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Though other reports claim Yahoo plans to shed as many as 2,500 jobs, the current swirl of rumors whispers of a 700 position cut.

Seven consecutive quarters of profit drops have Yahoo nervous and investors itching for action on CEO Jerry Yang's part. Rumored Yahoo job cuts had been hinted at being from 1,500 to 2,500 in number, possibly among poor performing Yahoo Europe operations.

However, a Bloomberg report, citing a person with knowledge of Yahoo's job-cutting plans, claimed the number would be far less. Only 700 jobs face the executioner's axe.

Yahoo isn't talking yet, and probably won't before the company announces earnings on January 29th. A cut of only 700 jobs likely won't satisfy investors, according to Eric Savitz:

But I suspect the Street will find the news disappointing. Bernstein Research analyst Jeffrey Lindsay, for instance, has been saying for months now that the company ought to cut its headcount by as much as 25%. Meanwhile, Yahoo shares could come under pressure on Tuesday from big drops in Asian trading by shares of both Alibaba.com and Yahoo Japan; Yahoo holds big stakes in both companies.

In trading today, Yahoo had fallen 26 cents to $20.52 at press time. Much of the tech marker has followed the overall downward trend since the Fed cut interest rates by three-quarters of a point.