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Message: Yahoo to post earnings amid Microsoft, Icahn tumult

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Yahoo to post earnings amid Microsoft, Icahn tumult

posted on Jul 22, 08 10:47AM

SAN FRANCISCO (MarketWatch) -- Yahoo Inc. is scheduled to report second-quarter earnings after the market's close Tuesday, in the midst of the Internet company's efforts to quell activist investor Carl Icahn while responding to pressure to sell all or a part of itself to Microsoft Corp.

Analysts on average estimate Yahoo (YHOO:

Yahoo! Inc

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Last: 21.03-0.64-2.95%
2:45pm 07/22/2008

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YHOO 21.03, -0.64, -2.9%) will post earnings of 10 cents a share for the period ended in June, and $1.38 billion in net revenue, according to FactSet Research.

That compares to earnings of 11 cents a share, and $1.24 billion in net revenue in the same period a year earlier.

Yahoo appeared to put at least one recent distraction behind it Monday, when it announced that Icahn will take a seat on its board of directors in exchange for agreement to scuttle his threatened proxy fight to have the entire current board replaced at the Aug. 1 annual shareholder meeting.

Icahn has agitated for Yahoo to reach a merger with, or partial sale to Microsoft, in order to reverse its decline and better compete with Google Inc.

While Microsoft (MSFT:

Microsoft Corporation

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Last: 25.62-0.02-0.08%
2:46pm 07/22/2008

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GOOG 473.50, +4.70, +1.0%) both posting quarterly results last week that reflected a weak online advertising market, expectations are fairly low for Yahoo's report.

Shares of Yahoo have fallen nearly 25% in the past three months. The shares fell 3% by mid-day Tuesday, to $21.03.

Collins Stewart analyst Sandeep Aggarwal wrote in a note to clients Monday that given the relatively poor results posted by other Internet companies in for the quarter, "we are further concerned about Yahoo's earnings."

In addition, Aggarwal wrote, Yahoo was "seriously distracted" during the quarter thanks to the Microsoft turmoil, and to an internal reorganization.

"We expect all these factors to exert margin pressures on Yahoo and very likely impact quarter results," Aggarwal wrote.

John Letzing is a MarketWatch reporter based in San Francisco.

Seems like our earnings may not be far off our own ambitions in the short term....but I still wonder how an offset of 10 cent per share will have any cognitive effect towards our stock price for the Aug. 1st AGM