We are almost certainly about to get an update late this afternoon on the cavalcade of pain and horseshit that is Verizon's attempted purchase of whatever constitutes Yahoo these days.
Marissa Mayer's smoldering asset landfill announces its 2016 results after the closing bell today and Verizon announces tomorrow, a calendar reality that has led to some pretty widespread guessing that news is imminent. But while we wait on that, there is some actual news to chew on:
U.S. authorities are investigating whether Yahoo Inc.’s two massive data breaches should have been reported sooner to investors, according to people familiar with the matter, in what could prove to be a major test in defining when a company is required to disclose a hack.
The Securities and Exchange Commission has opened an investigation, and in December issued requests for documents, as it looks into whether the tech company’s disclosures about the cyberattacks complied with civil securities laws, the people said. The SEC requires companies to disclose cybersecurity risks as soon as they are determined to have an effect on investors.
The only thing worse than leaking out terrible news seemingly every few weeks is doing it with incredibly terrible timing. With our newly-installed President already making waves about standing in the way of large mergers and Yahoo being so self-destructive that even his SEC will likely keep this investigation going, we can officially stop expecting an announcement this week that the merger is a done deal. Verizon would be openly inviting the contempt of shareholders by paying the agreed price for Marissa's purple nightmare and that's even before we know how bad things got there in Q4 2016.
So, the coincidental timing of Yahoo and Verizon's earnings is indeed worth thinking about, but the news is not gonna be great.