It's over. We tried to make it work, Yahoo!, but it's you, not me.

Talks between Yahoo! (NASDAQ:YHOO) and Microsoft (NASDAQ:MSFT) have been called off for good. The Wall Street Journal has reported that Microsoft isn't interested in pursuing a takeover of Yahoo! -- not even at the $33-per-share offer that Microsoft was willing to agree to last month. With a looming search-advertising announcement between Google and Yahoo! scheduled for later today (possibly to build on a previous outsourcing agreement), Yahoo! seems to be back on its feet. But investors aren't.

Shortly after the Microhoo breakup, shares of Yahoo! dropped more than 10%, while shares of Microsoft are up roughly 4%. It sounds as if quite a few investors don't believe in a standalone Yahoo!, and they're taking Rick Munarriz's advice to throw this stock away. Investors thinking of booting Yahoo! shares might want to look at one of the three companies Rick singled out as a possible Yahoo! replacement: Google, (NASDAQ:BIDU), or IAC (NASDAQ:IACI).

Should investors be punishing shares of Yahoo! following the Microhoo breakup? Does Yahoo! have enough under its hood to warrant a comeback? Or do you expect to see another suitor for the troubled search site? Chime in with your Foolish comments below.