This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

10 Dumbest Things on Wall Street in 2008

DUMBEST OF 2008 #6

Yahoo!'s New Search

By Gregg Greenberg, 11/07/08

It's time again for Yahoo! (YHOO - Get Report) to search for salvation.

Google (GOOG - Get Report) got sick of the antitrust battle and abandoned its planned advertising partnership, leaving Yahoo! in the lurch.

David Drummond, Google's chief legal officer, wrote on a company blog that while disappointed the deal was dead, "we're not going to let the prospect of a lengthy legal battle distract us from our core mission. That would be like trying to drive down the road of innovation with the parking brake on."

No kidding. The whole idea of teaming up with Yahoo! was the least innovative idea ever to arise from a company that prides itself on doing things differently.

Maybe this was all some part of Google CEO Eric Schmidt's grand design to rid the company of a competitor?

As for Yahoo!, the company's prodigal CEO, Jerry Yang, returned, cap in hand, to Microsoft (MSFT - Get Report) to bail him out. But in November, Yahoo!'s stock was trading at half the value it had earlier in the year when Microsoft was offering $33 a share.

Yang should have known his wild plan to escape Microsoft would never work out. All he had to do was Google "antitrust" and they would have seen the futility, let alone stupidity, of the whole plan.

Update 12/26: Yahoo! shares continued to slide through the month of November, falling below $9. On November 17th the WSJ reported Yang was stepping down. The stock has since risen by more than 40% to $13. The board obviously should have yanked Yang a long time ago.
6 of 12

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.65 -0.66%
BAC $11.22 -6.30%
GS $140.61 -4.50%
GOOG $681.92 -0.32%
GM $26.89 -3.00%


Chart of I:DJI
DOW 15,660.18 -254.56 -1.60%
S&P 500 1,829.08 -22.78 -1.23%
NASDAQ 4,266.8370 -16.7550 -0.39%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs