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Yahoo! Trading Halted for Pending News

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

   
3:32 pm on Mar 7, 2001 (gmt 0)

10+ Year Member



[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)

WebmasterWorld Administrator brett_tabke is a WebmasterWorld Top Contributor of All Time 10+ Year Member Top Contributors Of The Month



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.

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

10+ Year Member



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)



Could this be it?

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

-G

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

10+ Year Member



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)

WebmasterWorld Senior Member littleman is a WebmasterWorld Top Contributor of All Time 10+ Year Member



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)

WebmasterWorld Senior Member rcjordan is a WebmasterWorld Top Contributor of All Time 10+ Year Member



>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)



>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

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

10+ Year Member



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)



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)

10+ Year Member



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)

10+ Year Member



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)

WebmasterWorld Senior Member 10+ Year Member



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

WebmasterWorld Senior Member rcjordan is a WebmasterWorld Top Contributor of All Time 10+ Year Member



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



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

WebmasterWorld Senior Member 10+ Year Member



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



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

-G

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

10+ Year Member



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