Yahoo! Has Run Out of Choices

Yahoo! (YHOO - commentary - Cramer's Take) is a goner. There's just no way it isn't. I can't imagine that this management has any votes when it comes to a proxy situation. It isn't clear whether Icahn can do this, but he could easily get to "an agreement in principle" to sell the company if he and his team get it.

When I consider the way that some ridiculous hedge funds were able to try to put CSX (CSX - commentary - Cramer's Take) in play even though there is no natural buyer, and they tried to get it to up its buyback, even though it has a big buyback, and they tried to unseat management, even though it is the best management in the industry, what the heck would happen with these guys?

The funniest thing about this whole Yahoo! issue is that the company itself has laid out no alternative to how it is going to get to the price Microsoft (MSFT - commentary - Cramer's Take) was offering.

You always get one of those game plans when you thwart a takeover, but not this time. To me, everything I have heard from Yahoo! could actually make it less competitive. It needs to be destroying the competition, not helping it.

I think that the writing is on the wall. I have said since the news broke that Icahn was involved that we would see a transaction. I reiterate that view right here with an even greater amount of urgency. But I would not chase it right here, because Jerry Yang has been remarkable in destroying value right on the heels of anything that Carl Icahn does.

Random musings: The Rev elsewhere talks about a washout. I don't know what it was today -- I like the Bill Miller explanation that Doug gave us -- but this felt real washout-like, and for the first time it paid to buy the darned dip!

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