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Yahoo's stock passed under $19.18 (its price before Microsoft made an offer) about two weeks ago.  Now it's hit another significant mark, closing at $18.75 yesterday afternoon.

That number recalls levels from January and February, and is also just a few cents higher than Yahoo's standing five years ago.  The stock has gone up slightly in early trading, but remains shy of even $18.95.

Any laughter you hear probably comes from Steve Ballmer and other Microsoft execs rolling around on their offices' floors.  Any shouting may originate from a pitchfork- and torch-bearing mob of shareholders who have decided to chat with Jerry Yang and Roy Bostock.

 Yahoo's Drooping Stock

Indeed, it's not hard to imagine certain people rallying support for another buyout at this point.  Henry Blodget writes, "New Yahoo board member Carl Icahn bought his 60 million-ish shares for about $25 apiece, which means he's now down about $400 million (assuming he hasn't dumped them)."

Somehow, we're thinking the most noteworthy things about Yahoo's next board meeting won't be empty seats and a pile of pastries.  Yahoo might also want to keep an eye on those shareholder approval levels.