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And so it begins. After Yahoo this week gave CEO Carol Bartz the axe, the stock rallied on the suspicion on the Street that the company almost certainly has now been put into play, and might not last very long with its current corporate structure.

The sudden ouster of Yahoo CEO Carol Bartz wasn't triggered by one specific factor, but rather because Ms. Bartz wasn't reaching a series of performance targets.

Tim Armstrong, the chief executive of AOL, says he has not lost faith that his overhaul will reverse its decline.

But the Yahoo CEO's feisty personality was on display at the tech confab Tuesday.

AOL's earnings more than doubled amid gains from asset sales, though ad revenue dropped 27%. CEO Armstrong said AOL is on the path to recovery, with much of the revenue declines "self-inflicted."

AOL won't officially become an independently traded company again until December 10 when CEO Tim Armstrong is scheduled to ring the bell on the floor of the New York Stock Exchange.

Shortly before taking over as head of AOL in April, Tim Armstrong ripped out some office doors.