We’re recommending shares of Yahoo! Inc. (YHOO), which reported second-quarter results after the bell last night. Yahoo shares closed yesterday at $32.24, but traded down more than 15% in hafter hours trading and are currently indicated at $26.63.

The major news to come out of the announcement was that Yahoo is delaying the launch of its upgraded search technology platform to the fourth quarter from what was expected to be a third-quarter launch. While we do see this as a concern, in our opinion, it does not materially impact the long-term value of Yahoo. While it would be nice to see Yahoo make some gains on Google in the search advertising space, the value of Yahoo is, and always will be, its dominant position in branded advertising.

Long-term investors should not pass up this tremendous opportunity to pick up shares of Yahoo, one of the best positioned companies in the entire media space.