Yahoo: junkyard treasure

Yahoo has been Wall Street’s piñata for some time now. The internet group’s been continually mauled by investors since it spurned Microsoft’s $44.6bn bid in February. That was obtuse - the company’s stock is now trading at $12 a share, 60% below the offer price. But Yahoo could be a junkyard treasure. If stripped of its Asian assets and cash - worth more than $10bn all told - its core businesses look seriously undervalued. For investors with a penchant for risk, Yahoo looks a steal. Wall Street...