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Yahoo! Trading Halted for Pending News
Earnings warning? Merger news? Dunno. Details coming...
tedres




msg:844734
 3:32 pm on Mar 7, 2001 (gmt 0)

[dailynews.yahoo.com...]

NEW YORK (Reuters) - Shares of Internet portal Yahoo Inc. (NasdaqNM:YHOO - news) were halted shortly after the start of Nasdaq trade on Wednesday for pending news.

There was no indication that the news release would be about earnings.
[trim]

Possibly related, Yahoo unexpectedly pulled out of a Merrill Lynch investment conference that begins today. And last week, they added a poison pill for shareholders in order to discourage a hostile takeover bid. (See [dailynews.yahoo.com...] )

 

Brett_Tabke




msg:844735
 4:22 pm on Mar 7, 2001 (gmt 0)

Thanks Tedres. I trimmed the quote, just a little. I know it was a short story, but having been contacted by agencies about this forum, I'm hyper sensitive to the copyright issues involved. We can quote a little or a synopsis, but verbatim whole stories (even if short) are out - especially anything that comes from Yahoo or the AP.

That is quite a story. When anyone hears what the deal is with Yahoo - please let us know. Reuters doesn't seem to care as much.

tedres




msg:844736
 4:27 pm on Mar 7, 2001 (gmt 0)

no problem. sorry to put you through the trouble. I'm amazed at how long it's taking them to release whatever news they've got. It's been over an hour and still no nothing...

grnidone




msg:844737
 5:02 pm on Mar 7, 2001 (gmt 0)

Could this be it?

STOCKWATCH Yahoo downgraded to 'market outperform' by Goldman Sachs [europeaninvestor.com]

-G

tedres




msg:844738
 5:11 pm on Mar 7, 2001 (gmt 0)

um, nope. That downgrade was announced a day or 2 ago. I believe there needs to be a perceived material change in direction for a stock halt, so that the market can absorb the news before trading resumes.

The msg board on Yahoo is filled with rumors like Koogle or Yang resigning, them buying a company like Real (or Napster!), getting bought by Disney, MSFT, Viacom, etc. Because of this long delay, I don't think it's as simple as an earnings warning. But it's anyone's guess right now. I heard that they've planned a press conference for later today, but an exact time was not given.

littleman




msg:844739
 5:33 pm on Mar 7, 2001 (gmt 0)

Rumors are flying. Some are saying Disney is going to take
over. I really hope that doesn't happen. That would be about the worst thing that could happen.

rcjordan




msg:844740
 5:47 pm on Mar 7, 2001 (gmt 0)

>Disney

We've touched on that here before, back when Eisner sacked GO in under 48 hours. We've also noted the poison pill being a probable last-minute defense because someone (Eisner?) was circling for the kill. To me, all signs point to Disney right now, but I've heard nothing definitive.

grnidone




msg:844741
 5:48 pm on Mar 7, 2001 (gmt 0)

>Some are saying Disney is going to take
over. I really hope that doesn't happen. That would be about the worst thing that could happen.

That's been a rumor for a long time, and yes that would be the worst thing that could happen. From everything I have read, Yahoo doesn't want to be taken over by anyone...

-G

tedres




msg:844742
 5:58 pm on Mar 7, 2001 (gmt 0)

According to CNBC, it's either an earnings pre-annoucement or a company restructuring. Apparently, no other company is involved. News due at 5pm EST with an investor conference call to follow at 5:15 EST.

Napoleon




msg:844743
 6:20 pm on Mar 7, 2001 (gmt 0)

Please do post as soon as any firm news breaks.... it's evening over here so we are unlikely to get anything through traditional channels. Thanks.

mnw




msg:844744
 8:44 pm on Mar 7, 2001 (gmt 0)

Shares are halted, FT says Koogle to step down

The Financial Times reported Wednesday that Yahoo!chief executive Tim Koogle will step down. [cnnfn.cnn.com]

Speculative at best. Apparently, Koogle will be on CNBC (live) sometime this evening.

mnw




msg:844745
 9:03 pm on Mar 7, 2001 (gmt 0)

Interesting report on CNBC. Yahoo! did not request halt in trading. NASDAQ halted trading. Very unusual

JamesR




msg:844746
 10:07 pm on Mar 7, 2001 (gmt 0)

Nothing as cool as a takeover, just financial woes click here [cnnfn.cnn.com]

rcjordan




msg:844747
 10:23 pm on Mar 7, 2001 (gmt 0)

>Yahoo! did not request halt in trading. NASDAQ halted trading

NASDAQ did that for its own protection, I'll bet. In a bear market, the last thing they need is a poorly-timed, blockbuster release of bad news by one of its bellweather stocks.

startup




msg:844748
 10:24 pm on Mar 7, 2001 (gmt 0)

[cnnfn.cnn.com...]

grnidone




msg:844749
 10:31 pm on Mar 7, 2001 (gmt 0)

Did it say why he stepped down?
-G

startup




msg:844750
 10:52 pm on Mar 7, 2001 (gmt 0)

Interview at 7:10 pm
[msnbc.com...]

grnidone




msg:844751
 12:48 am on Mar 8, 2001 (gmt 0)

That picture is odd. It looks like he is talking with a hand puppet. (?)

-G

merlin78




msg:844752
 5:21 am on Mar 8, 2001 (gmt 0)

Story is also located here: [australianit.news.com.au...]

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