In a July 13th post, I pointed out that Google Inc. (Nasdaq: GOOG) and Yahoo! Inc. (Nasdaq:YHOO) were the only two stocks we cover that have risen since we opened for business at the beginning of May. The market's reaction to Yahoo's earnings demonstrates what a treacherous investing environment we face.
Although these two stocks were up, I was not comfortable investing in them. As I noted last week, "In the current investing climate, I would hesitate to commit funds even to Google and Yahoo because a slight stumble in earnings results or guidance could slam these stocks."
As Sarah Gilbert pointed out, that is exactly what happened this evening. Specifically, Yahoo delayed the launch of a much-anticipated upgrade of its search advertising system and issued a 2006 revenue outlook below Wall Street forecasts, sending its shares down 13%.
Foreclosures fall, but are still higher than a year ago
HP's deal for 3Com: A missile launch at Cisco?
Before the bell: Stocks to open lower despite Wal-Mart's beat
