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Wall Street Hates Marissa Mayer's Latest Plan to Save Yahoo!

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Marissa Mayer is trying her damnedest to turn around Yahoo! (YHOO - Get Report) , while keeping an open mind about selling the core business.

Wall Street isn't impressed, though.

"We don't think there is anything in the announced restructuring and potential non core asset sales that will mollify activist investors," said Barclays Capital analyst Paul Vogel in a note to clients, following the announcement of the turnaround plans and fourth quarter results.

As part of a broader plan to cut operating expenses by more than $400 million this year, Yahoo! said it would cut 15% of its work staff, closing offices in Dubai, Mexico City, Buenos Aires, Madrid, and Milan, and would consolidate some of its digital magazines. The Sunnyvale, Calif.-based company also noted it would explore selling non-strategic assets, like patents, which it hopes could raise anywhere between $1 billion and $3 billion, while continuing to focus on its MaVeNS (mobile, video, native...


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