Expectations are not very high for YHOO’s results and we believe the focus will be on three items: 1) Further insight into Marissa Mayer’s turnaround plan for the company. Marissa has her work cut out from HR issues to products, which will take several quarters to work through and a roadmap would be helpful; 2) Magnitude of share buybacks. YHOO has a large buyback program in place with a $3 billion commitment from management. With about $7.7 billion in cash on the balance sheet (net of $2.5 billion in cash to be paid in taxes for Alibaba transaction), we believe the company can buy back 11- 12% of diluted shares outstanding; and 3) Update on RPS guarantee negotiations with MSFT. The guarantee ends on March 31, 2013, and YHOO has to announce a renewal or an alternate plan for monetization. On the 3Q12 results call, management indicated that the annual make good from MSFT is about $100 million.