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As Nasdaq pierces 3,000 level, Yahoo stock stays in blah mode

With tech-heavy index on fire yet again, investors yawn one day after Yahoo throws the kitchen sink at Facebook.

Nadaq regains the 3,000 level NASDAQ

Well, that didn't work out so well.

On Monday, Yahoo sued Facebook, claiming that the social network had infringed on a host of its patents. Who knows whether the case will ever make it to trial. Facebook says Yahoo's smoking dope but let's not rule out the possibility Facebook CEO Mark Zuckerberg decides to write a check to get rid of what he deems a nuisance lawsuit. Or he could fight it.

But judging from the interim judgement rendered by the smart money set, Yahoo should temper its expectations.

If investors thought it was a big deal and Yahoo had a good case, they would have bid up the company's shares strongly as the tech-heavy Nasdaq pierced the 3,000 level for the first time since the dot-com bubble. Instead, there was a collective yawn on Wall Street as shares of Yahoo bounced around the even line most of the day before finishing trading up a whopping six cents to close at $14.59.