s ceo marissa mayer. the company reported earnings and revenue after the bell missing wall street estimates. another not so the hot quarter for a ceo trying to earn the company around. it earned 1r5 cents a share, a penny below expectations. revenue also missing forecasts but at least was above year ago levels. as for the stock, it traded initially lower after the report and as josh lipton reports, ceo marissa mayer may have only two options left. >> her stock is down, her key lieutenants have left. so what are marissa mayer's options at yahoo!? for one, she could try and a turnaround at the business, that is means driving revenue from the company's mobile, video, native and social ads. these are the areas whereas internet ad dollars are moving but these areas also represent only a relatively small part of yahoo!'s overall bills that's notice maier needs to stabilize the company's core online business. that won't be easy because the competition is fierce. predicted yahoo! will capture just 2% of the $170

that's the view of marissa mayer after yahoo! misses earnings and revenue targets. >> a frothey fine for starbucks and fiat. both companies benefitted illegally from tax deals in the netherlands. >> out with the old and in with the new. thiam takes the reigns at credit suisse unveiling a massive overhaul including a 6 billion hike. >> i wanted to take capital off the table. just take it off the table so that when we meet we can talk about our business. >> representative paul ryan of wisconsin throwing his hat in the ring for race for house speaker saying he could run if certain conditions are met. >>> hello and welcome back to worldwide exchange. if you're just tuning in thanks for joining us on the show. let's take a look at how markets are fairing ahead of the u.s. owe. all three indices did break a three day winning streak yesterday but just barely in the red. look at today gaining ground up in positive territory but slight gains pushing up about 50 points. now ibm one of the biggest weighers to the downside yesterday after di

marissa mayer loses a second top lieutenant in a month.his weeks after chief marketing officer left the company. it could be one of the biggest blows to her turnaround plans so far. brad stone broke the story. it seems like this is one after the other. they were like the top two people. brad: jackie was managing the spinoff of the alibaba assets. nothing more important or strategic for yahoo! or its investors. this is $24 billion of value inside yahoo!. she is kind of managing this process. done.probably close to of course, there are some tax questions. if you are an investor, you were very confident when jackie reese is at the helm. left? who is brad: there are -- there is a team there, but each departure brings another mountain of bad publicity. there is this question, and she has never managed to out run it, what is yahoo! minus the alibaba assets? she has steered in the direction of search. it is a media play? they have fired -- they have hired folks. -- hired folks like katie couric. is it an advertising play? emily: how big of a win

and marissa mayer is in the hot deep. yahoo!s latest earnings to all that and more is coming up. ♪ david: welcome back. stocks fell when the dow fell 80 points. julie joins me now with a closer look at the sector. been: stocks overall have volatile today, continuing on the trend we have seen recently. as of right now, we seeing stocks up on the lows of the session. all three major averages are negative at the time. to sector david is referring is industrials. look at my bloomberg terminal. we are seeing industrials as one of the few groups, seeing an uptick in volume today versus the 20 day average. volume is 13% above that level. that is rare. of the see almost all other groups are seeing volume declining today. if you look at what is going on here, you can watch the industrial etf, one way to measure it here. you can see is -- it is up about .5%. it has to do at least in part with earnings. i want to point out a couple of individual movers that really stand out. dover is one of those. ae maker of machinery for number of differ

marissa mayer in her fourth year at the helm of the company with little to show for it. yahoo!till struggling to hold on in key areas like mobile advertising. still wrestling with its thorny spinoff of the alibaba stake. this quarter is interesting. going to start with alibaba. quite literally the biggest and yahoo! and it's not a part of yahoo! it all. >> this thing is looming. there's a lot of questions about what is going to happen. we expect to hear something by the end of the year. looks like we're not going to hear that. it's going to get pushed out. the irs has waited. cory: they have waited and they have waited. you expect that they would give some sort of blessing, but it looks like to me, if i am a yahoo! shareholder, i'm going to get this spin co and i have no idea what the irs is going to do that. and i wonder what it will be like from january to december because the taxes will not be due for a full year. crawford: the uncertainty is just a drive. -- just a drag. the uncertainty with alibaba and the uncertainty in terms of the grander strategy and how it is going to

pressure mounts on marissa mayer to control a mass exodus at yahoo!. we will tell you about the latest executive jumping ship. plus more of my conversation , with mike moritz, his thoughts on the state of tech valuations now versus 1999. ♪ emily: more drama in the tech industry, amazon and "the new york times" continue their back-and-forth today over workplace angst at the e-commerce giant. two months after the death reported on a bruising workplace. jay carney has responded in a blog post. he shared internal records of the ex-employees featured in the article. he criticized their failure to that their sources. the executive editor fired back in his own post. the article and a reporter saying that the reaction to the story from other ex-employees " leaves no doubt this was an accurate portrait. " speaking of challenges marissa , mayer loses a second top lieutenant in a month. to develop an officer has left yahoo! for a position at square, running the business financing unit for the ceo jack dorsey called square capital. this weeks after chief marketing

>> yeah, big concerns of marissa mayer's plans, jonathan, are not coming up. they've got this big stake in ali baba which is worth over $22 billion. they've got other investments and $5.5 billion in cash to get to a value of $30.4 billion. the market value is now at $29.5 billion. so you can see people are less than happy with the things that marissa mayer is doing at the moment and have less confidence in her going forward. google has announced what could be a netflix killer called youtube red. it's an ad-free subscription video service. it will cost $9.99 for desk top and android per calendar month. $12.99 on i-os. it will have exclusive content you can't get else where. and the subway story. when is a foot not a foot? there was a lawsuit in 2013, there was a video that went viral saying instead of being twelve inches a sub was eleven inches and now subway are saying we didn't do anything wrong necessarily, but they're putting tape measures that go to twelve inches, and possibly not eleven inches for their sub into some of their stores as well and changing t

can marissa mayer put the bulls back in charge?ay tuned. >> we will have more after the bell. >>> ferrari set to price its ipo. sources telling cnbc that could happen above estimates, as high as $53 a share. >> let's quick in rich peterson on not only that ipo but the big picture. first of aushlgs ferrari, i made a note to myself this more of a stock offerings or a collectible. >> let me say that talks about the death of ipos is much exaggerated. >> the front page of the wall street journal today? >> the fact that s&p indices rolled out the s&p oip and spin off index, the total return is up 2.5% year to date better than the broader market. >> total terms. >> that is not a ton and pin office are a different category. >> it's a new issue. ferrari it's a spin off in a sense because fiat chrysler owns 90% of the shares. >> right. >> they are selling 10% to the public, going to sell 17 million shares between 48 52 kelly recently reported the expectation may be as high as 53 that's going to be one of the few ipos ever price that had high

what kind of hail mary pass can marissa mayer or yahoo! come up with?sale" sign outside the door. i don't know what could be next for yahoo! they're not bleeding cash. deirdre: thanks to alibaba. >> but they've got to come up with something else. they've got to come up with something new, they're obviously not going to do search, they've missed out on several other things, a lot of the purchases they made are like what? that doesn't make sense. come up with a new plan and act on it very quickly. deirdre: so russ, at this point, it's create buzz, right? marissa mayer's appointment in and of itself did create buzz, it was like a finger in the dam. >> temporarily, she brought in the high-profile people and starting to see them all leave. that's really not a good sign. they just need their only chance right now is a totally lucky out of the blue acquisition that's going to send them soaring again. the odds are very, very slim because core business is not strong enough to sustain it. deirdre: sophie, one thing marissa mayer said is we are the biggest tech co

we'll bring you the headlines from ceo marissa mayer. i'm melissa lee and you're watching "fast money" here on cnbc firz in business worldwide worldwide. what else is coming up on "fast." >> the force awakens, as the trailer for the new star wars film drops, what happens if it doesn't live up to the hype. could it mean dooids shareholders are heading for the dark side. >>> and tesla troubles. consumer reports yanking the recommendation for the model s. and new video hitting the internet testing that the auto pilot could send you serving in oncoming traffic. phil le beau breaks it down in a troubling tesla special report. all of that ahead and more ahead on "fast." >>> i will finish what you started. >> there are stories about what happened. >> it's true. all of it. >>> that is a look at the new star war's trailer. debuted last night during monday night football. fans could get a advance tickets at fandango and there was a crashed website and the previous record was for hunger games and fandango sold eight times the number of tickets for

and marissa mayer's performance as a ceo. board to be a lesson in poor governance. he declared that yahoo! should be euthanized and that marissa mayer is the most overpaid ceo in history. galloway gallo it -- joins us now. you like her? scott: i don't know her. i'm sure she is a wonderful person -- i just think the company is a soap opera that has gone on too long. most a great asset, the trafficked website in the world, someone should be able to monetize that. digital marketing in the last four years to $160 billion, marissa has been able to explode the company from $5 billion to $4.9 billion. if you take out alibaba, the marketplace is saying yahoo! has no enterprise value. it is time to sell it to somebody else. betty: to whom? scott: brad was saying at&t, verizon, microsoft. a lot of people would like to take the most trafficked website in the world and give it a run. think even if they do, i brett raised a good point. what is yahoo! exactly? in your view, it is a search company? scott: it is a content company that tries

mayer --think mercer marissa mayer will be there for a host of reasons.opera that has gone on too long. tom: who is the likely buyer? scott: verizon, aol, one of the cable companies. tom: dominion resources of virginia. rick: at&t or comcast. tom: why does brian roberts want what is really a non-company? rick: if you are looking for reach, if you have content assets, how do you get reach on the front end? tom: jon ferro, i love the jargon that these guys throw. let's reach over to london for a question from jon ferro. jon: i imagine they feel the same when we talk about the bond markets. we talk about tech companies and what they are doing wrong. when you look at the advertising market share issue, who has it right? facebook, whoand continue to -- more than anybody, facebook. facebook is eating into google market share. saw mobile coming, but facebook was the one that really took the opportunity. tom: the reason to stay with us worldwide on "bloomberg seeing ance" -- i am massive shift in the wind this october within the digital print divide. i would say

are you a fan of marissa mayer? >> i am a fan of marissa mayer.cash from aly baba spinoff. all their long-term investments. their valuation of $30 billion is less than what they have in investments and cash. you are basically getting yahoo! for free. it looks like fair value right now. i am a fan of marissa mayer. the game plan just simply did not work. she talks about a reset which is incredibly worrisome. i think the game plan that she has, video and original content, people doing a better job of it and yahoo!. stuart: take a look at to pull tape. it is down today. foot traffic in the restaurant is not that great. down $45. six and a half percent. what is going on. used to be a highflyer. >> that is what is scary about some of these fast food tonics. they're in a bad it's three burgers. still, they are cheeseburgers. that is what they do well. chipolte has fallen off. i would not be a buyer here at chipolte. stuart: i bought boston market, i think. i lost everything. stuart: i like lone star. i like the company. the problem with that is i am alm

s ceo marissa mayer. the company reported earnings and revenue after the bell missing

the stock fell 1% after those results and on an earnings call with analyst marissa mayer said the spin off might take until january of 2016. that transaction was originally slated to take place by the end of 2015. mayer spoke briefly about the company's part forship winershi google as well. >> that seems to be mario draghi, not marissa mayer. >> but we will have that in a bit. >> but marissa has been three years at the helm. a number of acquisitions have been made. really refocussing on content and the issue is whether it's enough. is it enough or too little too late. >> it's the speed that people were looking for as well. they want it to come quicker but the google partnership appears to be the one bright spot here. that's given one encouragement. they can't compete when it comes to ad revenues but i would be concerned about this continuous delay in the alibaba spin off and the stakes in some of the japan shares has been a problem for yahoo! but it's going to cost investors nervousness at this stage. >> you also wonder, you better want to do it when the time is right as opposed to doi

right now under marissa mayer's leadership? michael: they are both very different companies.icrosoft has lost its way but it still has a massive flywheel business. in a lot of ways, they have gone from being a consumer company to being a business-to-business company. i just think that they are in different businesses. emily: yahoo! is trying to be a consumer-only company, right? michael: i think yahoo! will find its way. the deal they announced with google could make a huge difference in their business. emily: another example of partnering with a competitor. michael: i don't think microsoft good ofed out to be as a partner for them as google will. emily: thank you for stopping by. staying with earnings, pandora has hit a sour note with investors. the largest internet radio service lost $.40 a share. analysts had been expecting pandora to post a profit. pandora says revenue rose 30%. slightly less than what wall street was expecting. the company also trimming fourth-quarter revenue projections. shares of pandora feeling the heat in after-hours, down about 20%. coming up, googl

emily: you mention marissa mayer, what do you think her chances are of turning things around?eter: she is by far the best ceo it has had in a decade. she should not be evaluated on whether she invents something new. that is setting her up for failure. the existing businesses are big, if you can improve those and make those work, that is fantastic. emily: other than what you have written in this book, what are some things you believe that very few people agree with you on? peter: an issue i have been spoken about is this idea that college education has become something of a bubble. a trillion dollars of student debt, is not getting what we are paying for. it needs to be rethought in a fundamental way. emily: if you could start education over again, what would you do? peter: get rid of the word "education" to start with. emily: would there be no schools? peter: there would be schools, but they would be very different. they are stuck in the 19th century. you figure out ways to make them individuated, where different students learn at their own pace. emily: you have the thiel fell

s ceo marissa mayer. the company reported earnings and revenue after the bell missing

what's marissa mayer's report card now? a pretty long kind of lead time and said, fine, here's your checkbook, go buy a company of companies, but yahoo hasn't performed the way they thought it would. >> in a funny way, mayer reminds me of dorsey. she's somebody who was given perhaps an impossible job. yahooçó is a first generation internet company. it came of age in the earlyñr '90s. how do those companies still exist, amazon, embay, few others are still around. so it's not surprising that yahoo isçó looking back toward s glory days. now, the hiring of mayer was seen as this almost transformational opportunity. her first day on the job she was literally greeted with hope posters obama-style with her face on them. >> sreenivasan: you can go nowhere but down. >> it's tough. ask the president. i think they felt she and only she could deliver a transformative product. their own version of some sort of jobsian fantasy brought the life that would transform the company. you know what? very, very hard to do that. indeed, mayer had

marissa mayer also majored in symbolic systems. what is that?d: symbolic systems -- it is a unique major to stanford. this will explanation as and artificial intelligence. most people do not think it is that simple. it is a step deeper. part of what is performing the is thisming the world notion of system assemblage. whether they are computer programs, mathematics, models of how we think, technology. i think i was the eighth or ninth person to have that major. emily: so while you are at stanford, you met peter thiel. reid: yes. emily: tell me how you met. reid: peter and i had both been told about each other by people we knew. i was told he was really right wing, he was told i was really left-wing. he said, i've heard about you. we grabbed coffee, and i think we argued for eight hours. we were like, you can't believe that. we said that was fun, let's do that again. emily: you went to oxford and studied philosophy, why? reid: i said, i think i will be an academic. if i'm an academic, i can write about both of these interesting questions. i'm alwa

emily: marissa mayer's acquisition strategy has been criticized and tumblr is the biggest acquisition has made so far. critics said, tumblr was not making money or growing that fast. how do you respond? david: we were and are growing very fast. so if she wanted to buy a profitable company at the time of acquisition, there were and are still plenty to choose from. she saw a real path forward and something she thought could be not just a big business, but a business with a lot of alignments with yahoo! and we are a year in, we are starting to prove that, and we are about to have a lot to brag about. emily: what is tumblr's ad strategy? within yahoo!? what is the strategy for growing the business now you are within this bigger company? david: we have a novel ad platform. it's all about wide-open creative expression. it's trying to get the most creative parts of the ad industry, to give them a space, a digital space where they can tell those same stories. where they can inspire us to become customers of these brands. get us to drive the beamer or drink the coke. yahoo! is building more an

when does marissa mayer say we are not part of this, we have to exit?ld be tough to announce, that you have been defeated. is getu have to do mobile going. she has got to get some new, innovative attractions. she has two. otherwise you evaporate. vonnie: so do you hire somebody to do mobile? bob: take a look at what happened to aol. they got bought out by verizon. that might be an exit for this company at some point. vonnie: who would be a buyer? be a mediald company. they have shown no real ability over the last three or four years to reignite the top line growth. investors are saying post alibaba, what is the catalyst? tom: do you realize the product placement disney got last night with mr. trudeau and his kids? paul sweeney on star wars and all yahoo! erik schatzker will join us later to give us canadian wisdom. we will talk about the maple leafs and young trudeau as well. tomorrow we continue the conversation on yahoo! scott galloway highlighting headlines from when he was last on. this is "bloomberg surveillance" to start your day. ♪ tom: good morn

that brings efforts by marissa mayer into question.he has been running the company without a big boost in revenue growth for four years. earnings per share came in at $.15, versus the $.16 they were looking for. shares were down 1% after the numbers. let's listen to what the ceo has to say about the competition. >> we believe that, by establishing partners with leaders in the search space, we can achieve a competitive search present a better experience for users and advertisers. harley davidson had a difficult quarter, following -- following the most in 2008. down 14% since the regular session. it is planning job cuts, but the amount of people that might be cut has not been announced. thanill ship fewer bikes planned and cutting shipments down about 10,000 from original estimates. angie: lockheed martin also reported. what is the story? su: a story of no sales growth. there was a bright spot in aeronautics. had lower margins. what it did is it forecast sales in the margins of 2016 will be little changed. surpriseht analysts by because

fourth marissa mayer's year at the helm of their, i cannot believe that.hipotle was also a disappointing showing. shares are down 9%, taking a beating this morning. will begin trading this morning, that is the ticker for ferrari. they had more than 17 million shares, 19 million if you count the overallotment issue. take $3.2 billion out of the company before they's and it off -- spin it off to shareholders. stephanie: i think you would have gone down either way just to see the cars. matt: exactly. i think it should have beenenzo. stephanie: how about harley davidson? hog, that's an excellent one. now to break company that is not done it right for many years. this on the heels of a drop in shares this morning following and earnings miss. our own francine lacqua law just set down to get details about the new strategy. she joins us from zurich. it seems to be more important with the earnings actually are. what did you learn? down, and heet gave me a half an hour of this time to talk about strategy. the strategy is very clear, we were expecting it because ther

-- marissa mayer's? we. the earnings coming up. ♪ welcome back.over an hour into the "bloomberg market day." time for bloomberg business/paid and unexpected forecast from lockheed market -- lockheed martin. they say their sales will be little changed. sales at lockheed have fallen three years in a row. has left am china dent. talk to steal -- is under pressure to raise the issue of china selling you at a loss to world markets. barclays wants a smaller workforce for no on the way you may think you they planned to roll out a wellness program, including activity challenges between employees, wearable than 75rackers for more thousand employees to slim them down. you can always get more bloomberg news at bloomberg.com. this is get sue london where ryan chilcote has the latest on the selloff. ryan: i do not know if i need be chipotle or the fit bit. you look at european equities. there is some green, but it is mostly red. that is because the stoxx 600 is down. we will spend a little time talking about this. you can see it opened. at 9:00, it held precip

bristol myer, -- marissa mayer, as ceo is struggling with the company.: this is a ceo who got to do what she wanted with the company. she tried to get expensive big names. couric to do a web broadcast show. they spent a billion dollars to buy tumbler. they bought a number of companies. i talked to her last year and she said she was buying companies but she could not hire the height -- high-quality engineering talent fast enough. spend tens ofg to millions of dollars for every acquisition, just to get the quality of engineers she thought she needed. when we look at the financial results we recognize the copy is struggling -- company is struggling. the value per click is declining substantially. they are holding onto a big audience. they are getting more display ads. but click growth is slowing. that is concerning, you want to be number to accelerate. you really have to add a lot more business, just to stay afloat. yahoo! made the announcement about this deal with google on an agreement with advertising search services to google. cory johnson: it is unclea

s marissa mayer today.don't care about the numbers as much as we care about the details of the alibaba spin-off. the other thing mayer is facing in her third year as ceo is brain andre. a number of jobs have left. what is she going to do about those opening as can't she keep really interesting talented people in the job pool. >>> we're following breaking news. you see a street full of firefighters and emergency responders there. this is in east san jose. it's east of japan totown in sa jose. it's happening at a home on north 14th street near baquesto park. they're knockeded down but not under control. firefighters tell us they don't think anyone was injured. we're going to bring you more information throughout the course of the morning. >> it's 5:49 right now. time to get a look at weather and traffic for you. the weather has been deseenlt. let's get to traffic it's cool this morning. you felt that as you stepped out the door. it's in the 50s. and then warming up into the 80 sz across most of the bay. but a

morning to you,ia hood has signed a deal with google providing a potential boost for the effort of marissa mayerund building on an existing partnership with microsoft and california got an "f" for teaching high schoolers personal finance in vermont. the reason for the low grade is no requirements for personal finance courses to graduate. there are in tests for financial instruction. >> when it comes to picking what to dress up for hall enwoo the 50 states go about it different ly. 11 years of google trends to hook for the most suspected for costume and high on california was abraham lincoln and james bond and hello kitty. stocks are higher with good earning boeing and general motors doing well because of the pickup trucks and to fancy race car ferrari started trading at the new york stock exchange and very success will, pricing at $60 a share right now. >> thanks, gin, california's drought could be havingen expected positive but unexpected impact on wildlife. butter flies are benefiting and california homeowners ripping out lawns replacing them with drought tolerant plants and one is the only pl

paul: they thought they had it with marissa mayer.ll probably still be in alibaba's quarter for them. real question is, will they proceed with their spinoff of alibaba? they did not get the preapproval letter a couple months ago from the irs that they were hoping for any of the announced they will continue to move forward with the move. they believe they are on sound footing form a tax perspective. then the focus will shift to core operations and that is are gettingors frustrated because there has not been any topline growth out of the company for the last several years and it continues to lose share to the google and facebook of the world. they want to see some sign that business is turning around. clarity, we do not get is there a lid on the stock here? >> until the spinoff is expected, it will take us until the year-end, probably until early next year. the question becomes former assume i are management team, what can they do to turn around the top line. internet advertising goes about 15% per year or it it is very strong growth an

marissa mayer has taken hits for seeming to be not that interested in the advertising side of the business, for being very interested in product. now she seems to be losing a lot of top executives at the company. i mean, is she basically out of time now? >> i worked with her in 2001. i did a start-up at a holding company she was part of. she's absolutely excellent. she's very highly regarded. a huge loss for yahoo!. a massive win for square. there's no turnaround at yahoo!. there's no turnaround. the information, the very good article, as quickly as unicorns rise, they can fall. mahany has a piece out, display revenue. there's no turnaround. yes, i think she's out of time. >> an ongoing tally of all the talent left in the past few months. i think up to 12 or 13. which strikes me because part of their early push in marketing was how much retention they were -- how many advances they were making on retention. >> but the product is what the product will be. it really isn't fair to just criticize marissa about this exclusively. ultimately, they're not going to stumble into inventing snap chat.

ceo marissa mayer saying the company will continue to cut costs along employees, facilities and discretionarying. the big priority is moving forward with its tax-free spinoff of its big stake in a chinese commerce firm. tesla was down yesterday after consumer reports removed its recommendation on the model s citing a number of problems that have developed in the drivers including leaky sunroofs, electric motor replacements and display screens freezing up. shares are flat. ferrari goes public today. the sports carmaker has an initial market valuation of $10 billion. let's take a look at the big board. the dow so far up almost 60. nasdaq up 18. s&p is up 5. michelle and frank, back to you. >> all right. kcbs radio's financial reporter jason brooks, thank you. >>> time for a check of traffic. you have had one busy day, huh? >> i hear i'm your favorite traffic reporter, is that right? >> yes, you are. >> okay. >> i'm outnumbered. >> reporter: if the you are heading for the south bay northbound 101 slow from beyond hellyer. stays heavy to san jose. long delays. because of the fire at the strip mal

whether he falls to marissa mayer status by basic lint running this company, that's something that hes going to have to prove. i think he can do it. that's why i thought the stock was cheap here. i think the stock gets into the mid 30s pretty easily. >> before you mention that, i mean, put into context as well the fact that dorsey is a guy who i guess will be on the road show for the square ipo. don't you have any pause in -- i don't care if it's the greatest leader in the world in ability to focus, as much focus needs to be put on this story. >> so without commenting on square i think anyone we want fully dedicated time, split time is less good than 100% time, and that would be my view on that. as it relates to, you know, jack and comparisons to elan musk. that was deliberate and he is an integral component of this strategy and vision as a management team as well as adam bain from an execution standpoi standpoint. those three individuals as a driver of change for the company could potentially be what takes the company in a different direction. >> it's a call today that a lot of folks

i think what's happened is there was this whole excitement when marissa mayer was hired.f aqua hires. the other thing she did was pay a lot of money and there's a lot of excite ment around her personal brand that maybe she could turn around yahoo!. the turnaround has been slow. we have been writing for years that this core business is really challenged and a lot of the stock rise which was attributed to her was very much due to alibaba, the asset that yahoo! has, the chinese asset that they own a big stake in and was worth a lot of money. so i think what's happening is as the alibaba shares get prepared to spin off and again alibaba is under pressure now, too, you know, you start to see the core business really still hasn't moved in the way that she had promised or that it's even possible. i'm not sure anybody could have done that without drastic layoffs. >> kara, really except for retirement, there's only two reasons somebody leaves a job which is, number one, they get a better offer. they may like their job but they get a better offer so they bail or they feel like the

what are we, almost four years in, although marissa mayers done a good job of returning capital to shareholders>> aol was more than an asterisk positive in the verizon call. yahoo! in the end with a $1 billion ebitda and small stock price is going to be bought by someone. don't buy it for that reason, believe me. it won't be at a premium. just not a great quarter. >> do you want to end up on good note? >> how about biogen? >> 11% of your workforce gone. hardly good news but the stock is up. >> we have been buying this because we felt there would be a big restructuring, a lot of people fired, and they did a big restructure and they fired a lot of people. >> revenues were better than expected. >> revenues were good. >> progressive ms did not -- >> remember, biogen spiked big. stock had been down almost 50% off of an alzheimer's formulation that then the street got very ahead of versus what biogen did. i like biogen, i just don't think they're doing as badly as people think. they took a lot of action, fired a lot of executives in underperforming divisions. that's fine. this valeant -- valeant is n

on the conference call last night marissa mayer said weaker than expected results were not indicativeperformance that the company wants. good morning. >> good morning. >> what do we make? is this really a mess? >> the results were atrocious. >> are you dumping the stock? you were beforehand. >> no, i'm at a buy. >> you're still at a buy. >> the spin off, the new timing for the spin off of the alibaba shares is january. so you want to continue to hold off on the shares until january. >> your gamble is this is all going to happen in a tax freeway. >> it is. they think it will happen that way because they're confident. i have spoken to numerous tax experts and tax lawyers. this is a tax free spin off. >> so your move is hold the stock and then what? >> and then you have to as an investor decide whether or not the core business is any sort of upside to it. i have very little confidence that the stock, business will continue to improve from here. nothing i saw gives me any sort of confidence that the core business will move in the right direction. >> but therefore the company does what? th