Is tomorrow a do-or-die day for Yahoo?

After two years of crumbling profits, Yahoo Inc. can’t afford another letdown Tuesday when the Internet icon reports its first-quarter earnings.

Although they only cover a three-month period, the results could determine the Sunnyvale-based company’s fate as it grapples with an unsolicited takeover offer from Microsoft Corp.

If Yahoo bounces back to exceed analysts’ modest expectations, it could be a springboard to a higher bid from Microsoft or provide more credence to management’s argument that the company will be better off remaining independent.

There may be some reason for hope since asian stocks did remarkably well today, but then again, Citigroup is selling $6 billion in shares and National City raised $7 billion in capital but still posted a loss.

Tomorrow might just be an interesting day afterall!

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