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Yahoo shares fall 21 percent after Microsoft deal exit

NEW YORK
Mon May 5, 2008 3:31pm EDT

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Yahoo punished as Microsoft walks

Mon, May 5 2008
Microsoft CEO Steve Ballmer (L) and Yahoo! CEO Jerry Yang in a combination photo. Yahoo's shares tumbled as much as 20 percent on Monday after Microsoft withdrew its $47.5 billion takeover offer, wiping about $7.6 billion off the Internet company's market capitalization and piling pressure on its leadership. REUTERS/Charles W Luzier/Hyungwon Kang/Composite

NEW YORK (Reuters) - Shares of Yahoo Inc (YHOO.O) tumbled 21 percent in pre-market trade on Monday after Microsoft Corp (MSFT.O) withdrew its $47.5 billion takeover offer for the Internet search and media company.

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The decline also followed Citibank's downgrade on Yahoo shares to "sell" from "buy".

The stock tumbled to $22.65 on Monday morning. The shares rose nearly 7 percent to $28.67 on Friday on hopes of an agreement between Microsoft and Yahoo.

(Reporting by Franklin Paul, editing by Mark Porter)
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