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Shares were down as much as 4.9% and have leapt to just a 0.4% decline. It's the strongest indication yet that the company will consider a sale of all or part of its Web business.
The board has a fiduciary duty to listen to offers, which could come from Verizon (NYSE:VZ) or from private-equity firms that have expressed interest in parts of the business.
Sales have fallen at Yahoo in seven of the past 10 quarters.