Microsoft Rejected

Yahoo rejects the bid from Microsoft.

After a series of meetings over the past week, Yahoo's board determined that the $31 per share offer "massively undervalues" Yahoo, the person said. It also doesn't account for the risks Yahoo would be taking by entering into an agreement that might be overturned by regulators. The board plans to send a letter to Microsoft Monday, spelling out its position. -- WSJ

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More bad news in the economy as Yahoo cuts 7%

IN more bad news for the USA economy...

Yahoo Set to Cut 1,000 Jobs
Morning Edition, January 30, 2008 · A day after reporting a 23 percent drop in quarterly profits, Yahoo says it will cut about 1,000 jobs as early as next month. That's about 7 percent of the Internet portal's work,force. The aim is to cut costs and focus on the company's most important business: online advertising.

and more in detail at Portfolio.com (where the ominous photo above was posted)

It is time to start talking about the "R" word and what comes next. It is going to be a long, hard year and it looks like we are heading back into a period of "It's the Economy, Stupid."

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