Last Updated: May 5, 2008: 9:49 AM EDT
Email | Print    Type Size  -  +

Yahoo stock drops 19%

Internet portal's stock tumbles sharply after Microsoft withdraws its $46 billion offer.

By YI-Wyn Yen, reporter

NEW YORK (Fortune) -- Yahoo Inc. shares fell 19% early Monday after Microsoft Corp. withdrew its $46 billion bid to purchase the tarnished Internet portal.

The sell-off comes two days after Microsoft Chief Executive Steve Ballmer said the two companies were unable to reach an agreement.

Microsoft announced a bid in late January to purchase the company in a nearly $45 billion offer. Yahoo demanded a higher price, saying the company was
"severely valued." The three-month saga ended Saturday with Yahoo refusing Microsoft's offer that increased the original offer to $33 a share from $31.

Yahoo shares traded at $23.14 by 9:30 am EST, off 18.4% from the Feb. 1 announcement of Microsoft's offer. To top of page

Company Price Change % Change
Bank of America Corp... 29.59 -0.23 -0.77%
Advanced Micro Devic... 30.05 -0.24 -0.79%
AT&T Inc 37.91 0.76 2.05%
Oracle Corp 53.47 0.10 0.19%
General Electric Co 9.37 -0.05 -0.53%
Data as of Sep 20
Index Last Change % Change
Dow 26,935.07 -159.72 -0.59%
Nasdaq 8,117.67 -65.20 -0.80%
S&P 500 2,992.07 -14.72 -0.49%
Treasuries 1.76 -0.02 -1.07%
Data as of 4:04pm ET
Sponsors

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.