Perplexed by the Glee of Yahoo! Shorts

Late Friday, Dan Loeb's Third Point disclosed that it had sold 11 million shares of Yahoo! (YHOO). Some bears took it as a victory sign. Others rejoiced because they'd been hoping to buy the stock at a lower price.

Here's my take. First off, Loeb sold 14% of his stake in Yahoo!. This is not huge. He explained that he wanted to keep a stable level of ownership in the company, given the planned $5 billion in stock-buybacks that the board has authorized. Yahoo already retired 7% of its float last quarter, so Loeb's stake did proportionately increase....300 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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