So, despite all of those good works, the stock is going down because its competitors, Google and Facebook, are ahead of Yahoo in trying to cover their flanks against this kind of buying. Google does it in search, while Facebook does it in novel ways to get eyeballs and a plethora of users, including mobile users -- double the number of overall eyeballs that Yahoo has.
Now here's the toughest part. You had to bet, with Mayer, that she would solve the basic problems of Yahoo when she took the job last year -- and she has done so. That's points one, two and three above, which she solved without really denting the cash hoard.
Now you have to bet with her that she'll solve the programmatic challenge and grow revenue. I was quite confident that she would fulfill miracles one, two and three.
I am not going to bet against her now. She has the smarts. She has the firepower.She'll figure it out. I get the profit-taking. But a big selloff? That means you should buy it, not sell it. At the time of publication, Action Alerts PLUS, which Cramer co-manages as a charitable trust, was long FB.