yhoo2“This agreement comes with boatloads of value for Yahoo!, our users, and the industry,” Carol Bartz said in her prepared statement about Yahoo’s agreement to turn over the bulk of its search and advertising business to Microsoft. Day traders don’t seem to agree. YHOO shares have dropped more than 10 percent from yesterday’s closing price.

Yahoo’s drop is part of a larger trend: The entire Nasdaq composite index is down this morning, albeit by less than 1 percent. But given the search deal’s high profile, a drop is a conspicuous vote of non-approval.

In contrast, Microsoft is holding steady from yesterday at around $23.50 per share. That’s better than the tech industry at large today, but hardly a reward for the Yahoo deal that Microsoft has worked hard to close.

Microsoft and Yahoo have just changed the landscape of the Internet economy by giving Microsoft’s Bing 30 percent market share. It’s the most talked-about event at the VentureBeat office today. But the stock market’s non-response suggests that outside the industry, the deal isn’t seen as the game-changer Microsoft and Yahoo hope it will be.

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