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May 5, 2008

Microsoft Withdraws Offer For Yahoo

Representatives for Microsoft announced their decision to withdraw the offer to buy Yahoo, according to the New York Times. Microsoft’s offer was to buy Yahoo for $33 a share, or $47.5 billion. But people close to Yahoo, which previously had said they wouldn’t settle for anything less than $37 a share, see Microsoft’s decision as beneficial. However, some shareholders had favored a deal at about $34-$35 a share.
The entire board of Yahoo backed the decision but unhappiness with the companies executive decisions could spread through the company.
Yahoo defended their decision by saying that it always thought Microsoft’s offer undervalued the company, according to the Los Angeles Times.
Yahoo’s next move could be merging with its archrival, Google. Some people believe this could happen because of a previous ad test involving the others website. It is believed that talks were active between the companies during negotiations with Microsoft.
Yahoo could also initiate stock buybacks to demonstrate to shareholders that they have faith in the company. As of March 31, the company had $2.3 billion in cash and cash equivalents.

April 21, 2008

Candidates Continue Attacks

Both Democratic candidates continued the attacks on each other as the campaign for Senator Hillary Clinton released an ad accusing Senator Barack Obama of taking money from lobbyists over the last 10 years, according to the New York Times.
Obama described Clinton's ad as misleading and complaining of "11th hour smears." He also said Clinton was a "slash-and-burn game player who will do anything to win."
These attacks come around the same time as a busy schedule keeps the candidates campaiging in each others strength areas in Pennsylvania.
Obama also expressed to voters that its time to make a choice in the Democratic race. But that may be hard because of how close the race is. A poll released Sunday, conducted for MSNBC and the Pittsburgh Post-Gazette, showed Clinton leading Obama by a 48 percent to 43 percent approval rating.

April 7, 2008

Microsoft Puts Deadline For Yahoo

Microsoft warned the board of Yahoo on Saturday that if the merger agreement was not completed in the next three weeks, then Microsoft would make an offer to Yahoo's shareholders which would probably be for less money, according to the New York Times.
The response was made in an e-mail by Microsoft chief executive Steven A. Ballmer.
The e-mail expressed the displeasure at Yahoo's refusal to enter into formal negotiations over the takeover proposal. Microsoft said that without an agreement, they may seek to oust the current board members for Yahoo.
Microsoft's previous offer was in cash and in stocks, valued at $44.6 billion. However, after the decline in value of Microsoft's stocks, that offer was believed to be valued at $42 billion. Yahoo rejected the previous offer saying it "substanially undervalues" Yahoo.

March 17, 2008

Obama And Clinton Getting Personal

Strategists of Senator Barack Obama have demanded that Senator Hillary Clinton release more documents on income taxes and foundation donors, according to the Los Angeles Times.
Obama's team is saying that Clinton is shielding financial documents from public scrutiny at the same time she has been calling for greater accountability.
Strategists of Clinton responded with accusations of personal attacks. They say that Obama is trying to "deflect public opinion from their losses in Texas and Ohio and because of the support Clinton has in the upcoming primary in Pennsylvania."
This comes after public concern of Obama after it was found he has ties with an indicted Chicago developer and after inflammatory remarks from his former pastor.
Clinton has said that she will release that information before the next primary.

Storms Damage Atlanta

A powerful tornado hit downtown Atlanta Friday, damaging buildings and homes.
The storm blew out windows of many high-rise buildings, moved cars and trees and damaged many of the city's landmarks.
At least 27 people were injured and taken to the hospital, mainly from flying debris. There were no fatalities by Saturday, but authorities were still working through debris, according to the New York Times.
Another wave of tornadoes and thunderstorms struck the city Saturday, which killed two people.
Thousands of people were in the area for two basketball games and a dental convention. Some of the notable buildings damaged include the CNN Center and the Gerogia Dome. The CNN Center had furniture blown from the building, according to the BBC.
The Gerogia Dome was hosting a basketball game when parts of fabric from the ceiling began tearing away and water dripped onto the court.
The mayor of Atlanta declared a state of emergency Saturday, which made the city eligible for federal recovery funds.

March 10, 2008

Clinton Loses Wyoming

Presidential hopeful Barack Obama beat out Senator Hillary Clinton to win the Wyoming primary.
In a close battle, Obama won with 61% of the vote compared to Clinton's 38%. This was huge for Obama to win after losing both Texas and Ohio to Clinton last week.
In his campaign in Wyoming, Obama used the war in Iraq as a pitch. He told voters that he would end the war in 2009, according to the BBC.
Wyoming, one of the smallest primaries in the country, has 12 delegates that were being fought for. Now, both candidates can turn their attention to Mississippi, where the next primary will be held on Tuesday, according to the Los Angeles Times.
Accroding to the Associated Press, Obama leads Clinton with 1,578 delegates to 1,468 delegates. The democratic nominee needs 2,025 delegates to win.

March 3, 2008

Obama Backers Pressure Clinton to Quit

Top supporters of Senator Barack Obama are putting pressure on Senator Hillary Clinton to bow out of the presidential race on Sunday.
Some of Obama's biggest supporters, along with one prominent Democrat who has yet to endorse either candidate, have made the message clear that Clinton should back out of the race unless she wins in this Tuesday's primaries in Texas, Ohio, Rhode Island and Vermont.
Clinton's communication director, Howard Wolfson, said Clinton wouldn't bow out of the race and believes she can win as she has shown her ability to win big states.
Clinton trails in delegate votes to Obama by 109 and she has lost 11 straight contests, according to the Associated Press.
As of now, the early polls show that Texas is a toss up while Clinton has a narrow edge in Ohio and Rhode Island and Obama has the lead in Vermont.
Clinton needs to significantly exceed the predicted polls. Many people believe the leader after Tuesday's primaries will be the clear favorite for the presidential nomination.

February 18, 2008

Largest Beef Recall in History

The U.S. Department of Agriculture ordered a recall of 143 million pounds of beef from a California slaughterhouse on Sunday, the largest recall in U.S. history.
The recalled frozen beef was from Westland/Hallmark Meat Co., which had been the subject of an animal-abuse investigation, according to the New York Times.
Secretary of Agriculture Ed Schafer said there was evidence that Westland didn't routinely contact veterinarians when cattle became non-ambulatory after passing inspections, which violates health regulations. Federal officials also suspended operations after an undercover Humane Society video appeared that showed workers shoving crippled or sick animals with forklifts, according to the Los Angeles Times. Two employees were charges with felonies and both were fired.
It is estimated that 37 million pounds had already been sent out. There have been no illnesses reported according to officials. About 150 school districts and two prominent fast food chains, Jack-In-the-Box and In-N-Out, discontinued there business with the slaughterhouse company.

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February 11, 2008

Yahoo To Reject Microsoft's Offer

Yahoo officials are expected to announce the rejection of Microsoft's $44.6 billion offer to purchase the company on Monday, reports the New York Times.
Yahoo officials are saying that the offer undervalues Yahoo, its shareholders, and its workers. During a board meeting on Friday, officials met with presenters to discuss the value of the company. The decision was made that Yahoo is worth more money. A source quoted by the Wall Street Journal said Yahoo's board is unlikely to accept anything less than $40 a share, compared to the offer of $31.
Microsoft wants to purchase Yahoo to compete against Google and will likely continue pursuing after the rejection. Some Microsoft officials believe that the company may try and campaign towards Yahoo's large stakeholders in order to put pressure on Yahoo's board. They could also plan on raising their offer.
Some analysts say that Microsoft's first offer of cash and stocks has already dropped in value due to the decline of the value of Microsoft shares.

February 10, 2008

Obama Dominates Saturday Caucuses

The New York Times reported that presidential hopeful Barack Obama swept caucuses in Louisiana, Nebraska, and Washington on Saturday to gain ground on Senator Hillary Rodham Clinton.
With these wins, Mr. Obama has gained momentum going into next weeks caucuses in Virginia, Maryland, and Washington D.C.
"Today, voters from the West Coast to the Gulf Coast to the heart of America stood up to say 'yes we can"' Obama told a cheering audience of Democrats at a party dinner in Richmond, Va. (Minnesota Public Radio)
Senator Clinton still leads the presidential nominee race with more Democratic delegate votes than Obama.
On the Republican side, Mike Huckabee won a close race in Louisiana, along with a win in Kansas. Senator John McCain won by a close margin in Washington.
Even with Mr. Huckabee's wins on Saturday, Mr. McCain has a commanding lead for the Republican presidential nomination with 703 of the 1,191 delegate votes needed to become nominated.
All of this leads up to next months upcoming caucuses in Ohio and Texas, where the next large block of delegate votes will be sought after.