Yahoo's Profit Drops 23% and stock lost 7.6%
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Yahoo lost 7.6%, or $1.59, to $19.22 on the Nasdaq Stock Market. The online search engine's fourth-quarter profit dropped by 23% from the same period a year ago, while revenue rose 8%. The company will cut 1,000 jobs next month.
Citigroup, Oppenheimer and Pacific Crest Securities all removed their "buy" ratings from Yahoo, downgrading the shares to "neutral" calls.
A Goldman Sachs note told investors to "stay on the sidelines" when considering Yahoo's stock, "given continued uncertainty in the company's long-term revenue, profit, and FCF growth rates and thus valuation." Analyst Jennifer Watson lowered Goldman's price target for Yahoo to $22.50 from $26.
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Real irony...All signs
Real irony...All signs indicated Yahoo as a dead duck, everybody's jumping ship, and now suddenly everybody who sold YHOO must be kicking themselves...
Yeah, and those that bought
Yeah, and those that bought are jumping for joy, though none of them could have called this.
I am glad I got in last
I am glad I got in last week.
Should have bought on the
Should have bought on the negative earnings :)
Missed by 1 penny and the
Missed by 1 penny and the stock tanked 9% in after-hours. I think it was an over-reaction and presents a good buying opportunity.
It will be interesting to
It will be interesting to see Google's earnings tomorrow.