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AltaVista Yanks Offering

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For the second time in nine months, Internet portal AltaVista on Wednesday withdrew its plan for an initial public stock offering.

The Palo Alto-based company cited unfavorable market conditions.

Last April, it postponed the IPO after Nasdaq stocks took a nosedive. AltaVista planned to sell 14.8 million shares at a range of $18 to $20 each.

AltaVista and its parent company, Internet incubator CMGI, have been hard hit by the collapse of Internet and technology stocks over the last year. AltaVista's plight has been attributed to shrinking Internet advertising.

AltaVista cut staff last May and again in September in bid to turn a profit, and CEO Rod Shrock resigned last October.