Jerry Yang

Yahoo's embattled co-founder Jerry Yang is off the board, but for disgruntled investor Third Point LLC, that's not good enough. The hedge fund with a 5.2% stake in Yahoo wants to take down Chairman Roy Bostock and potentially three other directors.

Yahoo's analyst day Wednesday addressed the steps the struggling Internet pioneer is taking to reposition the ship and revive its sagging stock, but on the subject of a controversial transaction involving one of its major Asian investments, its executives left a number of questions unanswered.

Carol Bartz has been running Yahoo for 18 months, and some investors are getting impatient. Revenue growth has been poor as Yahoo has been outpaced by the likes of Google and Facebook. If things don't improve soon, Bartz could be forced out.

Microsoft (MSFT) and Yahoo (YHOO) finally agreed to become online search partners. Yahoo gets 10 years of revenue sharing with no upfront cash. In waiting for more than a year for Yahoo to agree to a deal with Microsoft, the software giant got an impressive discount, compared with the $47.5...