MSFT-YHOO: What It Means to Google

Microsoft’s $44.6 billion offer for Yahoo, we keep hearing, represents the potential emergence of a solid No. 2 online. So what does that mean to Google? Does the combination of two weak online players create a strong–or, at least, stronger–competitor? The truth is that it’s too early to tell. We don’t even know what the market thinks, because Google’s current share decline of nearly 9% just reflects the moves made after it reported lukewarm earnings late yesterday. From the looks of it, the market isn’t pushing the company one way or another on this news alone. As the MSFT-YHOO wends its way forward over the coming months, there are a few things we can look out for, as they pertain to Google …

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