Yahoo shares fall for second day after CEO choice |
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Yahoo shares fall for second day after CEO choice
Scott Thompson
Welcome to your new job, Scott Thompson.
Yahoo shares fell again Thursday for the second day since the PayPal president was chosen as CEO of the struggling company.
Yahoo Inc. stock was down more than 1 percent in trading, after dropping 3.1 percent Wednesday to $15.60, amid skepticism from analysts about the move.
Analyst Youssef Squali of Jefferies investment bank downgraded his Yahoo rating to “hold” from “buy,” predicting that the road ahead for the Sunnyvale, Calif.-based online content hub will be “long, costly and risky.”
Analysts at global financial firm Citi sounded a similar note.
Yahoo hired Thompson as CEO to turn around the struggling search and digital media company. In announcing the choice of Thompson as CEO, Chairman Roy Bostock indicated that Yahoo’s options include possibly selling off assets.
The New York Times has published a lengthy profile on Thompson, calling him “Yahoo’s Renovator in Chief.” Thompson’s challenges are to fix a company that has struggled to compete with Google and also has lagged behind others in embracing mobile devices and social media.
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