• CNNMoney, Monday, January 22, 2007 11:15 AM

Wall Street will be paying close attention tomorrow when Yahoo presents its fourth-quarter earnings, especially after the management shakeup and refocusing that resulted from an internal memo leaked to the press last fall. The so-called "Peanut Butter Manifesto" contended that Yahoo's business was spread thin, like peanut butter over bread, offering too many services at the expense of value.

Tomorrow, investors get their first taste of how the changes are affecting the Web giant. These include a narrower focus on Web search, advertising sales and content, some new blood in management, and the official unveiling of the long-delayed Project Panama, which is supposed to help monetize Yahoo's search advertising revenue.

Following these high-profile changes, investors and analysts are expecting reassurances that the strategy is working. Among their biggest concerns: Yahoo continues to cede ground to Google in search and has yet to penetrate the social-networking market in any meaningful way. If the Web giant fails to improve in 2006, many believe it will have to be acquired by one of its competitors, probably Microsoft.

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