Yet another down day for Yahoo! Inc. (NASDAQ: YHOO) shares, which lost another 40 cents, or 1.60% of their value, to close at $24.65, hitting one 52-week low after another.
Today it was WR Hambrect analyst Denise Garcia who lowered her estimates for the Internet giant's fiscal year financial results, matching the rest of the Street. While maintaining a "Buy" rating and a $33 target price for Yahoo!, she lowered her earnings per share from 49 cents to 48 cents, which is also the Street average, according to Thomson Financial. Her revenue estimate is now $4.66 billion, slightly below the consensus $4.68 billion.
As for Q3, Garcia lowered revenue projections from $1.5 billion to $1.1 billion, and also lowered Q4 estimates somewhat. Similarly, she lowered her 2007 revenue forecast. None of these adjustments are surprising after Yahoo! disclosed last week it is experiencing a slowdown in ad revenue, especially from in the automobile and financial service. Consequently, Yahoo! said, it would report revenues in the lower half of its previously forecast guidance range.
And in completely different news, Yahoo! Search Blog announced today Yahoo! had acquired Jumpcut, an online video editing service. Here is Jumpcut's notice on their blog. Bloggers seem excited about the move as Jumpcut is considered to be one of the best online video editing services.
Closing Bell: Economic Catapult for Thanksgiving & Black Friday (WMT, TGT, GRMN, GOOG, MSFT)
Deere up on Q4 earnings performance
Reid Hoffman: LinkedIn will go public (at some point)
