Yahoo Heads for Lowest Close Since Microsoft Unveiled Bid
Yahoo (YHOO) shares are headed for their lowest closing price since Jan. 31, when the stock finished at $19.18 right before Microsoft (MSFT) went public with a $31-a-share stock-and-cash offer for the company. This would be the eighth down day for the stock out of the last 9. The stock is off about 26% since peaking in mid-February at $29.98.
Pressuring the shares today: more departures from the executive ranks, and reports that the company is planning an organizational overhaul. The WSJ reports that “Yahoo executives are discussing a plan to centralize numerous product groups, such as its mail, search and home-page divisions, into a global-product organization.” Kara Swisher has the lowdown, with all the details on the management shuffle.