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AOL woes could bruise Yahoo

Merrill Lynch analyst Justin Baldauf on Monday said Internet media company Yahoo could show weaker-than-expected results in coming quarters if the troubles at AOL Time Warner's America Online division carry over to peer companies.

AOL Time Warner on Monday said this year's results at America Online will fall short of expectations because of the prolonged advertising slump. Baldauf wrote in a research note that AOL's warning increased the risk that Yahoo would not meet earnings estimates. Yahoo has successfully diversified into nonadvertising revenue streams but continues to get about 50 percent of its revenue from online advertising. Yahoo shares were up 21 cents at $10.11 at the close of Monday trading.

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