Today's Entertainment: Watching the Yahoo Ticker

With the ditching from Microsoft hanging over its head like an anvil in a Warner Bros. cartoon, Yahoo is bracing for the response on Wall Street today. Before the markets even opened the stock was down more than 20%. (Go here and have the fun of watching Yahoo trading on Yahoo.)

In the New York Times this morning, major shareholder Bill Miller of Legg Mason made an interesting point: Yahoo has painted itself into a corner where it almost has to use its cash to buy back its own shares, instead of using the cash to strike some other deal to grow the company. "You can't maintain that $33 undervalues your company, have your stock trade below that, and not buy back stock," MIller said.

Analysts expect the stock could dive as low as $20 a share today. That could be effected by whatever else Yang might have to say today, and by shareholder lawsuits that everyone expects. No matter what, this will be an interesting day for Yahoo.

Venture capitalist/blogger Fred Wilson conducted a poll on his site asking where Yahoo would close today. After 1,800 responses, the conclusion was $22 a share.

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