Yahoo Stock Plunges After Microsoft Backs Off
After Microsoft withdrew its $33-a-share offer for Yahoo on Saturday, the question was how far Yahoo’s stock would drop. On Monday, the markets gave an initial answer: plenty.
At 12:20 p.m., Yahoo’s shares were off about 14 percent, at $24.65, after closing at $28.67 on Friday — a day when the companies were said to be escalating their talks on a merger. The shares recovered some ground after losing about 20 percent at the start of Monday’s trading.
Microsoft’s own shares edged up slightly, to $29.34, from their Friday close of $29.24. And shares of Google — a rival of both companies but now a potential partner of Yahoo — were up 1.4 percent, at $589.45.
1 votes
