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was selling off in the premarket session after Softbank said it cut its stake in the Internet portal and an analyst downgraded the shares.

Softbank's U.S. unit said it sold 17.5 million shares in Yahoo! for $294 million, cutting its stake to 4% from 7%.

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Separately, a Prudential analyst downgraded the stock to hold from buy, citing valuation. The brokerage set a $14 price target.

On the Instinet premarket session, Yahoo! was recently down $1.58, or 9%, to $15.80.