"Yahoo doesn't bring much to Microsoft that the company doesn't already have. Both companies are leaders in display advertising and e-mail. We expect Google to continue to scrape away share in these areas over the next several years. We'd like to have seen Microsoft made "big, bold bets" (to use Ballmer's words) in areas that are likely to be big in 2-3 years on the Internet, instead of buying the former leader in the market." -- Walter Pritchard of Cowen & Co.