Updated from 12:58 p.m. EDT
Earnings news drove technology stocks modestly lower Wednesday, with Yahoo!(YHOO Quote) leading the way.
Shares in Yahoo! slumped 11.8% after the Internet company posted first-quarter earnings that fell a penny a share short of expectations. The company earned $142.4 million, or 10 cents a share, on revenue of $1.18 billion. Analysts polled by Thomson First Call expected earnings of 11 cents a share on revenue of $1.21 billion. During the year-earlier quarter, the company earned $159.9 million, or 11 cents a share, on revenue of $1.09 billion.
Looking ahead, Yahoo! sees second-quarter revenue of $1.2 billion to $1.3 billion, in line with the $1.28 billion that analysts project. Shares closed down $3.78 to $28.31. ...
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