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Way back on January 31st, Yahoo's stock closed at $19.18 per share. Then Microsoft's unsolicited acquisition offer nudged things up towards $29. Unfortunately for investors, all that progress has been lost.
Yahoo's stock closed at $19.17 on Tuesday. No selloff ensued, which at this point has to be put in the "good news" column. But people didn't embark on a buying spree, either, and since the end of trading yesterday saw Yahoo close at $19.11 per share, the dip under $19.18 doesn't appear to have been a fluke.
Yahoo's Recent Rise And Fall
Anyone who bought stock near Yahoo's February peak is guaranteed to be unhappy at this point; having lost around 34 percent of an investment, they'll be lucky not to experience palpitations. Normal shareholders who saw a profitable situation disappear may not be in the best of moods, either.
It wouldn't be surprising if Carl Icahn and the two Yahoo board members he selected are adding this occasion to some sort of list that they'll present against Jerry Yang at a later date. And if Steve Ballmer - or someone representing any company with a fair amount of cash - wandered back to the bargaining table, an acquisition might be inevitable.
The real value of Yahoo at $19.11 per share is little different from what it would be at $19.18, of course, but investors are people, not calculators, and this loss looks bad.
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Buy! Buy! Buy!
Yahoo won't fade like AOL. This is a good long-term buy as a stock.
They made some mistakes and took a long time executing ideas and moves, but I believe they are turning it around - it's just going to take a couple more years to show it. The new Panama system does place much more related ads on sites and parked domains than Google does. The word just has not gotten out yet.
Will they catch Google? No. But, that won't matter, just so long as the stock tracks upwards with the flow of advertising wealth that is beginning to hit the Net coming from the crumbling of Old Media like newspapers, mags, and TV.
It's a no-brainer - there is only Google, Yahoo, and MSN, really, to place your business ads. Yahoo will prosper - even if they don't execute well.