The Five Dumbest Things on Wall Street This Week

1. Ruminating at Yahoo!

Yahoo! (YHOO - Cramer's Take - Stockpickr) keeps milking the turnaround talk.

The Sunnyvale, Calif., Net giant posted its latest lame quarter Tuesday. Yahoo! said second-quarter earnings fell 2% from a year ago, as net revenue rose just 11%. The company also offered soft guidance for the rest of the year.

The stumble marks an inauspicious debut for new CEO Jerry Yang. Yang, who co-founded Yahoo! 12 years ago, took the reins in June from Terry Semel after a long string of financial and operational debacles. The board made the change as rival Google (GOOG - Cramer's Take - Stockpickr) threatens to pull away in the race for online ad dollars.

Yang pledged last month to reverse the company's decay by "accelerating execution" and "fostering an even stronger culture of winning." But Yahoo!'s losing ways are proving resistant to change.

For all his bold talk, Yang surprised analysts on Tuesday's conference call by admitting that it may be months before he actually takes any action.

"I may not have all the answers as of today, but I have a pretty strong idea of where I want to go," Yang said, according to a seekingalpha.com transcript. "I intend to spend the next 100 days or so focused on mapping out a strategic plan for long-term success, working with our teams to put the right organization and the right people in place, and making any necessary changes."

It may seem strange that no strategic plan for long-term success exists today, but don't try telling Yang. He makes just one promise.

"There will be no sacred cows," he claims.

Sounds like the typical load of Yahoo! bull.

Dumb-o-Meter score: 93. "Many of the legacy issues that are hampering growth will soon be behind us," President Sue Decker claimed on the call for no apparent reason.