Expecting A Modest Pullback

The market is opening under a bit of selling pressure, which isn't surprising after the last 2 days. I expect to see a mild pullback, and hopefully the put/call ratios won't drop too low.

The big news this am is the management shake-up at Yahoo (YHOO). Three key executives have resigned, as the company faces increasing pressure to monetize its search better to compete with GOOG, as well as get its stock price going again.

I don't think CFO Sue Decker has near enough vision to take over the CEO position. Actually, I think the company should sell itself. It would be awesome if GOOG would just buy them, but I don't think it will happen.

Oil and commodities are trading lower so far. For its part, the 10-year yield is up a couple bps to 4.46%. The low yields are giving another window to mortgage borrowers who took out floating rate loans and now have a nice opportunity to lock in those low rates and not risk ballooning payments. I suspect that window may stay open for awhile now also.

In other news and notes:

• NTLI drops bid for ITV
• RBAK announces deal with China
• Asian stocks rise overnight
• MRK reiterates guidance
• TSCM started with BUY at First Albany
• CROX tgt raised to $53 at Piper Jaffray
• QCOM talking about 4G tests
• ADP sees 158k jobs added in November
• MA tgt raised to $120 at KeyBanc
• Bear Stears says GOOG intl. mkt share hit 73%
• Bear says 1H07 risks built in SNDK; Buy
• DOCC to be acquired by private firm
• IDCC lowers Q4 guidance; stock down

long GOOG, QCOM, SNDK