Yahoo is poised to lay off hundreds of workers as part of the slumping Internet icon's effort to sharpen its focus and boost its sagging...

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Yahoo will cut about 700 jobs, or 5 percent of its work force, as it reorganizes to compete with Google, according to a person with knowledge of the plans.

It may announce the cuts to its staff of about 14,000 around the time it reports earnings next Tuesday, said the person, who requested anonymity because the cuts haven’t been disclosed.

Yahoo spokeswoman May Petry declined to comment. In a statement Monday, Yahoo said it will “eliminate some areas of the business.”

It has had seven straight quarters of falling profit.

Target

Retail giant warns of weaker sales

Target said its January sales are coming in at the low end of the range it had expected earlier this month.

It was a new sign of weakness at the second-largest U.S. discount retailer.

Target said earlier this month that same-store sales for January would range between a decline of 1 percent and a gain of 1 percent. Monday, Target said its results would be at the low end of that range.

Target is to report results Feb. 26.

SEC

Last Democrat to leave Jan. 31

U.S. Securities and Exchange Commission member Annette Nazareth told President Bush she will step down Jan. 31, leaving the panel with a second vacancy and no Democratic representation.

Nazareth, 51, named an SEC commissioner in 2005, will “pursue other professional opportunities,” she wrote in a Jan. 18 resignation letter released Monday.

Her departure, which she announced in October without setting a date, will leave the SEC with two vacancies to be filled by Democrats.

Compiled from The Associated Press and Bloomberg News