Yahoo Below $13

Henry Blodget | October 9, 2008 11:18 AM

jerryyang9.jpgWe got a tip yesterday that bludgeoned Carl Icahn was orchestrating a Yahoo palace coup. We haven't been able to confirm and assume it's hogwash, but at this point we imagine Jerry might even go willingly, just to let someone else take the drubbing for a while.

A source did suggest that Yahoo is now hastily revising its mass-firing plan, upping the number of employees who will be shown the door. The theory: eBay's mass-firing, which had been demanded by shareholders for months, was greeted with Bronx cheers because it didn't go far enough in light of the ongoing global economic crash.  Now eBay will like be forced to break the cardinal rule of mass firings: death by an unending wave of cuts.

Yahoo doesn't want to make this mistake, so the theory is that management will now increase the number of sackings to take into account Great Depression 2.0--and to make sure there won't have to be another major bloodletting in a few months.

Email: hblodget@alleyinsider.com

At a reader's request, here's the Investor Presentation Yahoo delivered when it was trying to persuade its shareholders that Microsoft's $31 offer was ludicrously low:  

See Also:
Yahoo Cuts Coming In Mid-November
Latest on Yahoo Speculation and Heresay

 

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42 Comments

Hehateme said:
When will jerry fire himself? How the hell did shareholders re-elect the board?
DeliverOrLeave (URL) said:
Henry,

In the name of accountability, would you mind embedding the Yahoo presentation from 9 months ago? It was presented during their roadshow to investors/analysts while campaigning against the MSFT offer.

http://www.slideshare.net/redundante/yahoo-investor-presentation-329594/

It seems like the projections contained will be a topic of discussion come 10/21. Hopefully the folks below remember it nice and clear:

Youssef H. Squali - Jefferies & Co.
Jeffrey Lindsay - Sanford C. Bernstein
Brian Pitz - Bank of America
Ross Sandler - RBC Capital Markets
Mark S. Mahaney - Citigroup
Christa S. Quarles - Thomas Weisel Partners
Imran Khan - JP Morgan
James Mitchell - Goldman Sachs
Justin Post - Merrill Lynch
Heath Terry - Credit Suisse
stone said:
I still like the $33/share offer from Microsoft. Shouldn't Sue and Jerry be fired for not pounding the table on that transaction? How about for failing at Search? How about launching their Display strategy in the middle of a financial crisis? How about not standing for anything?

I feel bad for the employees that have to deal with this nonsense day in and day out. Time to leave folks!
happyhappy said:
let's not forget that henry argued to keep jerry and the board in power...
jerry yang is an idiot said:
I cannot believe the mess Jerry the idiot and what's her name have created. And they created this situation by not taking the microsoft offer. I hope you both cannot sleep at night the blood is on your hands. You both should be in lail for what you have done as far as I am concerned. Why is Icahn not doing a damn thing I just don't understand.
malibu beach bum said:
I am the groundkeeper for Terry Semel in mailbu.He says he bought the house with yahoo stock options .He says Yang is a ding dong who paid him over 400 million in 3 years.He plans to make n ew proposal to come back as ceo and introduce a new internet plan named Yangtze after the river. He says panama will flow directly into panama.
CARL ICHAN WATCHER said:
CARL IS DOWN 750 MILLION SMACKERS 55 MILLION SHARES AT AVG COST 26.30.
noblow said:
Well, why is everybody upset? I think Jerry hasn't even _begun_ to damage the company. There is still $13.50 left in value. Shareholders should start getting worried when the stock reaches $5 or so. Then Ballmer can pay by credit card. Muhahaha.

Seriously, I am waiting for the cuts, and I think axing 2,000 to 3,000 is not that unlikely. Also consider the international operations where some, ahem, fat can be lost. Go, Jerry, go!
itchy said:
@CARL ICHAN WATCHER - That almost makes this depression worth it
boogyman said:
If carl gets margin call yhoo goes to 5. Mot is under 5 carl must be nervous
T bonepicmyarse said:
Glad i sold 22 whewwwwwwwwwwwwwwwwwwwwww
RUMORMAN said:
YAHOO IS IN TROUBLE. THE AUTOS ARE NOT GOING TO PUT THEM ADS UP GM F TM HMC ALL CUTTING BACK. EXPECT A HUGE MISS C U AT 6
perseus said:
rejection of the ms offer at $33 will go down as one of the greatest blunders in the history of american business. i wouldn't be surprised if some of these class action suits actually succeed.

pasan said:
I agree that Decker has failed and this will be remembered as a great blunder.
Meri said:
bring back Microsoft!
R. Bellows said:
And we're in the 12s folks!
digitaljon said:
Henry - putting your old sell-side hat on, what is the sum-of-the-parts value of this business? Have the asian assets plummeted that much?
One Yahoo! said:
Should I keep hoping that my $36 stock options will be worth something someday? Maybe I can trade my options for beenz or flooz.
jeRRY Yang is a f-cking idiot!! said:
OK it is time to take the Microsoft search deal if MSFT will agree to it.
And Jerry get on your hands and knees you A-hole and beg him to do it. Jerry Google played you! It would be funny but it is pathetic! I have seen stories asking the question was Google serious about the search deal or are they just trying to weaken Yahoo by pulling it at the last minute. And quit hiding like a roach, come out into the light and say something anything!!
Yahoo Sux said:
It is now official (as if it weren't before): Yahoo OFFICIALLY sucks! They are a sinking ship with a ton of cargo. All empires must fall and those online are no exception. Over the past years we have watched as Yahoo has sank deeper and deeper into oblivion.

Yahoo SUX!!!!!
zato said:
The Microsoft black-PR and stock manipulation machine grinds away.
Willville said:
@"One Yahoo!": Not if you want any sizeable amount.
Best use those Stock certs for something useful, like picking up dog poop, or Paper macheing a life-size statue of Jerry , flicking you the bird.
konya (URL) said:
thanks for you konya
yanghooooooooooooo said:
I tried to warn you a month ago. yanghoooooooo is doomed for 5 to 6.msft wants nothing to do with them ballmer a smart smart man. and u dum yanghoos thought msft was stupid hahahahaha sell this crap buy msft be safe.
ballmer said:
duh
Abby said:
Where the hell is this guy??

Nothing from Yang or his crew. Did he die?
Domino said:
I heard 20%
worst management ever said:
Jerry and Decker made the crappiest business decision of the past decade in rejecting ballmers rich offer.

To add further insult, scary to think that semel actually got paid $250 million for his role in this mess.


Ticker: DOG said:
Take my YHOO @ $22??

Sure!

http://www.reuters.com/article/businessNews/idUSTRE4990IN20081010?sp=true
dave mcclure (URL) said:
yeah, seriously... how much more can they screw the pooch on this one?

mind-boggling incompetence.
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seo said:
thanks
TechTrendsBlog (URL) said:
Yahoo is doomed!
shantel (URL) said:
Yahoo Below $13MB7-515Stop pretending. I know you hate it. Stop pretending. How could that be!
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