Overture share price drops as earnings outlook weakens
Shares of Overture dropped by almost a third on news that the search copmany is reducing its earnings guidance for the year by about half due to what appears to be increased competition from Google which continues to grow rapidly according to this Wall Street Journal story (subsription required):
The warning was followed by a slew of outraged analysts' remarks.
"The level of the miss yesterday leaves us bewildered, confused and disappointed, and we believe that the level of uncertainty has risen significantly," U.S. Bancorp Piper Jaffray analyst Safa Rashtchy said in a note to clients Thursday.