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Bad Move For Yahoo

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Internet portal not planning for the future.

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Yahoo (YHOO) got too cute and now Jerry Yang & Co. have what they wanted, right? It's an independent company that will be able to pursue its dreams.

The problem is the company is living in the glory of the past and mostly daydreaming rather than conjuring up a second act. I don't think it will be easy and the truth is the company simply overplayed its hand. It's difficult to understand what's going on. What the heck is the brain trust at Yahoo thinking about?

Will the company now willingly take the crumbs that drop from the table of Google (GOOG) in return for $800.0 million, which the company says will translate into $250 to $400 million in cash flow? Right now, it all just looks like the act of an egomaniac and a board of directors that let down shareholders.

Maybe Carl Icahn is right and a deal with Microsoft (MSFT) is inevitable, but Yahoo stock wasn't acting like it earlier in the week and yesterday reacted as if this is a done deal -- a done dead deal.
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No positions in stocks mentioned.
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