T. Boone Pickens dumps Yahoo stake
Yahoo dipped below $20 a share Tuesday morning, following a report in the San Francisco Chronicle that T. Boone Pickens dumped his entire stake of 10 million shares.
Shares of the Internet pioneer fell as low as $19.71 in morning trading, coming within a breath of the $19.18 that the stock closed at on the day before Microsoft announced its unsolicited buyout bid of $31 a share. Microsoft later bumped it up to $33 a share, which was rejected.
Pickens jumped into the stock in May, following an announcement by investor activist Carl Icahn that he would wage a proxy contest to pressure Yahoo into accepting a deal with Microsoft. Icahn, however, reached a settlement last week with Yahoo.
"I think that Yahoo management was pathetic," Pickens reportedly said during the Chronicle editorial board meeting he was addressing.
Pickens told the Chronicle that he sold his shares at a loss, as his patience for a deal between the two companies grew thin. The billionaire investor declined to reveal the size of his loss, according to the report.
Yahoo's annual shareholders meeting is scheduled for Friday.
Dawn Kawamoto covers enterprise security and financial news relating to technology for CNET News. E-mail Dawn.
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I agree.
Boone Pickens is in it for the money and wanted a quick return. When he can't get a quick return on his money, he calls people name. That's fine Boone Pickens. You LOST.
I hope that wherever Boone Pickens put his money in the bank, that these banks fail and he will lose more money.
I could be and likely will be wrong about this, but the timing is curious.
"Pickens did not disclose how much he lost on the investment. According to FactSet Research, Yahoo shares traded at an average of $26.78 during the month of May, and had currently fallen to about $20. This means Pickens' loss could be more than $50 million."
darn the bad luck..
And if you "love" Yahoo, the company, then you shouldn't own the stock, becuase it affects your judgement. The $33 a share buyout was more than a 50% increase in the value of the stock at the time vs. the 50% + decline the stock has made over the past few years prior to the announcement. +50% is good. -50% is bad. If you own stock that loses money year over year, you should probably consider getting rid of it. You're better off hiding it under the mattress.
T Boone Pickens is one of the SICK investment entity with poor investment goals.
http://webofdeception.com/#pickensauto