One of Yahoo’s biggest shareholders is hopping mad, and he’s taking steps that could ultimately affect some technology and internet exchange traded funds (ETFs).
Carl Icahn, a billionaire investor, is gearing up to oust Yahoo’s (YHOO) board of directors for its "irresponsible" and "unconscionable" actions that led to Microsoft (MSFT) withdrawing its $47.5 billion buyout offer.
Icahn’s alternate board of directors includes Dallas Mavericks owner Mark Cuban, who presumably wasn’t targeted for his mad dancing skills (he was on "Dancing With the Stars," remember).
The revolt could oust Jerry Yang, who started the company with David Filo 14 years ago, reports Michael Liedtke for the Associated Press.
Yahoo’s shares are up slightly in trading today, and technology ETFs are staying steady so far, as well. How they’ll be affected in the long term remains to be seen:
- Morgan Stanley Technology (MTK): down 3.3% year-to-date; Yahoo is 4%
- Vanguard Information Technology (VGT): down 5.5% year-to-date;Yahoo is 1.1%
- iShares Dow Jones US Technology (IYW): down 5.6% year-to-date;Yahoo is 1.7%
- Internet HOLDRs (HHH): down 3.6% year-to-date;Yahoo is 27.1%
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.