Whatever you want to call him or her — a silver bullet, the cure or, as I like to say, the last unicorn — Yahoo’s ever-seeking and never-deciding board has now renewed its focus on finding a new CEO.

Also on the docket: Working on a deal to sell back at least some of its stake in its twin Asian assets — Yahoo Japan and the Alibaba Group — back to the companies. A partial sale of stock back could placate the often tense situation among the partners.

What is clear is that the two bids from private equity firms are now in an undetermined circling pattern — due to a variety of concerns around shareholder unrest (Occupy Yahoo looms for 2012).

Therefore, the idea of bringing in said fantasy leader to perhaps finally be the one to revive the long-troubled company has returned to the forefront of action, according to numerous sources both inside and outside the company.

The concept in short, said people familiar with the situation: Hire some compelling and entrepreneurial CEO to get the company moving again from a product point of view, do a massive organizational overhaul and help settle Yahoo’s thorny Asian issues.

While a number of names have been rumored in reports — such as Google business lead Nikesh Arora, who is actually not likely to leave his top post at the search giant — sources said the board has been targeting a number of candidates, including Hulu CEO Jason Kilar.

Others on Yahoo’s wish list include Juniper CEO Kevin Johnson and online advertising entrepreneur Brian McAndrews, who sold aQuantive to Microsoft. There are several others also being considered.

Sources said Kilar has met with Yahoo board members about the offer, but his hiring would be a long shot.

It’s an interesting — if complex — gambit to bring in Kilar, who has had his own wrangles with the multi-owner structure of the premium video service over the years.

Kilar’s status at Hulu has been in question ever since it was put on the block, then removed and then — well — who knows.

Hulu’s owners — News Corp., Disney and Providence Equity Partners, along with Comcast (which is a now a passive investor) — did not like the offers it got from various bidders, including Yahoo.

While the media giants have made noises about wanting to keep a stake in distribution, their commitment to that remains unclear.

The situation has put Kilar — who already had tense relations with the service’s shareholders — in limbo until a valuation is determined next year. Without going into the complex details, Kilar has a large equity stake that could be liquid in April, related to certain rights held by Providence.

It is well known that Kilar has been concerned the team that built Hulu gets some sort of payout for their work. In fact, many years ago, Hulu was seen as a possible IPO candidate.

What’s not in question is Kilar’s talent at creating a cohesive team and a compelling product — especially with an advertising and media focus — and the need at Yahoo for a vibrant leader to encourage innovation and discourage its rapidly increasing attrition issues.

The search for a new Yahoo CEO — which is being led by director Patti Hart, and is being conducted by Heidrick & Struggles — had been mostly sidelined until recently, as the board solicited bids for a partial investment from PE firms.

Two emerged, from Silver Lake and TPG Capital, which had wanted to pay from $16.50 to $18 a share for a stake of just under 20 percent in what is called a PIPE (Private Investment in Public Equity) arrangement.

But the low price, and worries about lawsuits and even a proxy fight related to such a deal, have slowed down the momentum significantly, said sources.

Instead, Yahoo has told bidders it will get back to them in the coming weeks about the direction it will take. Thus, the focus on lining up CEO candidates and plans related to reviving Yahoo.

Some of those possible execs have put their hand up, while others — like Kilar — are being solicited. In addition, some still think that Yahoo board member David Kenny remains an internal option, especially if the board of Yahoo gets a refresh, despite his recent announcement that he has no intention of seeking the job.

In general, this shift should not come has a surprise for the hurry-up-and-wait board of Yahoo, which has struggled over the years to make good choices for the Silicon Valley Internet giant.

That drift has resulted in a downturn in its prospects, even as other companies have surged.

Those troubles were brought into sharp focus in a recent report by new Goldman Sachs Internet analyst Heath Terry, who strafed Yahoo in his “sell” recommendation.

Among the gems by an analyst whose investment bank is currently an advisor to Yahoo on its strategic options:

Yahoo simply faces too many competitive and structural headwinds to believe any kind of meaningful turnaround is possible. While there is significant asset value on the balance sheet and in the company’s large, though increasingly less engaged user base, we continue to believe, as we have since before the first Microsoft offer, that the segment of management driving the company is intent on trying to revive Yahoo as a company, regardless of the cost to shareholders.

And, noting the need for a new CEO:

We would become more positive if we felt there was a likely event in the near term that might unlock the value of the balance sheet assets at Yahoo. While we believe the aggregate value of those assets is above the value reflected in YHOO, in order to be more positive on the stock we would need some proof that management is willing and able to take the steps necessary to unlock that value either through a sale or distribution to shareholders. Meanwhile, the declining profitability of the core display advertising business is masked by a search business that continues to lose share and relies on artificial support from Microsoft. We would become more positive on the core Yahoo business if the company is able to find a new CEO capable of focusing the business on its core advertising and communications opportunities, rationalizing costs, and driving growth. This would require user growth and especially engagement improvements in both online and mobile, improving monetization of advertising inventory, and stabilizing its search business.

In other words: Wanted, one unicorn to work magic against increasingly troublesome dragons. Ability to sparkle a plus.

Shares in the handset maker fell some 23 percent last week amid concerns about increased competition from Google’s (GOOG) Android operating system, which is being rolled out on a number of devices at a variety of carriers, including Palm partner Sprint (S).

This morning, analysts at Citigroup (C) cut their recommendations to sell from hold on Palm (PALM) while simultaneously raising their rating on Motorola (MOT) because of its “compelling” new Android handset, Droid.

“Motorola is launching of one of the most compelling offerings at [a] time when many investors have given up on the company’s handsets,” Citigroup analyst Jim Suva wrote in a research note.

“The revolution of product and application service offerings,” Suva added, “is going to start to crack open the enterprise door and could pose a risk for BlackBerry. Major shifts in promotion support creating a promotion commotion in the months ahead favor Motorola and post a challenge for RIMM and PALM.”

Over at CL King, analyst Lawrence Harris is similarly dubious of Palm’s prospects in the months ahead. Noting that Sprint executive David Owens said last week that the carrier plans to peddle a number of new Android devices from HTC next year, Harris sees unfavorable implications for Palm.

“Historically, Sprint has been Palm’s largest customer. Indeed, in the August quarter Sprint accounted for 85 percent of Palm’s revenues,” Harris wrote in a note to investors. “In FY09 (May) Sprint represented 43 percent of total Palm sales. Sprint has a U.S. exclusive on both the Pre and the Pixi through calendar year end. The Pixi will be launched at Sprint on November 15 for $99.99. The Pixi is fairly similar to the $149.99 Pre. Verizon has stated that it will begin offering the Pre in early CY10.”

Expounding on his analysis, Harris notes that “According to a report on Mobile Today, a U.K.-based publication, initial sales of the Pre through Telefonica’s O2 unit in the U.K. have been slow. If this report is correct, than the bulk of Palm’s sales over the next few months will probably continue to be generated through Sprint.”

That Sprint will soon add some slick new Android handsets to its lineup is worrisome, then, indeed. For Palm, it seems, driving conditions on the road to recovery are looking increasingly hazardous.

Nemeroff this morning cut his rating on CRM to Sell from Hold, noting that the shares at last night’s close of $37.38 were more than $10 above his $27 target price. His view is that the company’s small and medium-sized customers “could continue to be pressured by negative economic headwinds and that subscriber attrition at existing larger customers could continue to increase over the next 1-3 years due to shelf-ware reductions from multi-year agreements coming up for renewal.”

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But even though you can use these services without leaving home, many of them still require you to go to a specific Web site — one you wouldn’t necessarily visit regularly. Sites like Gazelle.com and Venjuvo.com that pay cash for old electronics (or just recycle them) aren’t exactly online destinations.

Now one of those ways to unload your stuff involves a Web site you might visit many times a day. A site that has considerable sway in the social-networking world, where over 175 million active users go to share personal stories, photos and videos with hundreds of “friends.”

That’s right, I’m talking about Facebook. Tuesday, the social-networking giant announced its new Facebook Marketplace, Facebook.com/Marketplace, an integrated application powered by Oodle, known for its work with online classified ads. Marketplace uses colorful icons to represent four actions you can take in its app: Sell It; Sell for a Cause; Give it Away; and Ask for It.

Facebook Marketplace users can pick from 12 categories of listings, as well as buy or sell items for a favorite cause.

Oodle granted me early access to the Marketplace app before it became available Tuesday. A friend of mine and I were both set up with test accounts so that we could see one another’s fake Marketplace items and interact with one another within Marketplace; hundreds of Oodle employees also were testing this. (It was fun to see what people offer for sale when they’re just pretending, like one person who offered to sell everything on a colleague’s desk when he was out.)

Facebook’s original iteration of Marketplace started back in 2007, but was geared toward services like housing and jobs. The Oodle-powered Marketplace is merchandise-centric and includes more detailed organization, deeper integration with Facebook, and ways to buy or sell things to raise money for 1.7 million causes.

It still lacks a built-in electronic payment system, such as PayPal or Discover card, for exchanges between users or donations to causes. Instead, Marketplace encourages its users to exchange money however they choose, like traditional classified ads. And that could cause some obvious problems. For instance, if an item were sold for a cause, the seller could later donate the amount via credit card after closing a listing. But there’s no guarantee that the seller will actually do this. Oodle says it will listen to feedback from the Facebook audience and will try to integrate e-payments, if preferred.

Every posted item can include a location, description, category, photo and an explanation of why it’s in the Marketplace. Each item is reviewed by Oodle’s fraud-detection program, which looks for inappropriate content and suspicious activity, and a post could take up to 30 minutes to appear online after you submit it. My posts displayed almost instantly in the Marketplace newsfeed. Users also can opt to publish their posts to their Facebook profiles.

One example of Marketplace’s newly detailed organization comes in its browsing options. The old version of Marketplace had options to browse through jobs and housing, but not specific categories of items for sale. Now, users can browse through 12 categories of specific items including “Home & Garden,” “Baby & Kid Stuff,” “Tickets” and “Musical Instruments.” Items that don’t fit into these 12 categories are put into an “Everything Else” category.

Each item in Marketplace integrates with Facebook’s familiar format, like having its own online “wall” where questions and comments appear. If you’re looking for something in Marketplace by using the “Ask for It” option, you can recruit people to help you find the item by selecting from your list of friends, which works the same way people can suggest Facebook people to friends who might know them. Glancing at an item shows the seller’s profile photo, a link to all of the person’s listings and a brief history of his or her overall Marketplace activity, such as “3 listings in the last month.”

The integration of charitable causes into Marketplace gives supporters new ways to raise money for a favorite group like the World Wildlife Fund or Habitat for Humanity International. On the Marketplace home page, causes are displayed in a right-hand panel with a daily featured cause. This Featured Cause shows who else supports it and how many items you can buy or sell to support it.

Privacy is a natural concern in online marketplaces. By default, your posted listings are visible to any Facebook member in Marketplace. Users can opt to remain anonymous — they’re listed as “Facebook user is selling a bike,” for example. In that case, the only way someone can contact that person is by posting a comment and waiting for the seller to respond.

People who aren’t members of Facebook can see your listings by browsing and searching Marketplace, but they can’t post, comment or contact users. Unlike online marketplaces or services that can be used by anyone, Marketplace requires that users be members of the site to interact with sellers, which can be a downside. Plenty of people who aren’t on Facebook might not want to join the social-networking phenomenon just to offload the old couch gathering dust in the garage.

All user notifications — messages indicated in red at the bottom right of a Facebook page — will reflect friends’ activities in the Marketplace, unless you reset the notifications of the Facebook Marketplace app to not notify you. I suggest doing this, unless you really want to know about all your friends’ activities in Marketplace.

Four color-coded icons represent activities in Marketplace and are useful when reading lists of items at a glance: A green dollar sign represents Sell It and a red heart represents Sell for a Cause, for example. And details about each cause are integrated within Marketplace.

The Oodle-powered Facebook Marketplace is straightforward and well organized, and if you’re a Facebook user, its format will be familiar. If you’re not, and you’re looking for a way to sell or give items away for a charity or otherwise, Marketplace might encourage you to join the giant social network. But its payment program could be made a lot easier with electronic options.

Edited By Walter S. Mossberg

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