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Yahoo sinks after
10-K disclosures
NEW YORK (CBS.MW) -- Yahoo
shares began a quick descent following its disclosures in a 10-K filing that it
is the subject of an inquiry by the Federal Trade Commission and could be
subject to almost $250 million in employer payroll taxes.
Yahoo was down 11 3/16,
or 6.3 percent, to 166 in late-afternoon action. Prior to the filing, at 2 p.m.,
Yahoo was trading around 181. A tech-stock sell-off, as represented by the
Nasdaq Composite, also worsened as the day wore on.
Yahoo said the FTC is
requesting documents and information regarding certain of its consumer
information practices to determine whether it has complied with FTC consumer
protection regulations.
Also disclosed: Yahoo may be
subject to employer payroll taxes of approximately $246 million on employees'
exercise of nonqualified stock options. 
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