Chinese web company

Sohu.com

(SOHU) - Get Report

shed $11.34, or 13.6%, to $71.96 after the company said the upcoming Olympics in Beijing would be a huge driver for online advertising but ad revenue growth could slow in 2009. This fiscal year, Sohu expects online ad revenue to grow 40%-45% and fall to about 20% to 30% in 2009.

Getting absolutely pummeled in trading action today,

Medis Tech

( MDTL) was losing 26.8%, dropping to $3.66. The New York-based firm, which designs, develops, and markets liquid fuel cell products geared toward consumer electronics, agreed to sell $29 million in securities.

Yahoo!

(YHOO)

fell 74 cents, or 3.3%, to $21.99 following reports that more senior executives are leaving the company after a failed acquisition bid for the company by

Microsoft

(MSFT) - Get Report

. The

Wall Street Journal

also reported that Yahoo!

is considering

merging its mail, search and home-page divisions into one centralized unit.

Shares of

SanDisk

(SNDK)

fell $2.29, or 9.8%, to $21.15 after a Citigroup analyst

cut his rating

on the stock to hold from buy and reduced the price target on the stock to $27 from $35. With demand in Asia slowing down, analyst Craig Ellis expects lower product growth in the second half of the year.

Highflying

ShengdaTech

( SDTH) was rising 15.9% to $9.57. The China chemicals company outlined plans to acquire a state-owned chemical company, and Shengda will relocate its existing chemical operations. This move is expected to strengthen ShengdaTech's position in the chemical sector.

This article was written by a staff member of TheStreet.com.