Yahoo shares soar on Yang's departure
10% rise as market hopeful of Microsoft deal
19 November 2008 10:19 GMT / By Katie Scott
Poor old Jerry Yang - he's faced a takeover bid from Microsoft, the wrath of his shareholders when he rejected it, job losses, and now the market seems to have applauded his decision to stand down as CEO.
Yahoo's shares soared a whooping 10% on the news of Yang's departure.
Reuters is hinting that the market is now hopeful that Yahoo will finally manage a deal with Microsoft although the computing giant has stated very recently that it's not interested anymore.
"The departure of Yang could signal a new position by the board to reconsider the terms of a merger with Microsoft", said a hopeful Needham & Co analyst Mark May in a research note.
In the meantime, the web company is looking at both internal and external candidates for the CEO, and has also hired executive search firm Heidrick & Struggles to help speed up the process.
Latest in Biz
Latest on Pocket-lint.com
-
PHONES
Google Acquires AdMob For $750 Million
-
SOFTWARE
Murdoch To Block Google Searches
-
SOFTWARE
LinkedIn Testing A New Site Design
PHONES
HTC HD2 mobile phone Does Windows Mobile finally make Sense?
HARDWARE
Dell Adamo XPS laptop - First Look Have corners been cut to get it this thin?
HOME CINEMA
Sainsbury's now offering free glasses for Channel 4's 3D week 10 million pairs of glasses across 500 stores
Comments