Yahoo's stock hits new 52-week low

September 04 06:05:01 AM, Yahoo News

CNET - Story updated at 7:46 A.M. PDT: Stock continues its plunge.

Yahoo dipped to $17.81 a share on Thursday morning, marking a 52-week low for the Internet pioneer and raising the question of whether any near-term catalyst exists that could revive the battered stock.

Yahoo, which was Nasdaq's most actively traded company on Thursday, had closed at $18.76 on Wednesday.

The new figure is below the previous 52-week low of $18.58, which it reached in late January--just before Microsoft announced its unsolicited buyout offer of $31 a share on February 1. Yahoo rejected that bid, arguing that it undervalued the company. Months later, Yahoo also dismissed Microsoft's sweetened $33 a share offer, countering with a requested bid of $37 a share. Microsoft, subsequently, pulled its buyout offer.

With Microsoft no longer in the picture, investors are wondering what, if any, near-term catalysts are on the horizon.

In the coming weeks, Yahoo may be receive early indications as to whether federal antitrust regulators oppose its controversial search-advertising deal with Google. State regulators are expected to weigh in with their decision this fall.

Wall Street is largely expecting the deal to go through, so any upside to Yahoo's share price would likely be minimal if the Department of Justice gives it the green light, analysts say.

"A DOJ approval would be mildly positive for the stock," said Mark May, an analyst for Needham & Co. "It has a greater than 50 percent chance of being approved, so it's already baked into the current stock price."

Yahoo's third quarter comes to a close at the end of September. Analysts aren't anticipating any major upswing surprises in its financial performance, they note.

And anything absent of a sea change in the monthly Nielsen Online search rankings will have minor effect on the stock.

"Unless there's a material change in market share, it's hard to see a single data point from a third-party metrics provider serving as a catalyst," said Derek Brown, an analyst with Cantor Fitzgerald.

Yahoo's pending advertising management platform (AMP) launch is a wild card.

"It's unclear what impact it will have over time. It depends on what happens with the rest of the economy," Brown said. "If AMP is wildly successful and it's perceived that Yahoo is taking advertising wallet share, then that could move the stock. But the possibility that will happen in the short-term seems very low."

Potential drivers of Yahoo's share price could be the sale of its investments in Yahoo Japan, as well as in Chinese search site Alibaba, or a buyback of its shares, noted Steve Weinstein, an analyst with Pacific Crest Securities.

"All of these things could potentially happen," he added. "But the question is: can they execute going forward and take share in a meaningful way from Google, MSN, or anyone for that matter?"

Source

CES: Verizon picks Microsoft search over Google, Yahoo
Reuters - Verizon Communications Inc picked Microsoft Corp to provide Internet search services for cell phones, in what is seen as a blow to rivals Google Inc and Yahoo Inc.
Microsoft to let consumers test Windows 7 on Friday
Reuters - Microsoft Corp plans to let consumers test the next generation of its computer operating system, Windows 7, starting on Friday and said the new software is "absolutely on track."
Microsoft Wins Verizon Mobile Search Contract
NewsFactor - In a loss for Google, Verizon Wireless on Wednesday selected Microsoft to provide portal, local and Internet search as well as mobile advertising services. The five-year agreement will begin…
Expo: Intuit prepping native app for Quicken.com users
Macworld.com - While Intuit is in the midst of overhauling the Mac version of its Quicken personal finance app, the online version of Quicken is going strong. Quicken.com just underwent a redesign in November,…
Employees the Next (Continuing) Big Security Risk?
surely_you_cant_be_serious writes "A nationwide survey finds that most companies consider their systems vulnerable to attack. Historically, crime rates increase during recessions — and some believe…
New Liquid Cools Hot Gaming PCs
PC World - Hardcore Computer has developed a new liquid to cool computer components inside a family of monstrous PCs it created for gamers, and the company hopes to attract interest for the coolant from…
Intel will miss its already-lowered 4Q targets
AP - Even after sharply reducing its outlook for the fourth quarter, Intel Corp. said Wednesday that it would miss its revenue projection by about $500 million, a sign that PC makers and buyers are being…
Google cuts temporary workers but murky on details
AP - Google Inc. has jettisoned a substantial number of temporary workers in a recent austerity drive spurred by the recession, although the Internet search leader still intends to spend billions of dollars…
Myspace Comes to TV With Intel, Yahoo
PC World - Consumers will be able to exchange messages with MySpace friends on their TVs while watching shows, thanks to a social-networking application for TVs jointly launched by MySpace.com, Intel and…
Clearwire Woes Hit Big Backers
PC World - Financial charges taken by both Intel and Time Warner Cable on Wednesday put the spotlight on the tough prospects for Clearwire, the company that aims to build a national mobile broadband network…
Live blog: Ballmer at CES
CNET - LAS VEGAS--With Bill Gates now a Microsoft part-timer, company CEO Steve Ballmer is filling in at this year's opening keynote for the Consumer Electronics Show.
Toyota to roll out safety, driver-assist systems
AP - Toyota Motor Corp. says it plans to roll out new features on certain models later this year that can summon help if you crash or call an operator for roadside assistance or information.
Toshiba to expand the powers of the TV set-top box
AP - Toshiba Corp. is planning to use the Cell processor, the brain of Sony Corp.'s PlayStation 3 game console, to create an ultra-powerful TV set-top box that can record up to six high-definition channels…
Data Breaches Rose Sharply In 2008
snydeq writes "According to the Identity Theft Resource Center, more than 35 million data records were breached in the US in 2008. Tracking media reports and disclosures companies are required to make…
Future of Macworld Expo up in the air
CNET - Macworld Expo will go on in 2010 without Apple's participation, but what will it look like? And will anybody show up?
OpenID Fan Club Is Shrinking
A.B. VerHausen writes "Even though there's a whole new Web site devoted to understanding and using OpenID, some companies are dropping the login method altogether. OStatic is reporting that the 'free Web…
Motorola unveils mobile phone made from recycled water bottles
AFP - Motorola, seeking to capitalize on the trend towards more environmentally friendly products, has unveiled the first mobile phone made from recycled water bottles.
Expo: Kensington rolls out mice, chargers, other accessories
Macworld.com - Kensington announced a number of new accessories for desktops, laptops, iPods, and iPhones Tuesday to coincide with Macworld Expo as well as the Consumer Electronics Show.
Intel's miss weighs on Microsoft shares
AP - Shares of Microsoft Corp., the world's largest software maker, sank Wednesday after chip maker Intel Corp. said fourth-quarter sales missed already lowered expectations.
Billions at stake as China issues 3G licences
AFP - China issued long-awaited third-generation mobile phone licences Wednesday, a move that will pour billions of dollars into new networks as consumers buy video- and Internet-enabled handsets.
China issues 3G mobile phone licenses
AP - China assigned third-generation mobile phone licenses Wednesday to three carriers in a long-awaited step that is expected to prompt $41 billion in spending on new equipment.
Wii boosts UK games sales, music resilient
Reuters - British retailers sold a record combined number of DVDs, games and music in 2008 despite the economic gloom, boosted by the popularity of Nintendo's Wii and single downloads, trade bodies said…
Android Fans Watch HTC Release a Windows Phone
NewsFactor - Many observers of this year's Consumer Electronics Show in Las Vegas are waiting to see what kind of presence the open-source Android mobile-phone platform will have among new smartphones.…
Motorola unveils phone made from recycled bottles
Reuters - LAS VEGAS (Reuters) Motorola Inc unveiled a cell phone made of recycled water bottles on Tuesday, hoping to cash in on the trend for environmentally friendly products.