Yahoo! Call Interest Surges on Yang Going By Rebecca Darst About this article: A couple of weeks back, amid reconstituted rumors of a possible reconciliatory bid from Microsoft, we noted an uptick in implied volatility and long volatility positions in Yahoo! were assured by trader contacts in the know that real optimism on Yahoo! was contingent not on a renewed bid from Microsoft, but over the departure of CEO Jerry Yang. This appears to have been validated by today's news that Yang indeed plans to step down as chief executive, sending shares 13% higher to $12.01 and call volume to more than twice that of calls. The knee-jerk euphoria surrounding news of Yang's departure is amply illustrated in one 18,000-lot trade in Yahoo! calls at the $20 level, which appeared to have been bought for 39 cents apiece in a bout of wishful thinking that the company will resolve its problematic independence quickly. We should add, however, that implied volatility did not... Or, call us at 1-866-321-TSCM (8726) Monday-Friday, 8 a.m.-6 p.m. ET. Outside the U.S. and in Canada, call 1-212-321-5200. More Stories From RealMoney Durable Goods Up Move Down the Tech Food Chain Jobless Claims Still High Bulls' Tenacity Is the Big Question Mark Should You Buy It? Pharmaceutical Product Development Bad News Trumps All Support for Banks Holds, For Now Bummer, Yields Are on the Rise Money on the Line Makes a Big Difference Structured Products: Unsafe at Any Price MORE STORIES FROM REALMONEY

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