This reminds me of when Yang and Filo went to Microsoft and told them to stuff their $31 offer. All the Yahoo shareholders that they were looking out for saw their stock go from $30 to $10 and sat there for years.. In the meantime, they award themselves millions of free shares, and get endlessly rich. Yes, they are always looking out for the common retail shareholder who is buying stock at full price. This is the worst of Corporate governance.
What is amazing is how little a contribution that Filo, a Founder and a techie, has contributed to Yahoo over the last 20 years. But, he has been good getting lots of free stock awarded to himself and selling it in the face of disappointed shareholders.
I've owned Yahoo since $11/share and remember Jerry Yang and David Filo going to Microsoft after they offered to buy Yahoo for $30/share and they botched the deal. We stayed in the low teens for years, CEOs came and went, and Filo proceeded to sell a huge amt of his free shares eacn month in the $15 range. It was like a stick in the eye to retail shareholders who were stuck with nothing while he sold the free "candy" awarded to himself.
I know he was a founder, but has he had a good idea in 15 years? Obviously not, as they've hired a boatload of CEOs, and still can't turn it around. This is what Carl Ichan calls self interested boards of directors.
She is a smart person, means well, but I saw a weakness in her fairly early. She over admires and over compensates some people because she thinks they are bright, entrapreneurial, whatever. This may be a Silicon Valley syndrome....everyone is cool and bright and deserves anything they ask for.
Giving the Tumbler kid $1 billion was the first bad sign, he had to be laughing all the way to the bank. The next was Henrique de Castro who she said "taught her an enormous amount" while at Google. #$%$? She's already a Stanford grad, worked at Google, and Henrique taught her an ENORMOUS amount? From everything I read, this guy was a good looking empty suit with a nice accent, couldn't get along with his own counterparts, much less customers..
Finally, I notice that Marissa has a listening problem. When she speaks like last month on CNBC, it's non--stop, hardly pausing to breathe or take a question.it's like she can't allow a counterthought to enter the conversation. Probably why her underlings walked away.
However, I like the stock action. I think we'll go out at $40 plus in a sale with or without Marissa.
Just 2 weeks ago, on his Mad Money show, someone called in about JCP. His exact words were, I don't shop or Sears or JC Penney. Don't buy. This morning, he's a hypocrite, JCP offers value, taking share from Macy's, etc. Karen Fineman on Fast Money is a big New York girl Macy's lover, having told her clients to buy M when they were in the 60s. She wouldn't' walk into a Penney's. These people do no research, stuck with their personal opinions of how things are.
Well, the shorts will go to work now. Over the weekend, they'll start writing their articles. Each will begin with the same 2 paragraphs about the Ron Johnson era. It's almost like consensual plagiarism, where they spout nearly exactly the same words about how he ruined the company 3 years ago, the insurmountable debt, etc. It's all put there to make you believe that they'll never overcome. They, they'll reluctantly state the good news today, but, but, but, etc. These guys are pigs.