Showing posts with label YHOO. Show all posts
Showing posts with label YHOO. Show all posts

2016-07-30

Rise and Fall of Yahoo $YHOO, What Happened, Missed Opportunities

Yahoo CEO Marissa Mayer Talks Verizon Deal and Her Future at the Company:

Video above: Marissa Mayer, chief executive officer at Yahoo (principal domain: yahoo.com), discusses Verizon's $4.83 billion acquisition of Yahoo's web business, how she envisions her role at the new company, the legacy of Yahoo on the web, and reflects on her experiences at Yahoo. She speaks with Bloomberg's Emily Chang on "Bloomberg ‹GO› on July 25.


 Infographic above courtesy of VisualCapitalist.com: The saga surrounding one of the world’s most recognizable internet stocks has come to a close. Yahoo $YHOO has finally sold its operating business to the highest bidder. The winner was Verizon – and the price was $4.8 billion. That’s worth less than 1% of the company it had multiple opportunities to buy: Google (now Alphabet).

WHAT HAPPENED? Technology changes fast, and successful companies must leverage smart acquisitions in building for the future. Facebook bought Oculus Rift and Instagram, and Google bought companies like Youtube and DoubleClick.

YAHOO'S MISSED OPPORTUNITIES: In 1998, Yahoo was approached by two young Stanford Ph.D. students to buy their search engine algorithm. Larry Page and Sergey Brin had created PageRank – a quick way to find the most relevant website for a given search query. Yahoo skipped out on buying it for $1 million, rationalizing that it would take people off of Yahoo’s website, while decreasing traffic and ad revenues. Even later on when Google’s search business was well-established, Yahoo CEO Terry Semel balked at Larry and Sergey’s $1 billion asking price. He would eventually agree to it, but by then it was too late. The Google guys had already decided to up their price to a heftier $3 billion. Around that same time, Yahoo was turned down by a 22-year-old Mark Zuckerberg. Yahoo offered to buy Facebook for $1 billion, but Zuckerberg declined. This was a moment that billionaire Facebook investor Peter Thiel lauds as the major turning point for the company that allowed it to become the behemoth it is today. Some sources even say that if the offer was increased to $1.1 billion, that Facebook’s board would have forced Zuckerberg to take it. But it’s not just the offers made that were missed opportunities. Yahoo also turned down a hostile takeover from Microsoft in 2008 for $44.6 billion that valued the company for far more than it is worth today.

ALIBABA: In 2005, Yahoo bought a 40% stake in emerging online retail company Alibaba, which makes up the majority of Yahoo’s market capitalization today. In the context of the recent Verizon deal, the Alibaba shares are likely being spun off into a separate investment vehicle.

See also on Domain Mondo: YAHOO $YHOO Q2 2016 Earnings, Webcast Monday July 18

feedback & comments via twitter @DomainMondo


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2016-07-18

YAHOO $YHOO Q2 2016 Earnings, Webcast Monday July 18, 5:30pm ET

YAHOO $YHOO Q2 2016 Earnings, Webcast Monday July 18, 5:30pm ET:

Yahoo's (YHOO) CEO Marissa Mayer on Q2 2016 Results - Earnings Call Transcript | SeekingAlpha.com


Chart: since July 20, 2012, Yahoo shares (NASDAQ: YHOO) are UP 137% as of July 15, 2016
Marissa Mayer was appointed President and CEO of Yahoo! effective July 17, 2012, and
since July 20, 2012, Yahoo shares (NASDAQ: YHOO) are UP 137% as of July 15, 2016.
Yahoo reports Q2 2016 earnings results, Monday, July 18, 2016, after the market close, LIVE webcast at 5:30 pm ET: https://finance.yahoo.com/topics/yahoo-q2-2016-earnings. The webcast video will be archived after the event at https://investor.yahoo.net/ and will be available for 90 days following the LIVE broadcast.

Principal domain: yahoo.com
Investor Relations:  investor.yahoo.net
Stock exchange: symbol NASDAQ: YHOO
Stocktwits.com/symbol/YHOO

UPDATE: Yahoo Q2 2016 earnings release-- EPS of $0.09 misses consensus estimates by $0.01, revenue of $1.3B (+4.8% Y/Y) beats by $220M--
Our second quarter GAAP revenue and Cost of revenue - TAC were impacted by a required change in revenue presentation related to the Eleventh Amendment to the Microsoft Search Agreement ("Change in Revenue Presentation," as discussed below). Specifically, $252 million of GAAP revenue and Cost of revenue - TAC for the second quarter of 2016 was due to the Change in Revenue Presentation. Excluding the impact of this change, GAAP revenue would have been $1,055 million, a 15 percent decline from the second quarter of 2015, and Cost of revenue - TAC would have been $214 million, a 7 percent increase from the second quarter of 2015.--Yahoo Q2 2016 release
Yahoo Q2 2016 earnings release:

Preview:
  • Yahoo! (YHOO) Auction Comes to an End: "Yahoo!'s (YHOO) final bids are due Monday, July 18, after a drawn-out auction and the company's board is set to make a decision as to who wins the bid soon after, Bloomberg TV's David Guru reported on "Bloomberg Markets" citing a New York Times report. Verizon (VZ), AT&T (T), and Quicken Loans' founder Dan Gilbert are expected to make a bid on Yahoo that range between $3 billion to $6 billion depending on what assets are accounted for in the bids, Bloomberg TV Emily Chang said. It is assumed the companies are bidding for Yahoo's core assets, which include search, emails, media, and advertising, she said. "It's very unclear what exact company is bidding for what, and what ..."
  • As it nears sale, Yahoo's earnings likely to reveal continued decline: "Despite Yahoo's (NASDAQ: YHOO) not-so-sunny outlook, some analysts believe its impending sale will affect its stock price more than its current revenue ... Though Yahoo is nowhere near its heyday, it still boasts a robust media sector , and is one of the top trafficked online destinations. Yahoo has also made moves to build up its advertising business, though some have argued that its facing massive ad fraud issues . It could make it attractive to a company like Verizon, which needs more media content to make itself an advertising powerhouse. Analysts estimate that the company will report revenue of $1.08 billion, and 10 cents per share, according to Thompson Reuters."
  • Yahoo Q2 earnings preview | BusinessInsider.com: "Mavens [mobile, video, native, social] revenue will once again be under the spotlight come Monday, when Yahoo reports its second-quarter earnings. Another slowdown will be a serious blow to Yahoo and Mayer's legacy as CEO, as Mavens has been one of the few bright spots during her three-year tenure. It could also send Yahoo stock down as the company's other legacy businesses have already been in decline for years now."
$YHOO on twitter:


 See also:
Yahoo $YHOO Q1 2016 Earnings Webcast, April 19, 5 pm ET (video) | DomainMondo.com

feedback & comments via twitter @DomainMondo


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2016-05-20

Q1 2016 Earnings Scorecard, Wall Street's Tech Earnings Verdict

The chart below sums up Wall Street’s verdict on major tech companies' first quarter results: Infographic: Wall Street's Verdict on This Season's Tech Earnings | Statista
Source: Statista

The chart shows stock price changes on the day after the latest earnings reports by public technology companies. Publicly traded companies in the U.S. have certain obligations, chief among them is to keep shareholders informed about the state of their business by filing periodic reports with the SEC. These quarterly reports are often investors’ best information on how a company is doing, and therefore Wall Street’s reaction to these earnings releases is a good indicator of how content shareholders are with a company’s performance. For Q1 2016, the results are mixed. Both Amazon and Facebook saw share prices climb significantly on the day after they reported their results, Twitter and Netflix faced declines as a result of reporting disappointing numbers or offering weak guidance.

 Below is the Editor's scorecard for stocks covered on the Q1 2016 DomainMondo.com Earnings Calendar, A-F grading scale, go to each link below for more info:






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2016-04-19

Yahoo $YHOO Q1 2016 Earnings Webcast, April 19, 5 pm ET (video)

How Yahoo's Marissa Mayer Can Salvage Her Legacy:

Yahoo is considering selling all or parts of the company. On its own, Yahoo has struggled under Marissa Mayer. It's become unprofitable and its outlook is only getting worse. Bloomberg Gadfly's Shira Ovide explains why selling Yahoo is Mayer's best chance to salvage her legacy. (Published April 18, 2016.)

Company: Yahoo Inc.
Stock Exchange: Symbol--NASDAQ: YHOO
Principal Domain: yahoo.com
Investor Relations: investor.yahoo.net
Yahoo Q1 2016 EPS of $0.08 beats by $0.01. Revenue of $1.09B (-11.4% Y/Y) beats by $10M.

Yahoo live stream video of First Quarter 2016 Earnings webcast: Tuesday, April 19 5:00 p.m. ET, at http://finance.yahoo.com/.

The video will be archived after the event at https://investor.yahoo.net and will be available for 90 days following the broadcast.

UPDATE on bids: Yahoo shortlist has Verizon, YP, Rakuten, private equity- sources | Reuters

Yahoo’s Troubles Mount, and Revenue Shrinks, as It Vets Suitors - The New York Times: "Jeffrey Smith, the chief executive of the Starboard Value hedge fund, said on Tuesday that he intended to keep the pressure on Yahoo. Starboard has proposed an alternative slate of nine directors to replace Yahoo’s entire board at the company’s next annual shareholder meeting, expected in June or July."

 Monday, April 18, was the bid deadline for Yahoo's assets. According to Seeking Alpha, Verizon (NYSE:VZ) is the lead bidder for Yahoo. Yahoo did amend the CEO's change-of-control compensation--at least $48 million of Marissa Mayer's equity would vest in a deal--and the company is working with Goldman Sachs (NYSE:GS) and Evercore (NYSE:EVR) to defend against activist investor, Starboard Value. Yahoo is working with JPMorgan (NYSE:JPM) to at least go through the motions of auctioning the company off. We may know more after the earnings webcast. See also: Yahoo: Who's Ready To Take On A Legacy Digital-Native Media Turnaround? | Seeking Alpha.

See also on Domain Mondo:
•  Corporate Accountability: Yahoo!, Starboard Value, Activist Shareholder
•  Starboard Value Letter to Yahoo $YHOO and CEO Marissa Mayer (video)
•  Yahoo $YHOO: What's It Worth Without Alibaba and Yahoo Japan? (video)
•  Yahoo $YHOO LIVE Webcast: Q4, Year 2015 Earnings, Feb 2



About Yahoo (source: Yahoo): "Yahoo is a guide focused on informing, connecting, and entertaining our users. By creating highly personalized experiences for our users, we keep people connected to what matters most to them, across devices and around the world. In turn, we create value for advertisers by connecting them with the audiences that build their businesses. Yahoo is headquartered in Sunnyvale, California, and has offices located throughout the Americas, Asia Pacific (APAC) and the Europe, Middle East and Africa (EMEA) regions."




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2016-04-13

Verizon, Daily Mail? Who Will Make a Bid for Yahoo? (video)

Why the Daily Mail May Bid for Yahoo:

David Kirkpatrick, chief executive officer of Techonomy, and Bloomberg's Brian Womack discuss the Daily Mail throwing their hat into the ring for Yahoo's media assets. They speak to Bloomberg's Emily Chang on "Bloomberg West." Published April 12, 2016

Stock exchange:symbol  NASDAQ:YHOO
Principal domain: yahoo.com
New gTLDs: .YAHOO and .FLICKR

Bid deadline: April 18, 2016
Q1 2016 Earnings call: April 19, after market close

Yahoo's financial situation is "increasingly dire" according to Kara Swisher in Re/code, who obtained access to the "book" Yahoo's bankers are making available to potential buyers. According to Swisher, the book "shows a company in what appears to be serious free fall," and shows Yahoo expecting revenue to fall close to 15 percent, earnings by over 20 percent, in 2016.

"Yahoo CEO Marissa Mayer's tenure has been a mess and the Board of Directors should be held accountable for the losing of a significant sum of shareholder value based solely on the company's inability to find and execute a strategic vision that is going to move them in one direction or another."--Yahoo: Nothing Is Finalized Just Yet | Seeking Alpha



 See also on Domain Mondo:

 See also: Meet the Lookie-Loos of the Yahoo Yard Sale: Google, Twitter, Facebook | Re/code
and Yahoo Sure Has Lots of Attractive Suitors - Bloomberg Gadfly




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2016-02-02

Yahoo $YHOO LIVE Webcast: Q4, Year 2015 Earnings, Feb 2, 5 pm EST

1-year stock chart NASDAQ: YHOO
1-year stock chart NASDAQ: YHOO (source google.com)
Yahoo Q4 and Full Year 2015 Earnings 
Yahoo (NASDAQ:YHOO): Q4 EPS of $0.13 in-line.
Revenue (ex-TAC) of $1B (-15.3% Y/Y) misses by $190M.
Operating expenses are to be cut by $400M by year-end. Asset sales are hoped to raise more than $1B in cash. Revenue in Mavens (mobile, video, native, and social) hope to reach $1.8B this year.

The company will consist of three global platforms: Search, Mail, and Tumblr, and four verticals: News, Sports, Finance, and Lifestyle. For advertisers, Yahoo will be defined by two core offerings: Gemini and BrightRoll. The company will shift most of its search resources to mobile search.

Job cuts of 15%, and will exit five offices in Dubai, Mexico City, Buenos Aires, Madrid, and Milan. Yahoo will have about 9K employees by year-end, and less than 1K contractors. (more on Seeking Alpha)

 Read the Earnings Release

Earnings Slides

Transcript

Yahoo $YHOO LIVE WEBCAST here (Q4, Year 2015 Earnings) Feb 2, 5 pm EST

Domain: yahoo.com

Stock exchange:Symbol  NASDAQ:YHOO

Yahoo! Inc.
NASDAQ: YHOO on Feb 2
Close today: $29.06 USD  -0.51 (1.72%)

Yahoo - Investor Relations


@YahooInc







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2016-01-08

Corporate Accountability: Yahoo!, Starboard Value, Activist Shareholder


UPDATE video above: Yahoo to Reconsider Sale of Web Business Instead of Spinoff - Bloomberg Business (8 Jan 2015)
"On Wednesday morning, activist shareholder Starboard Value expressed "extreme" frustration with the company's current leadership, suggesting that they may push for the ousters of both the current board of directors and CEO Marissa Mayer" - Yahoo plans new round of layoffs - San Jose Mercury News


A Look at Activist Behind Starboard's Letter to Yahoo - Activist investor Starboard Value LP is threatening a proxy fight and calling for a change in management at Yahoo Inc. Here's a look at Jeffrey Smith, the firm's leader. (Published on Jan 7, 2016 by WSJ.com)

Yahoo! one-year stock chart (NASDAQ:YHOO)
Yahoo! one-year stock chart (NASDAQ:YHOO) (source: google.com)
When is the Yahoo! Board going to tell CEO Marissa Mayer "it's over" and tell her to leave?

Corporate Accountability: Starboard Value LP is a Yahoo! shareholder and has been engaged (along with other activist shareholders) in urging the Yahoo! Board and management to make changes:

 Starboard Value's Letters to Yahoo!
Excerpt from January 6, 2016, letter:
"... Yahoo’s current management has had over three years to demonstrate progress towards improving the Core Business, but despite these efforts, the Core Business continues to be plagued with deteriorating financial performance and an accelerating number of executive leadership departures. Annual operating costs have ballooned, increasing by approximately $500 million despite revenue that has been declining. In addition, the Company has spent over $2.3 billion on acquisitions. Unfortunately, most of these investments have been misguided, poorly overseen, and, ultimately, shut down. Even with these massive investments, the trajectory is decidedly negative ... EBITDA continues to decline quarter-after-quarter while spending continues at an alarming pace ... The Board must accept that significant changes are desperately needed. This would include changes in management, changes in Board composition, and changes in strategy and execution ..." (emphasis added)

Domain Names:
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2015-12-09

Yahoo $YHOO Update: Reverse Spin Off Planned, Webcast Replay

Yahoo Update on Planned Spin-Off
Yahoo Update on Planned Spin-Off 
At a Yahoo! Conference call, Wednesday, December 09, 2015, 6:00 am PST, the company provided an update on the "planned spin-off" following issuance of a statement:

Yahoo [$YHOO] Provides Update on Planned Spin Off of Remaining Stake in Alibaba Group [$BABA]:

"Yahoo! Inc. (NASDAQ: YHOO) today announced that its Board of Directors, after careful review and consideration of how to best drive long-term value for shareholders, has unanimously decided to suspend work on the pending plan, announced in January of 2015, to spin off the company's remaining holdings in Alibaba Group Holding Limited (NYSE: BABA). The Board will now evaluate alternative transaction structures to separate the Alibaba stake, focusing specifically on a reverse of the previously announced spin transaction.

"In the reverse spin off, Yahoo's assets and liabilities other than the Alibaba stake would be transferred to a newly formed company, the stock of which would be distributed pro rata to Yahoo shareholders resulting in two separate publicly-traded companies.

"We believe that the previously announced spin off would be tax free to Yahoo and its shareholders," said Maynard Webb, Chairman of Yahoo's Board of Directors. "However, in consideration of developments since the original spin off plan was announced and after significant deliberations, we are suspending work on the Aabaco spin off. Among other factors, we were concerned about the market's perception of tax risk, which would have impaired the value of Aabaco stock until resolved. Informed by our intimate familiarity with Yahoo's unique circumstances, the Board remains committed to accomplishing the significant business purposes and shareholder benefits that can be realized by separating the Alibaba stake from the rest of Yahoo. To achieve this, we will now focus our efforts on the reverse spin off plan."

 "In addition to our efforts to increase value and diminish uncertainty for investors, the ultimate separation of our Alibaba stake will be important to our continued business transformation," said Marissa Mayer, CEO of Yahoo. "In 2016, we will tighten our focus and prioritize investments to drive profitability and long-term growth. A separation from our Alibaba stake, via the reverse spin, will provide more transparency into the value of Yahoo's business."

"The reverse spin off is expected to require, among other things, third party consents, preparation of audited financial statements, shareholder approval, and SEC filings and clearance, including under the Investment Company Act of 1940. While the company intends to move expeditiously to complete the transaction, it is advised that complex transactions of this kind can take a year or more to conclude."

 Conference Call - Webcast Replay

Yahoo held a conference call at 9:00 a.m. Eastern Time today to discuss this announcement. A live webcast of the conference call was available through the company's Investor Relations website at https://investor.yahoo.net/events.cfm. According to Yahoo: "an archive of the webcast will be accessible for 90 days through the same link."

 After the conference call, in early trading today, both Yahoo (NASDAQ: YHOO) and Alibaba (NYSE: BABA) shares were up. In an unrelated SEC filing today, it was disclosed that on December 4, 2015, Max Levchin notified Yahoo! Inc. (“Yahoo”) that he was resigning from Yahoo’s Board of Directors effective immediately, due to "his other professional commitments and demands on his time, and not due to any disagreement with Yahoo on any matter related to Yahoo’s operations, policies or practices." The size of the board will be eight directors going forward. SEC filings of Yahoo are here.

See also on Domain Mondo: Yahoo Will NOT Spinoff $BABA, $YHOO Core Business Spinoff Possible




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Yahoo Will NOT Spinoff $BABA, $YHOO Core Business Spinoff Possible

Note: See new update Yahoo $YHOO Update: Reverse Spin Off Planned, Webcast Replay



Above: CNBC's David Faber reported Yahoo (NASDAQ:YHOO) won't spinoff its 384M-share (~15%) of Alibaba (NYSE:BABA) stake, and will now explore a spinoff of its core business. An announcement from Yahoo could come as soon as Wednesday. More here. 

$YHOO: 8Dec2015 7:41pm EST, after-hours: 35.80 UP 0.95 (2.73%)



 See also on Domain Mondo:




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2015-12-04

Yahoo $YHOO: What's It Worth Without Alibaba and Yahoo Japan? (video)


Yahoo Drama Explained - One of the oldest and most well-known online companies, Yahoo [yahoo.com], may be putting its core business up for sale. The WSJ's Rick Carew explains why in the video above (published 2 Dec 2015).

 "Yahoo’s Core Business EBITDA has been decreasing at an alarming rate. In fact, in Q1 and Q2 of 2015, Yahoo’s Core Business became free cash flow negative. Additionally, on a year-over-year basis, the magnitude of the decline keeps continuing and accelerating without benefit of lapping or stabilizing. This should be enormously alarming for management and the Board." --Letter (pdf) from activist shareholder Starboard Value LP to Yahoo Board of Directors, August 10, 2015.

Yahoo 5-year stock chart ($YHOO) as of 3 Dec 2015
Above: Yahoo 5-year stock chart ($YHOO) as of 3 Dec 2015 (source: google.com)
Yahoo's 15% stake in Alibaba is now worth about $32 billion, and its 35% stake in Yahoo Japan is worth about $8.5 billion. Meanwhile, Yahoo's core internet business has faced competitive pressures and unfavorable industry trends--shift to programmatic, shift to mobile. The Wall Street Journal has reported the Yahoo Board is considering not spinning off, as previously announced, its stakes in Alibaba and Yahoo Japan, but instead, selling Yahoo's core internet business. So what's the value of Yahoo without Yahoo’s stakes in Yahoo Japan and China's Alibaba Group Holding Ltd. $BABA? The Wall Street Journal asked several analysts:

Citigroup analyst Mark May: Yahoo’s core internet businesses could be valued at roughly five to six times its forward earnings before interest, taxes, depreciation and amortization. At that multiple, the enterprise value of the Internet businesses could fall between $3.4 billion and $4.1 billion. Investors are currently valuing it at 2.5 times forward EBITDA, giving an enterprise value of $1.7 billion.

 Cantor Fitzgerald analyst Youssef Squali: A multiple of 4X EBITDA because of the core business maturity and more limited growth potential which values the businesses at about $3.9 billion, or $4.12 per share. Among Yahoo’s core internet assets, only the search business is profitable.


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2015-12-03

Marc Benioff on Marissa Mayer, Stakeholders, CEO Success, Accountability


"Multistakeholder dialogue" is the key for CEO success today says Salesforce CEO Marc Benioff

 In the video above, Marc Benioff, Chairman and Chief Executive Officer at Salesforce.com, explains what goes into being a great and successful CEO (focus on ALL stakeholders, accountability), examines the performance of Yahoo (YHOO) Chief Executive Officer Marissa Mayer, talks about CEO pay versus performance, and IBM. He speaks on "Bloomberg ‹GO›," December 2, 2015.

Interesting note: who does Marc Benioff look up to as his "role model"? Unilever's Paul Polman. See CEOs Can't Be 'Slaves' To Shareholders -Forbes.

Salesforce.com, Inc. 5-year Stock Chart
Salesforce.com, Inc. 5-year Stock Chart above (source: google.com)
Stock Exchange: Symbol  NYSE: CRM





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2015-11-19

Starboard Value Letter to Yahoo $YHOO and CEO Marissa Mayer (video)

UPDATE 9 Dec 2015: Yahoo $YHOO Update: Reverse Spin Off Planned, Webcast Replay

 UPDATE 24 Nov 2015: Yahoo CEO Marissa Mayer Faces Morale Challenge - WSJ: "When the Ms. Mayer is forced to deliver bad news, she employs what she calls a “jiu-jitsu move”—trying to create a diversion by producing tantalizing information, according to people who have worked closely with her. For example, Ms. Mayer created an accounting metric called “Mavens” designed to spotlight the growing parts of Yahoo. The grouping includes revenue from mobile, video, native and social ads but excludes Yahoo’s largest portion of revenue—its shrinking business of display ads on desktop computers."

 UPDATES 20 Nov 2015:
  • Yet Another Top Yahoo Media Exec Departs | Re/code: "...Barrett came to the Silicon Valley Internet giant in 2011 after a long and varied career in interactive media, including at the Los Angeles Times, ABC and Time Inc. He has most recently reported to Martha Nelson, the SVP of all of Yahoo Media. More pertinently, Barrett has been part of a major exodus of talent from Yahoo, which is still struggling under the leadership of CEO Marissa Mayer. Another top media exec, Ken Fuchs, also departed recently, as well as media head and CMO Kathy Savitt. Pressure on the former Google exec (Mayer) is increasing as press and also investors are calling attention to Mayer’s management and strategy for making the company relevant again..."

  • Forbes gives the details of the ongoing disaster at Yahoo: The Last Days Of Marissa Mayer? - Forbes: "... most say a confused strategy and mismanagement, specifically from Mayer, has undermined any attempts at a turnaround. Yes, she originally brought hope, a badly needed focus on products and a keen understanding of technology. But as pressure to deliver results has mounted, there’s widespread belief, as reflected in that employee survey, that she’s no longer up to the task. The past few months have seen a mass exodus..." (emphasis added) - See also: SunTrust stock analyst Bob Peck to Yahoo directors: Time to fire CEO Marissa Mayer? - Silicon Valley Business Journal - BTW: When did Marissa Mayer become Yahoo CEO? Answer: July 17, 2012.

It has become increasingly clear that Marissa Mayer is not only grossly overpaid, but is way over her head as CEO of Yahoo. After disastrous moves that have cost Yahoo (NASDAQ: YHOO) shareholders hundreds of millions of dollars, activist investor shareholder Starboard Value has launched a new tack in a letter sent to Yahoo (pdf), sell Yahoo's core business and have the Yahoo corporate entity continue to hold its current shares in Alibaba (NYSE:BABA) and Yahoo! Japan (Tokyo Stock Exchange: Yahoo Japan Corporation) instead of the announced spin-off of those investments to Aabaco Holdings which risks unfavorable tax treatment:

"... we believe selling the Core Business now is the best outcome for Yahoo shareholders. We urge you to change direction and do the right thing for shareholders. As we have expressed to you, we expect the shareholders’ interest to remain of paramount importance and will look to make significant changes to the Board if you continue to make decisions that destroy shareholder value." (empasis added)

Principal domain names of companies referenced:
Yahoo - yahoo.com
Starboard Value -  starboardvalue.com
Alibaba - alibabagroup.com  /  alibaba.com
Yahoo Japan - yahoo.co.jp

For further reading:
NYU Professor: Yahoo Should Be Euthanized, and Marissa Mayer Is the Most Overpaid CEO in History - Bloomberg Business (video below):

Allow video to load after clicking play. If video does not play on your device go to link above.




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2015-10-21

Will FBI Probe Mean Game Over for Fantasy Sports, Fantasy Football?



Will FBI Probe Mean Game Over for Fantasy Sports? (video above): Seth Berenzweig, managing partner at Berenzweig Leonard (berenzweiglaw.com), and Bloomberg's Joshua Brustein discuss probes of online fantasy sports leagues by the FBI and U.S. Justice Department and the extent of charges potentially faced by operators of online fantasy sports sites. They speak on "Bloomberg Markets," on October 15, 2015.
"Online fantasy sports are a multi-billion dollar industry, and fantasy NFL football is by far the most popular fantasy sport." -- Yahoo Finance
Below: Google Trends - Interest over time, search word trend, worldwide, 2015 (this same trend occurs every year with Fantasy football peaking every year in late August-early September:
fantasy sports=blue line;   fantasy football=red line 


See also on Domain Mondo: 
See also: 



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ICANN 54, Dublin (Oct 18-22), schedule links, info, and twitter feeds here
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2015-10-20

Yahoo! Inc., YHOO, Q3 2015 Earnings Call LIVE Replay, Oct 20 (video)


Yahoo! Inc., YHOO, Earnings Call LIVE Replay Oct 20, 2015 (video above)

Can Yahoo Make It In Gambling? - Yahoo! Inc. (NASDAQ:YHOO) | Seeking Alpha: "Yahoo (NASDAQ:YHOO) reports earnings Tuesday and the expectations are very modest - $1.26 billion in revenue and 16 cents of earnings per share."

UPDATE: Q3 2015 a "miss"--$1.2B rev, 15 cents earnings per share--
Screenshot from YHOO Q3 2015 Earnings Release
Screenshot from YHOO Q3 2015 Earnings Release
Third Quarter 2015, October 20, 2015
"Our Q3 results were largely within our forecasted expectations -- our GAAP revenue grew 7% year-over-year and our Mavens revenue grew 43%. As we move into 2016, we will work to narrow our strategy, focusing on fewer products with higher quality to achieve improved growth and profitability," said Marissa Mayer, CEO of Yahoo. "In addition to sharpening focus within core business growth, our top priority is the planned spinoff of Aabaco Holdings. This is an important moment for the Company, and we continue to strive to complete the spin as quickly as we can."
Stock exchange and symbol: NASDAQ: YHOO (stock down at close and after hours)

Yahoo - Quarterly Earnings

Yahoo Investor Relations



Principal domain name: yahoo.com

Yahoo Inc. (Yahoo!) is an American multinational technology company headquartered in Sunnyvale, California, globally known for its Web portal, search engine Yahoo! Search, and related services, including Yahoo! Directory, Yahoo! Mail, Yahoo! News, Yahoo! Finance, Yahoo! Groups, Yahoo! Answers, advertising, online mapping, video sharing, fantasy sports ..." (source: Wikipedia)

See other recent posts about Yahoo! also on Domain Mondo: 



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Scott Galloway: Yahoo! $YHOO, Amazon $AMZN, Facebook $FB (video)



Should Yahoo Be Sold? - Scott Galloway of NYU Stern School of Business talks about why Yahoo should be sold, the e-commerce strength of Amazon and the juggernaut that is Facebook. He speaks on "Bloomberg Markets" with Betty Liu  of Bloomberg. Published on Oct 19, 2015

 Principal domain names of companies referenced:
  • yahoo.com
  • amazon.com
  • facebook.com
Stock exchanges and symbols:
Domain Mondo will post later today LIVE Video of the Yahoo! Earnings Call and Q3 2015 Results

See also Domain Mondo posts re:Yahoo!




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2015-09-29

Yahoo Plans Spin-off Of Alibaba Shares To Aabaco Holdings In 2015

One year stock chart of Alibaba Group shares (NYSE: BABA)
Above: One year stock chart of Alibaba Group shares (NYSE: BABA) (source: google.com)
 SEC Filing: Form 8-K (July 17, 2015) "... Under the spin-off plan announced on January 27, 2015, Yahoo plans to distribute all of the outstanding shares of Aabaco Holdings pro rata to its shareholders. Immediately after the spin-off, Aabaco Holdings will own approximately 384 million shares of Alibaba Group, representing an ownership interest of approximately 15% in Alibaba Group, and a 100% ownership interest in a newly formed entity which will own Yahoo Small Business..."
The spin-off of Yahoo's shares in Alibaba ($BABA) now planned to be completed in 2015:

"On September 8, 2015, Yahoo! Inc. (“Yahoo” or the “Company”) filed a Current Report on Form 8-K (the “September 8 Form 8-K”) disclosing, among other things, that the Internal Revenue Service (“IRS”) had notified Yahoo’s counsel that it had determined, in the exercise of its discretion and without ruling adversely, not to grant Yahoo’s request for a private letter ruling regarding certain aspects of its previously announced plan for a spin-off to Yahoo’s stockholders of all of the stock of Aabaco Holdings, Inc. (“Aabaco”), a newly formed independent registered investment company, which will hold all of Yahoo’s remaining holdings in Alibaba Group Holding Limited (“Alibaba”) and Aabaco Small Business, LLC (a newly formed entity which will own Yahoo Small Business). Yahoo further disclosed in the September 8 Form 8-K that work was proceeding on the Aabaco spin-off plan, and that Yahoo’s Board of Directors would continue to carefully consider the Company’s options, including proceeding with the spin-off transaction on the basis of an opinion of counsel.

 "On September 14, 2015, the IRS issued a formal “no-rule” policy with respect to certain transactions similar to the Aabaco spin-off and, in a notice released on the same day, indicated that the IRS and U.S. Department of the Treasury are studying the possibility of promulgating new guidance with respect to such transactions in the future. Neither this ongoing guidance project nor the IRS’s decision not to rule with respect to the Aabaco spin-off transaction changes the current law applicable to the proposed spin-off. In addition, on September 19, 2015, an IRS official indicated in a public statement that any future guidance issued as part of the project would not apply retroactively to transactions completed prior to the issuance of such guidance.

 "On September 23, 2015, Yahoo’s Board of Directors authorized the Company to continue to pursue the plan for the Aabaco spin-off transaction as previously disclosed, except that completion of the spin-off will not be conditioned upon receipt of a favorable ruling from the IRS. The spin-off transaction will continue to be subject to certain other conditions, including final approval by Yahoo’s Board of Directors, receipt of a legal opinion with respect to the tax-free treatment of the transaction under U.S. federal tax laws and regulations, the effectiveness of an applicable registration statement filed with the Securities and Exchange Commission (“SEC”) and compliance with the requirements under the Investment Company Act of 1940, and other customary conditions, each of which conditions may be waived, in whole or in part (to the extent permitted by law), by Yahoo in its sole discretion.

"On September 28, 2015, Aabaco filed Amendment No.1 to its Registration Statement on Form N-2 which is available on the SEC’s website at www.sec.gov using the name Aabaco Holdings, Inc.
Completion of the transaction is expected to occur in the fourth quarter of 2015, subject to the conditions described above." (emphasis added) source: SEC Form 8-K (Sept 28, 2015)

Aabaco Amendment No. 1, Form N-2 (September 28, 2015): "... Following the Spin-Off, the Fund will be an independent, publicly traded, non-diversified, closed-end management investment company registered under the Investment Company Act of 1940 (the “1940 Act”). Immediately after the Spin-Off, the Fund’s investment assets will consist of 383,565,416 ordinary shares, par value US $0.000025 per share (the “Ordinary Shares”), of Alibaba Group Holding Limited (“Alibaba”), representing as of the date of this information statement an approximate 15 percent ownership interest in Alibaba, and a 100 percent ownership interest in Aabaco Small Business, LLC, which was formed by the Fund in connection with the Spin-Off and, prior to the Spin-Off, will acquire those assets and assume those liabilities that exclusively relate to the business that has historically been operated by Yahoo under the name “Yahoo Small Business.” We sometimes refer to Alibaba’s Ordinary Shares and Alibaba’s American Depositary Shares (the “Alibaba ADS”) collectively as the “Alibaba Shares.”..."

Domain names:
  • yahoo.com
  • investor.yahoo.net - (Yahoo investors relations) stock symbol: YHOO
  • alibabagroup.com
  • alibaba.com
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2015-09-09

Yahoo Withdraws Request for IRS Ruling on Spinoff of Alibaba Shares

YAHOO 5-day stock chart
YAHOO 5-day stock chart (source: google.com)
Above: Yahoo $YHOO shares fell on news that Yahoo had withdrawn its request for IRS private letter ruling on spinoff plan for its Alibaba shares $BABA 


Video above - Yahoo: IRS denies request for tax ruling on Alibaba share spinoff (CNBC.com)

Pursuant to a Form 8-K filed with the SEC, Yahoo has updated information concerning its planned spinoff Aabaco which would hold all of Yahoo's stock in Alibaba $BABA -- excerpts:

"On January 27, 2015, Yahoo! Inc. (“Yahoo” or the “Company”) announced a plan for a spin-off of all of Yahoo’s remaining holdings in Alibaba Group Holding Limited (“Alibaba”) into a newly formed independent registered investment company. As previously disclosed, the name selected for the new company is Aabaco Holdings, Inc. (“Aabaco”). The stock of Aabaco will be distributed pro rata to Yahoo stockholders, resulting in Aabaco becoming a separate publicly traded registered investment company. On July 17, 2015, Aabaco filed its initial Registration Statement on Form N-2 with the U.S. Securities and Exchange Commission (the “SEC”). Upon completion of the transaction, Aabaco would own, directly or indirectly, all of Yahoo’s remaining 384 million Alibaba shares, and a 100 percent ownership interest in Aabaco Small Business, LLC (“ASB”), a newly formed entity which will own Yahoo Small Business, a current operating business of Yahoo that will also be transferred to Aabaco as part of the transaction...

"On February 26, 2015, Yahoo submitted to the IRS a request for a private letter ruling with respect to whether Aabaco’s ownership and operation of ASB would satisfy the active trade or business requirement (the “ATB Requirement”) under Section 355 of the Internal Revenue Code of 1986, as amended (the “Code”) ... On September 2, 2015, the IRS notified Yahoo’s counsel that it had determined, in the exercise of its discretion, not to grant the requested ruling. At the same time, the IRS indicated that it had not concluded that the proposed spin-off transaction was taxable and therefore was not ruling adversely on the request. Following receipt of such notification, Yahoo withdrew its request for a ruling on September 2, 2015.

"Subsequent to the IRS’s decision with respect to its ruling request, Yahoo confirmed with its tax counsel, Skadden, Arps, Slate, Meagher & Flom LLP (“Skadden”), that the discretionary decision by the IRS not to grant Yahoo’s ruling request with respect to the ATB Requirement did not reflect any change in U.S. tax law with respect to the tax-free treatment of the proposed spin-off and would not affect Skadden’s ability to render an opinion that, under current law and subject to certain factual representations and assumptions, the currently proposed spin-off will satisfy all of the requirements for tax-free treatment under the Code, including the ATB Requirement. Work proceeds on the pending Aabaco spin-off plan. Yahoo’s Board of Directors will continue to carefully consider the Company’s options, including proceeding with the spin-off transaction on the basis of an opinion of counsel."

Domain names:  

  • aabacoholdings.com does not resolve (Sep 08, 2015)
  • luminate.com: Yahoo! Small Business is becoming Luminate: I am excited to share with you that Yahoo Small Business, as part of Aabaco, is expected to be spun off from Yahoo later this year, and will be reborn as Luminate, from Aabaco Small Business. Learn more.
  • yahoo.com
  • investor.yahoo.net - (Yahoo investors relations)
  • alibabagroup.com
  • alibaba.com

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