Warren & Options & Carl… Oh My!

 
6:30 AM FRIDAY– Breaking news this morning on the Warren Buffet watch has Forbes reporting that Berkshire Hathaway has walked away from an auction for RBS insurance in the UK.
 
Further on the Buffet front, did you catch the interesting changes released yesterday in the investment guru’s portfolio? TheStreet.com has an interesting take on this.
 
The drama of Yahoo continues. While Microsoft hasn’t made any clear statements that they’d still be interested in trying to negotiate a deal to acquire Yahoo, billionaire investor Carl Icahn indicated he would attempt to get the okay from the FTC to purchase about $2.5 billion worth of Yahoo, which would give him about a 6 percent stake in the company. In addition, Icahn sent a note to Yahoo’s chairman, Roy Bostock, in which he criticized him for not making the deal with Microsoft. In response, Bostock shot his own letter back to Icahn which stated in part that Icahn, “reflects a significant misunderstanding of the facts about the Microsoft proposal and the diligence with which our board evaluated and responded to that proposal.” Icahn has gone ahead and  nominated an alternative list of directors for Yahoo’s board, with the likes of Mark Cuban (who some may remember from “Dancing With The Stars”), as well as Frank Biondi and Robert Shaye. Yahoo’s July 3 shareholders’ meetings should be interesting. For more details of this on-going drama, just Google… oops or “Yahoo” relevant names.
 
And keep in mind that many options are expiring. It will be interesting to see how crude oil’s expiration will effect the market.
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