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Reuters
Yahoo on Tuesday was forced to revise the results of last Friday's shareholder vote after Capital Research Global Investors demanded a recount of the vote due to surprising results that played very favorably for CEO Jerry Yang and Chairman Roy Bostock. However, those results changed when Yahoo was informed by Corporate Election Services, the company's inspector of elections, that Broadridge Financial Solutions, a proxy voting intermediary for major investors, had made significant errors in reporting votes at last Friday's shareholder meeting. The revised tally showed that 33.7% of the votes were withheld for Yang and 40% was withheld for …
Silicon Alley Insider
There's something fishy about the supposed miscount in last Friday's Yahoo shareholder vote. In a blog post, Henry Blodget points out that companies don't simply go into proxy votes hoping for the best. Rather, they hire expensive firms to poll shareholders in advance so they know how the vote will probably turn out. Given that, Blodget says it's pretty unbelievable that Yahoo certified the original results so fast, because surely, they must have seemed surprisingly strong to CEO Jerry Yang and co, which is why Yahoo should have double checked to make sure the proxy firm had run its …
The Wall Street Journal
Comcast Corp. says it will buy Daily Candy, a fashion and culture newsletter service, for $125 million. Daily Candy reaches a particularly coveted demographic, as most of its 2.5 million readers are affluent women living in urban areas. The email newsletter will become part of Comcast's Interactive Media division, which includes the Fancast online video site, and the movie sites Fandango and Movies.com. Comcast plans to boost Daily Candy's audience by heavily promoting it across its other Web properties. Dany Levy founded Daily Candy in 2000. The company now publishes 13 daily editions and eight weekly editions. Levy will remain …
BusinessWeek
Facebook investors are lining up to dump their shares, BusinessWeek reports, adding that the going rate is far below the $15 billion valuation Microsoft placed on the company when it purchased a small equity stake last fall. Broker Laurence Albukerk, who deals in the sale of stock in privately held companies in Silicon Valley, says he knows at least nine people who have sold or are currently trying to sell Facebook shares; he adds that "dozens" more are trying to move their stock. Among the sellers: CEO Mark Zuckerberg and Matt Cohler, the former VP of Product Management. Albukerk …
Bloomberg News
A top-rated software analyst says that Microsoft is poised to buy back as much as $20 billion worth of company stock to make up for the 20% dip shares have taken since the software giant announced its intention to buy Yahoo. UBS AG analyst Heather Bellini said she expects Microsoft to complete the repurchase over the next three months. In other words, if you believe her, buy now. "They won't announce it until it's done,'' Bellini said, adding that a buyback of between $15 billion and $20 billion would lift earnings per share by as much as 10 cents annually. …
The New York Times
Silicon Alley Insider
NBC, through its unprecedented Internet coverage, will be broadcasting the Olympics on a larger scale than ever before. Even so, Silicon Alley Insider's Henry Blodget says, the company is still producing the content "for themselves and their legacy TV business, not you." How so? If NBC really cared about providing the best coverage of the Games, Blodget says it would make NBCOlympics.com a comprehensive on-demand directory of all events, searchable by day or event. For those events that the network isn't covering, NBC could link to a partner company's video, giving partners access to their video in return. Instead, NBC …