This just wasn't a pretty picture: on a day when the NASDAQ gained 1.64%, Yahoo! Inc (NASDAQ: YHOO) shares lost 0.5%, or 12 cents, to close at $24.12.
First, an update on earlier post from today regarding Yahoo!'s Search Marketing bug. It is now fixed - hallelujah. Maybe they heard my cry?
But as I mentioned in the opening paragraph, today Yahoo! was really blamed for "marring an otherwise positive day for most Internet stocks," as an analyst downgrade helped nudge Yahoo! stock down the slope it was already on.
Analyst at Jefferies & Co. finally remembered to take Yahoo!'s warning of several weeks ago -- that it is witnessing a slowdown in auto and financial advertising -- seriously and cut his third-quarter revenue estimates to $1.12 billion, down from their previous estimate of $1.173 billion.
The analyst, Youssef Squali, said that while he is expecting short term laggard performance from Yahoo! stock, he still expects it to start improving in late Q4, early 2007.
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