Microsoft Defends Yahoo’s Honor
ADOTAS – Times are a changin’! Like a cuckolded lover, Microsoft Corp. is suddenly defending Yahoo Inc.’s quarterly results before they’re even out as Yahoo makes eyes at other potential mates.
Microsoft said it will hold firm on its $43.2 billion offer for Yahoo as D-Day closes in on Jerry Yang: in less than a week, Microsoft’s deal deadline looms and Yang may have to pay the piper. (In an April 5 letter, Microsoft threatened to launch a hostile takeover and oust Yahoo’s board unless the company ironed out a deal).
“We think we can accelerate our strategy by buying Yahoo and will pay what makes sense for our shareholders,” Microsoft’s chief Steve Ballmer said in a speech in North Africa. “I wish Yahoo all the success with its results but it doesn’t affect the value of Yahoo to Microsoft.”
Investors will be watching Yahoo’s earnings very carefully (they are due later today) to see if Yang does announce a new partnership with AOL or a broader partnership with Google. (Google’s report late last week that its profit jumped by 30% is buoying rumors about a broader partnership).
Most Wall Street watchers predict that Yahoo won’t hit a homerun numbers-wise, but that the company may beat analysts’ expectations. (The consensus is that Yahoo will report earnings at the high end of its forecast range of $1.28 billion to $1.38 billion and earnings of about 9 cents a share for the first quarter).
Google was recently trading at about $555.89 per share (up 3.37%), Yahoo was trading at about $28.64 (up 0.32%) and Microsoft was trading at about $30.08 (down 1.12%).
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