Yahoo's (YHOO) board gave the go-ahead for a hefty stock-repurchase program of up to $3 billion over a three year period, the company said in a Securities and Exchange Commission filing Wednesday. Investors tend to applaud such moves and, in Yahoo's case, they need something to smile about. The stock has largely remained stagnant in the low- to mid-teens since CEO Carol Bartz came aboard early last year.
The stock-buyback program is just one of the efforts Bartz has taken to appease investors, a number of whom remain sore that the company did not accept a buyout bid from Microsoft (MSFT) and instead signed a search deal that didn't come with the huge upfront payout some had hoped to see.
That said, Bartz didn't do as badly as some of her fellow board members when shareholders voted on reelecting the board. She garnered 1 billion votes in favor of her reelection, versus 6 million against, according to the SEC filing.
Understanding Stock Market Indexes
What does it mean when people say "the market is up 2%"?View Course »