity Partners -- one or two other strategic firms were involved.
    • Echoing earlier reports, SoftBank (OTCPK:SFTBY +3.4%) isn't in the bidding but is likely eager to talk with anyone who also wants the Yahoo Japan stake.
    • Despite the progress, a final decision is likely at least a month away.
    • Now read Yahoo Sale Could Reboot Online Ad Competition »
    | Fri, Apr. 22, 7:14 PM | 71 Comments
  • Wed, Apr. 20, 10:59 AM
    • With Yahoo's (YHOO +3%) first-round bid shortlist out, where was Daily Mail & General Trust (OTCPK:DMTGY)? The operators of the world's most-visited English-language website were a prominent late arrival to the Yahoo bidding scene, but took a back seat (joined by IAC, Comcast and Time Inc.) to Verizon, YP, Rakuten and private equity.
    • Daily Mail now says it didn't put a bid in with Yahoo by Monday's deadline, but it is in talks with parties interested in Yahoo. The publisher is up 0.6% in London.
    • Yahoo's process may become a full-fledged saga for 2016. Not only is the existing sale process quite likely to run into June, but secondary interest in the resulting asset mix from the likes of Alibaba (BABA +0.7%), SoftBank (OTCPK:SFTBY -0.1%) and Daily Mail could mean even more transfers of businesses ahead.
    • Alibaba had a strong (if less dramatic) case to become a dark horse, since it may have been able to pull off the functional equivalent of a highly tax-advantaged buyback.
    • Now read Yahoo: Who's Ready To Take On A Legacy Digital-Native Media Turnaround? »
    | Wed, Apr. 20, 10:59 AM | 15 Comments
  • Wed, Apr. 20, 10:31 AM
    • Yahoo (NASDAQ:YHOO) has moved up 3.3% out of Q1 earnings that beat some (previously reduced) expectations. Some key businesses (Mavens?) showed heavily declining rates of growth despite signs of life elsewhere.
    • Analyst opinions poured in, most with price target hikes. Oppenheimer's gone from $40 to $49 (implied 35% upside from yesterday's close), though due mainly to an increase in the value of Alibaba, as well as "our assumptions that Yahoo-core is sold for 8x EBITDA, BABA stake remaining un-taxed, and YJ sold on a taxable basis."
    • "While Mavens growth is slowing (+7% y/y vs. +26% in 4Q)," analyst Jason Helfstein says, "the company does appear to be executing on its plan to simplify products, reduce costs (sun-setting products, headcount reductions, office closures), and focus on higher margin ad-tech solutions around the company's web content and main verticals (news, sports, finance, lifestyle)."
    • Susquehanna boosted its target to $44 from $40, and Morgan Stanley's at $46 (implied 27% upside from yesterday's close) while Credit Suisse trimmed its target to $46, from $47.
    • Other target hikes: Nomura (to $39 from $34); RBC Capital (to $38 from $33); Axiom (to $37 from $36); Barclays (to $38 from $35); Citi (to $38 from $37); Piper Jaffray (to $40 from $31); Goldman Sachs (to $38 from $37).
    • Now read Yahoo: Who's Ready To Take On A Legacy Digital-Native Media Turnaround? »
    | Wed, Apr. 20, 10:31 AM | 4 Comments
  • Tue, Apr. 19, 8:39 PM
    • Yahoo (NASDAQ:YHOO) didn't say anything about its sales process during its Q1 earnings webcast, and swore off giving any updates along the way.
    • But speculation about the shortlist is mostly on the mark, according to the latest from Reuters, which says Verizon's (NYSE:VZ) there (with help from Guggenheim, LionTree, Allen & Co.), along with Yellow Pages owner YP -- which has backing from AT&T (NYSE:T) on the bid, sources said.
    • Japanese online retailer Rakuten (OTCPK:RKUNY) is a new name that's kicking tires as well. Among private equity, Apax Partners, TPG, Bain Capital, Apollo Global Management (NYSE:APO) and Warburg Pincus are all accounted for, and may be allowed to team up in round 2.
    • No two offers were identical, sources said, so Yahoo now must look at the structures, assets and offers to sort out value -- hopefully in time to wrap up in June.
    • SoftBank (OTCPK:SFTBY) and Alibaba (NYSE:BABA) aren't taking part -- but they could get involved with the company after the fate of its core assets is settled.
    • YHOO wrapped an after-hours session up 1.1%.
    • Now read Yahoo: Who's Ready To Take On A Legacy Digital-Native Media Turnaround? »
    | Tue, Apr. 19, 8:39 PM | 32 Comments
  • Tue, Apr. 19, 5:42 PM
    • The earnings webcast for Yahoo (NASDAQ:YHOO) isn't just an update of operating results, but something like a roadshow as the sale of its core Internet business heads to its endgame, likely with only a few bidders left.
    • Shares are up 1.3% after hours now.
    • CEO Marissa Mayer walked through results at the realigned consumer-facing verticals and praised results at its ad units, Gemini and BrightRoll, but said Yahoo wouldn't be providing updates on specifics of its strategic alternatives plan -- foiling a good chunk of the planned Q&A. They've talked to "some of the most well known and respected names" in the industry.
    • Mavens revenue (mobile, video, native, social) growth is expected to meet an annual target of $1.8B, Mayer said. Headcount reduction has been hard but proceeded -- the company has less than 9200 active employees and 700 contractors -- and will result in a better Yahoo, Mayer says.
    • Overall, the company is forecasting Q2 GAAP revenues of $1.05B-$1.09B, short of a consensus for $1.10B. Traffic acquisition costs are expected about $240M; revenue ex-TAC at $810M-$850M, vs. analyst consensus of $859.4M. EBITDA is seen at $135M-$155M, vs. consensus for $166M.
    • Previously: Yahoo gains slightly after hours on Q1 beat; working through bid process (Apr. 19 2016)
    • Yahoo Q1 earnings slides
    • Now read Yahoo: Who's Ready To Take On A Legacy Digital-Native Media Turnaround? »
    | Tue, Apr. 19, 5:42 PM | 10 Comments
  • Tue, Apr. 19, 4:18 PM
    • Yahoo (YHOO -0.5%) is up 0.6% now after hours following a beat on top and bottom lines in its Q1 report.
    • No news on the core asset bidding, as the company says it's "worked diligently with the committee and its independent legal and financial advisors to engage with interested strategic and financial parties." It will "remain focused on the strategic alternatives process as a top priority," says CFO Ken Goldman.
    • GAAP revenue came in at $1.09B vs. an expected $1.08B, and ex-TAC was $859.4M vs. consensus of $846.1M. Loss from operations was $167M, while on a non-GAAP basis, income from operations was $7M.
    • "Mavens" revenue (mobile, video, native and social) was $390M, up from a year-ago $365M, while mobile revenues were $260M vs. a prior $234M.
    • Livestream of earnings discussion to come at 5 p.m. ET.
    • Press release
    • Now read Yahoo: Who's Ready To Take On A Legacy Digital-Native Media Turnaround? »
    | Tue, Apr. 19, 4:18 PM | 15 Comments
  • Tue, Apr. 19, 4:07 PM
    • Yahoo (NASDAQ:YHOO): Q1 EPS of $0.08 beats by $0.01.
    • Revenue of $1.09B (-11.4% Y/Y) beats by $10M.
    • Shares +0.7%.
    • Press Release
    | Tue, Apr. 19, 4:07 PM | 3 Comments
  • Tue, Apr. 19, 2:24 AM
    • Who wants Yahoo (NASDAQ:YHOO)? The deadline to bid for the beleaguered tech group has passed with YP Holdings (formerly the latest name in the fray, although Verizon is still considered the front-runner.
    • "There are all kinds of complications with Yahoo, including its Chinese assets and Alibaba, which have still not been spun off yet....and at the core, it's a business that's dying slowly by the it's not the easiest purchase in the world," Re/code's Kara Swisher reports.
    • Will Yahoo make an announcement together with its Q1 results due this afternoon?
    | Tue, Apr. 19, 2:24 AM | 9 Comments
Company Description
Yahoo!, Inc. is a global technology company, which delivers personalized search, content, and communications tools on the web and on mobile devices. The company provides a variety of products and services, many of them personalized, including search, content, and communications tools-all daily... More
Sector: Technology
Industry: Internet Information Providers
Country: United States