The major indices extend their declines, with the S&P 500 down more than 3% in broad-based weakness.
Shares of Yahoo! (YHOO 10.11, -1.44) extended losses after Microsoft's
(MSFT 18.92, -0.70) CEO said the company is no longer interested in
acquiring Yahoo, but is open to looking into a possible search
collaboration. Yahoo shares gained 8.2% yesterday on news that Yahoo
CEO Jerry Yang was stepping down, raising speculation that MSFT may
show renewed interest.