Yahoo/Microsoft Deal Unfriendly, Stocks Drop, Fed Says Decline Slows
Yahoo expressed disappointment in the terms of the Microsoft/Yahoo search deal. It was expecting a multi billion dollar upfront payment in exchange for using Microsoft’s Bing search engine but Microsoft doesn’t expect to pay sending Yahoo shares sharply lower on the day. However, good news from the Fed that the decline is slowing in many regions softened the overall negative sentiment in the market. The DJIA slipped -26.00 to 9070.72, the Nasdaq gave back -7.75 to 1967.76 and the broad based S&P 500 dropped -4.47 to 975.15 in an overall very choppy and lack luster session.
Yahoo
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PowerRating) – Fell 12.25% or $2.10 to $15.08/share after Microsoft decided not to provide an upfront payment for a search deal.
Royal Caribbean Cruises
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McKesson
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Elron Electronic
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PowerRating) – Soared 44.93% or $2.08 to $6.71 after receiving FDA approval for an insulin pump.
Gold fell another $12.00 to $929.70, oil dropped hard $3.88 to $62.97 and the VIX fear index advanced 2.40% to 25.61.
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