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Pummeled In The Stock Market, Yahoo's Yang Looks Ahead |
Yahoo (NSDQ: YHOO)'s stock took a beating following the Microsoft (NSDQ: MSFT)'s decision to withdraw its offer to its purchase offer over the weekend.
At the close of the stock market on Monday, the search and community portal's shares were down about 15% from their closing price on Friday. Shares of Google (NSDQ: GOOG), meanwhile, rose about 2%. Yahoo is now selling for about $24 per share. Microsoft initially offered to buy Yahoo for $31 per share and later increased its offer to $33 per share. Yahoo co-founders Jerry Yang and David Filo wanted $37 per share because they believed that Microsoft's offer undervalued their company.
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