Invest Like It's 1998: Microsoft Stock Hits 10-Year Low; 30 Percent Decline From First Yahoo Offer
This story was written by David Kaplan.
Microsoft (NSDQ: MSFT) stock hit its lowest point in 10 years on Thursday $18.74when the tech sector took hits from Cisco (NSDQ: CSCO) and Intel (NSDQ: INTC), before coming back to close at $21.25. (via AP) Google (NSDQ: GOOG) also had something of a reboundrelatively speakingending above $300.00 Thursday after hitting a three-year low the day before.
Much of the focus since Microsoft's bid for Yahoo (NSDQ: YHOO) went sour has been on the latter's disappearing value: on Thursday, Yahoo's stock closed at $11.15, at one point dipping below $10, a five-year low. But consider Microsoft's stock price when it first offered to buy Yahoo for $31 on Feb. 1 $30.45and where it stood when the last offer of $33.00 per share was madearound $25.00. Could there be a much better time for stubborn Steve Ballmer to switch back to acquisition mode?
By David Kaplan