Last Updated: May 5, 2008: 9:49 AM EDT
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Yahoo stock drops 19%

Internet portal's stock tumbles sharply after Microsoft withdraws its $46 billion offer.

By YI-Wyn Yen, reporter

NEW YORK (Fortune) -- Yahoo Inc. shares fell 19% early Monday after Microsoft Corp. withdrew its $46 billion bid to purchase the tarnished Internet portal.

The sell-off comes two days after Microsoft Chief Executive Steve Ballmer said the two companies were unable to reach an agreement.

Microsoft announced a bid in late January to purchase the company in a nearly $45 billion offer. Yahoo demanded a higher price, saying the company was
"severely valued." The three-month saga ended Saturday with Yahoo refusing Microsoft's offer that increased the original offer to $33 a share from $31.

Yahoo shares traded at $23.14 by 9:30 am EST, off 18.4% from the Feb. 1 announcement of Microsoft's offer. To top of page

Company Price Change % Change
Ford Motor Co 8.29 0.05 0.61%
Advanced Micro Devic... 54.59 0.70 1.30%
Cisco Systems Inc 47.49 -2.44 -4.89%
General Electric Co 13.00 -0.16 -1.22%
Kraft Heinz Co 27.84 -2.20 -7.32%
Data as of 2:44pm ET
Index Last Change % Change
Dow 32,627.97 -234.33 -0.71%
Nasdaq 13,215.24 99.07 0.76%
S&P 500 3,913.10 -2.36 -0.06%
Treasuries 1.73 0.00 0.12%
Data as of 6:29am ET

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