The rush of speculation since news broke this morning that Microsoft and Yahoo might be in merger talks is all for naught, according to the WSJ (sub. req.)—one of the two papers that started it all. (The NY Post broke the News; WSJ gave it legs.) The latest report: merger discussions “are no longer active” but the two may explore ways of cooperating. It came out just before after the market closed.

The Journal—quoting the usual “people familiar with the situation”—says the talks in recent months discussed a merger or some kind of match-up but that Yahoo doesn’t appear to be interested in a major deal.

Update: Dow Jones’ MarketWatch picked up on the “media report” from its sub-required sibling:  “Yahoo shares ended the day up 10 percent at $30.98. Shares rallied sharply, at one point rising 17 percent, after the New York Post reported that Microsoft may want to buy the firm in what could be a $50 billion deal.” The rally lost steam after the WSJ report.