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Yahoo! Trading Halted for Pending News

Earnings warning? Merger news? Dunno. Details coming...

     

tedres

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

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[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...] )

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

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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

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

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

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Could this be it?

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

-G

tedres

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

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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.

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

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

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>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.

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

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>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

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

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

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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

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

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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

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

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Interesting report on CNBC. Yahoo! did not request halt in trading. NASDAQ halted trading. Very unusual
10:07 pm on Mar 7, 2001 (gmt 0)

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Nothing as cool as a takeover, just financial woes click here [cnnfn.cnn.com]
10:23 pm on Mar 7, 2001 (gmt 0)

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>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.

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

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

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Did it say why he stepped down?
-G
10:52 pm on Mar 7, 2001 (gmt 0)

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Interview at 7:10 pm
[msnbc.com...]
12:48 am on Mar 8, 2001 (gmt 0)

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

-G

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

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

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