Yahoo Inc. (YHOO) delivered a rosy outlook for 2009 and 2010, but will the exchange traded funds (ETFs) that count the company as a major holding buy it?

The disclosure, which was not scheduled, is seen by analysts as a sign that Yahoo hasn’t been able to find another offer after Microsoft Corp.’s (MSFT), which was for $44.6 billion. The offer was 62% higher than the company’s market value at that time, and Yahoo is feeling some pressure to justify turning it away.

Michael Liedtke for the Associated Press says Yahoo has been exploring possibilities with Google, News Corp’s MySpace.com, and Time Warner Inc.’s AOL.

Yahoo’s forecasts predict that revenue, minus advertising commissions, will rise more than 70% in the next three years to reach $8.8 billion in 2010.

If Yahoo finds a taker, some ETFs might notice the shift:

• First Trust Dow Jones Internet Index (FDN), 8.91% in Yahoo
• Internet HOLDERs (HHH), 27.1% in Yahoo
• Technology Select Sector SPDR (XLK), 10% Microsoft
• iShares Dow Jones US Technology (IYW), 11.9% Microsoft; 1.9% in Yahoo

Tags: Sector ETFs, Technology