PlanetOut Stock Tumbles On Sale News

After yesterday's news that PlanetOut is planning to sell itself, its stock tumbled another 23%. The company has lost 87% of its value since January 2007. In an effort to retain their NASDAQ listing, last year the company performed a 1-10 reverse stock split. Companies must maintain a stock value of over $1 to maintain their listing on the exchange. PlanetOut is trading at the moment at $4.56.

PlanetOut owns Gay.com and the magazines Advocate and Out. The ownership of the Gay.com domain name is considered by some to be the company's most valuable asset.