Yahoo shares looked cheap in February, when Microsoft made an unsolicited bid for the company, which valued Yahoo at $31 per share.
If Microsoft had waited eight months for the markets to implode, though, it might have gotten Yahoo for a real bargain. Shares of Yahoo closed at $14.58 on Tuesday, down 53 percent from Microsoft's initial offer, 48 percent below last year, and roughly in the range that it traded back in the fall of 1998.
