Quick comment on Yahoo’s results:
While the Street wasn’t apparently all that fond of Yahoo’s quarterly results yesterday, my view hasn’t changed. This is still a solid turnaround story, with Panama’s near-term contribution underestimated, and the potential for improved search share and traffic monetization all there as well.
Sure, people took expectations too high, and there is legitimate nervousness about how Yahoo will ramp revenue growth to 20%, as it’s forecasting. But there is lots of slack in the system, and still plenty of overhang on Google, like the DoubleClick deal, that will make the latter search stock the choppier of the two.