If Case and Parsons sold stock knowing there was bad news coming out of the company, that would be ugly.

What we are not seeing is a clear indication for the 2002 revenue numbers and that will continue to be somewhat of a question mark.

This group as a whole has been depressed in the past three months. I think what you’re seeing today is that investors think these companies should be worth a lot more,

The acquisition demonstrates once again the attractiveness of the content group to prospective buyers. We expect to see more deals in 2006, driven in part by the need of traditional media companies … to play...

For 2002, they may indeed come in and assume more conservative estimates because Dick Parsons is running the show, … It will be his watch and so the company will have to make the numbers.

The AOL business has been in terrible shape the last year and a half,

I think it’s a trend. Problem is, you can’t quantify it.

When you look at valuations, when ( AOL ) was trading below $30 [per share], it was below its growth rate. Even for a normal company, this is an aberration and an established, bigger company...

Anybody that looked at their balance sheet and at how much value they were placing on AOL understood there was a potential impairment charge there.

Management has been doing a good job of diversifying away from [providing Internet] access and adding ad-supported offerings,

By our math, even through their relationship with Comcast, they have access to only 40 percent of the market. We need to know how they plan to address that challenge,

Yahoo’s branded business should benefit from a combination of volume and pricing growth, driven by the holiday shopping period and by continued migration of ad dollars online.

The question is, what kind of acquisition can they make? The company has been extremely tight-lipped as to what their long term strategy is.

All in all, we find the restructuring removes several overhangs on the stock, namely TWE-related complexities and lack of AOL carriage, on terms favorable to the company.

We’re expecting a very strong quarter. The question is will it be good enough to keep the stock going?

Longer-term, the pillars of the Internet, companies like eBay and Yahoo! will continue to outperform,

I think cost cutting is part of it. Is it a big part? I don’t know,

We maintain a bullish view, however predicated on indications that the fourth quarter is tracking inline/slightly ahead of expectations, an upward bias to fiscal 2006 earnings estimates, the fact that investors are beginning to look...

The demand for ad inventory and for Yahoo’s ad inventory in particular is just increasing.

This signals that the board plans for the company to remain independent as its attempts a turnaround.

Strategically its very important. From a financial perspective, its not enough to move the needle in the short term.

I think strategically it absolutely makes sense but its profit and loss impact remains unclear.