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Yahoo dips into the $9 range

Shares haven't been this low in more than five years. Yahoo's next concern will be a drop to $5, a price that automatically forces institutional investors to jump ship.

Yahoo fell as much as 4 percent in early morning trading Thursday, pushing the Internet pioneer's share price into the $9 range.

Shares of Yahoo dipped as low as $9.92 a share, even as broader markets moved upward.

For Yahoo, its share price has been slipping in $1 increments at a rapid rate, creating a dark cloud around its ticker. The company's share price closed in the $10 range on Wednesday. It was in the $11 range on October 15, the $12 range on October 9, the $13 range on October 8, and the $14 range on October 7.

Yahoo's stock price over the past three months

The next critical milestone that investors need to be wary of is the $5 mark. A number of institutional investors, such as pension funds, asset managers, and endowments, have policies that require them to discard stocks that fall below $5. As a result, a stock price's fall will greatly accelerate after that milestone is crossed.

Yahoo is currently trading at a price it hasn't seen since March 2003, but a $5 price tag would take it to a level not witnessed since October 2002.