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Article: Yahoo Shares Plunge 22 Percent
- Article from:
- AP Online
- Article date:
- July 19, 2006
CopyrightCopyright 2006 Associated Press/AP Online. This material is published under license from the publisher through YellowBrix, Alexandria, Virginia. All inquiries regarding rights should be directed to YellowBrix. (Hide copyright information)
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SAN FRANCISCO - Yahoo's stock price plunged by nearly 22 percent Wednesday, marking its largest one-day drop ever after the Internet powerhouse postponed a pivotal change to the advertising formula that propels its profits.
The Sunnyvale, Calif.-based company jarred Wall Street with the unexpected delay late Tuesday after announcing solid second-quarter results that mirrored analyst estimates.
On Wednesday, Yahoo Inc.'s shares plummeted $7.04, or 21.8 percent, to close at $25.20 on the Nasdaq Stock Market. The downturn surpassed a 20.9 percent downturn in Yahoo's stock in October 2000 after the company warned investors it was about to be hard hit by the dot-com bust.
The wipeout erased ...