Yahoo Shares Halted On Expected News

By Reuters, CRN
March 07, 2001 10:47 AM ET

Shares of Internet portal Yahoo Inc. fell sharply early Wednesday before trading was halted on the Nasdaq due to news pending.

Prior to the stock's halt, shares of Yahoo had fallen $1.41, or 6.3 percent, to $20.97, their lowest level since September 1998.

The company was not immediately available for comment.

Merrill Lynch analyst Henry Blodget, once one of the biggest Internet bulls, questioned the company's decision to cancel its appearance at the brokerage's Internet Conference later in the week.

In a report on Yahoo, he suggested the company was planning to give guidance on its earnings or announce either that it is restructuring, that it intends to acquire another company, that it is entering into a strategic investment or that it is making a major management change.

The First Call/Thomson Financial consensus analyst estimate for Yahoo's first quarter is 5 cents. Besides Blodget's report, there was no indication that the news release would be about earnings.

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