Yahoo Investors Back to Their Senses After ‘All Semel’s Eve’ Bender
by John Paczkowski
Posted on June 20, 2007 at 12:01 AM PT
Well, that didn’t take long. Yahoo investors, who ebulliently spiked the company’s share price in celebration of the Monday ouster / planned resignation of CEO Terry Semel, seemed to wise up a bit yesterday, reclaiming much of the stock’s overnight gains. Shares of Yahoo opened at $28.51 yesterday and fell 1.74% to close at $27.63.
Why? Perhaps investors realized that in the midst of Monday’s orgy of high-fives and back slaps, they’d completely ignored Yahoo’s downbeat earnings commentary (the company said Monday that 2007 revenue will be 2% to 4% lower than originally forecast). Perhaps they realized that incoming CEO Jerry Yang isn’t necessarily known for his business acumen. Or, perhaps, they realized that, even without a separation agreement, Semel may end up being the one who comes out ahead in all this, simply by getting the hell out.
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