The Scott Thompson Effect: Yahoo Trades Down 2 Percent On CEO News

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After months of searching, Yahoo announced its new CEO this morning: Scott Thompson, former president of PayPal. The market’s initial reaction? Yahoo shares are trading down 2 percent from yesterday’s close of $16.29 as the market absorbs the news and tries to make sense of it.

Thompson is an operator and a technologist. That might just be what Yahoo needs at this point. We’ll see if the market reacts more positively to his remarks during a conference call which is just about to start.

Update: The stock ended the day down 3 percent. Read more here or watch this video analysis.