Yahoo's shares hit their lowest level in five years, falling to US$18.75 (â‚¬12.94), according to MarketWatch. The report added the drop was more pronounced than other tech stocks, which slipped in late-day trading in New York, tracking a turnaround in the broader market. The Nasdaq
This is the lowest point so far in the slide that has taken place since Yahoo refused a US$47 billion (â‚¬32.43 billion) take-over offer from Microsoft or US$31 per share in a half cash, half stock deal. Yahoo tried to demand a higher price, closer to US$40 per share, but Microsoft's highest offer was US$33, which Yahoo rejected.
This sparked a shareholder revolt resulting in billionaire shareholder activist Carl Icahn winning three seats on the board. Yahoo also did a deal with Google to outsource some of its search activity in exchange for a portion of ad revenue. So far it has not had the desired effect of shoring up the share price.
On the other hand, as MarketWatch points out, Wall Street analysts have mixed views on Yahoo's prospects, with most carrying neutral ratings on the shares.