THE FALLING OUT: Microsoft Corp. withdrew a takeover bid after Yahoo Inc. said it wouldn't sell for less than $37 per share. Microsoft wasn't willing to pay more than $33 per share.
THE REPERCUSSIONS: Yahoo's stock price is expected to surrender most of its 50 percent gain since Microsoft made its bid. Microsoft shares are expected to rise; investors had worried a Yahoo takeover would turn into a complicated mess.
THE HOT SEAT: Yahoo CEO Jerry Yang will have to deliver on his pledge to end a two-year funk and prove the company is worth more than $37 per share _ a price the stock hasn't reached since January 2006. Microsoft CEO Steve Ballmer will have to find another way to challenge Google's dominance.