Yahoo! (NASDAQ: YHOO) May call option implied volatility is at 33, June is at 23; compared to its 52-week range of 16 to 43 into announcing the commencement of a modified "Dutch auction" self-tender offer to purchase for cash up to $3B of shares of its common stock at prices equal to the A) "Alibaba VWAP", multiplied by (B) multiples specified by tendering stockholders not greater than 0.420 nor less than 0.370, provided that in no event will the purchase price be less than $37.00 per share, less applicable withholding taxes and without interest.