[dragonwriter]

> Stock can't have negative value.

A component of a business can. Ignoring the problems that make marginal stock prices problematic for overall valuation, and transaction costs, etc., the stock price of a corporation should be max(0,sum(value of all components of the business)). The fact that this value should never be less than zero doesn't mean that no component of the business has a negative contribution.

[dlubarov]

I think we're in agreement. I agree that "Core Yahoo" might presently have negative value, because it could lose money in the future and eat into the company's other assets.

I'm just saying that if Yahoo sold its major stock assets and transferred most of its cash to shareholders, the remainder of the company (consisting of "Core Yahoo" and not much else) would have positive value.