We view Yahoo! as well diversified, especially between display and search advertising, and as battle-tested and shareholder-friendly. |
With eBay, you don't have to sit around and wonder what IT spending is going to look like or where the semiconductor cycle is, ... In some ways, it's a counter cyclical stock because both sellers and buyers will have more of a reason to transact when the economy isn't as good, since consumers may have a need to raise extra cash or buy used merchandise. |
Yahoo had far less to gain from a relationship with AOL than did the other companies. |
[We] are not recommending that investors purchase shares. However, after it fell materially over the past few weeks, we see the stock as reasonably valued. |