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Morning Mashup: China's Stake in MSFT-YHOO, Cayne's Folly, ERTS-TTWO, etc.
Posted Mar 28, 2008 09:56am EDT by Aaron Task in Investing, Internet, Semiconductors, RecessionAfter two days of sharp declines, the stock market is attempting a rebound Friday. The core PCE and related personal income data were stronger than expected, but consumer spending was weak and J.C. Penney issued a profit warning.
Meanwhile, embattled Bear Stearns employees and shareholders suffered another blow late Thursday when news broke that Chairman James Cayne sold his entire 5.66 million stake for $10.84, netting $61.3 million.
In tech news, the New York Times is reporting Chinese regulators may try to block the Microsoft-Yahoo deal. At issue, of course, is Yahoo's 40% stake in Chinese portal Alibaba, which reportedly viewed the Microsoft-Yahoo bid as an opportunity to seek independence.
As discussed here, it's highly likely Chinese authorities would support Alibaba's effort.
In separate but related news, TechCrunch and AllThingsDigital are both refuting Thursday's New York Post story that claimed Microsoft has been unable to put together enough nominees to fill Yahoo's board should it proceed with an all-out hostile bid.
In other M&A sagas, Electronic Arts continues to woo Take-Two despite the latter's rejection of the former's offer. EA has also named as its new CFO former McAfee CFO Eric Brown.
Other tech names in the news this morning include National Semi, which was downgraded by Goldman Sachs, while the Wall Street Journal is reporting more tech companies are exposed to the auction-rate securities market.
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