Shares of Yahoo have been trading like a bank stock lately, and today it hit yet another low, falling to $12.29 at the day’s close (at one point it dipped sub-$12). At least someone thinks there’s value here: Capital Research Global Investors said today in a filing that it now owns 10.1% of the company, up from an earlier 8.6 per cent. We don’t know exactly what price they got in at. The actual filing was signed yesterday, so they probably got in at the $13-$14 range.
Capital Research is managed by Gordy Crawford, who made his displeasure with Jerry Yang widely known this summer, then gave him a thumbs down during this year’s board battle. Jerry Yang is still in charge (coup rumours aside), so either Jerry has managed to convince Gordy that he knows what he’s doing, or Gordy figures he can’t lose at prices this low, no matter who ends up running the company.
Sister fund Capital World Investors, which is not controlled by Crawford, owns over 12 per cent of the company.