Yahoo! ( YHOO) is trending as the company has appointed three members to its board in preparation for a proxy fight with Third Point LLC, one of its biggest shareholders. Third Point launched a bid last week to gain four seats on Yahoo!'s board. Yahoo! has nominated John Hayes, chief marketing officer of American Express ( AXP), Peter Liguori, former chief operating officer of Discovery Communications and Thomas McInerney, outgoing chief financial officer of IAC/InterActiveCorp. Third Point, which owns a 5.8% stake in Yahoo!, last week suggested four new directors be appointed to the board, only one of which was accepted by Yahoo!. Yahoo!'s board agreed to appoint turnaround specialist Harry Wilson. Third Point issued a statement on Sunday, indicating its disappointment with Yahoo!'s decision and its intentions to move forward with a proxy contest. Last month, Third Point announced that it would revolt unless the company accepted its nominees as directors.
President Obama is a popular topic as he considers a $4.9 billion high-speed bullet train to connect California and Las Vegas.
The chatter on Main Street (a.k.a. Google, Yahoo! and other search sites) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on the Web, and highlights the news that could make stocks move. -- Written by Brittany Umar.