Is Microsoft Circling Yahoo Again?
Shares of Yahoo are trading 12 percent higher today, likely because of re-heated rumors that Microsoft is stalking the struggling Internet portal again.
Microsoft tried to buy Yahoo earlier this year at $33 per share, an offer Yahoo flatly refused.
Since then, shares of Yahoo have sunk like a rock and, before today's rumor boost, were trading at just under $12 per share, no doubt infuriating Yahoo investors who probably would be glad if Yahoo would accept a $23 bid from Microsoft at this point.
Microsoft chief executive Steve Ballmer, speaking at an investor's conference this morning in Orlando, said a Microsoft acquisition of Yahoo still makes economic sense. The software giant, which increasingly is becoming an online advertising company, wants Yahoo to give it extra ammo in its war against online-search king Google.
Here's a quick look at other economic news that has rolled out so far today:
-The Swiss National Bank and the Fed have agreed to buy $60 billion in toxic assets from UBS.
- The cost of living in the U.S. -- judged by the Consumer Price Index -- remained unchanged in September.
- Financial giant Citigroup posted its fourth-straight quarterly loss and will cut 11,000 jobs.
- Industrial production in the U.S. hit a 34-year low in September, thanks to a combo punch from a couple of hurricanes and the ongoing machinists' strike at Boeing.
- New jobless claims from last week jumped higher than expected.
-- Frank Ahrens
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