June 12, 2008 at 2:00 pm by Tom Lydon
Technology stocks and exchange traded funds (ETFs) didn’t exactly shout "YAHOO!" when news of a failed deal between Yahoo and Microsoft (MSFT) came through this afternoon.
Anupreeta Das and Daisuke Wakabayashi for Reuters report that Microsoft finally said it was no longer interested in buying the company.
But now the rumor is that Yahoo (YHOO) is getting ready for a search deal with Google (GOOG) instead. The news sent Yahoo’s shares tumbling, dragging down the Internet HOLDRs (HHH) to their lowest price since March 17 midday. Yahoo is 27.1% of the fund.
Other funds were slightly mixed, including:
- iShares Dow Jones US Technology (IYW): down 8.7% year-to-date; Microsoft is 12.4%; Google is 5.4%, Yahoo is 1.7%
- Vanguard Information Technology (VGT): down 8.3% year-to-date; Microsoft is 11.3%; Google is 6.1%
- Morgan Stanley Technology (MTK): down 6% year-to-date; Yahoo is 4%
Tags: Technology
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