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Microsoft is evaluating its Yahoo acquisition bid under the theory that the Internet company may have lost value since the $44.6 billion offer was made, according to a Reuters report this afternoon, citing an anonymous source. The Associated Press has a similar report, and I was separately able to confirm the same thing with a person familiar with the situation, who asked not to be identified.

The move appears designed to put new pressure on Yahoo to enter formal acquisition talks. The original $31-per-share bid was a 62 percent premium over Yahoo's share price at the time. Shares of Yahoo fell further in after-hours trading today, as investors speculated about the possibility of Microsoft reducing its acquisition offer.

This afternoon's stories follow the Wall Street Journal's report today that the companies have held more meetings, without any significant progress. The Journal reported: "The Microsoft executives showed no willingness to raise their cash-and-stock offer, and the Yahoo camp continued to refuse to enter formal negotiations without a sweetened bid, people familiar with the matter say."

The person I spoke with cited factors including general market weakness, possible declines in Yahoo's search market share, the tepid analyst reaction to Yahoo's three-year business plan, the departure of key Yahoo employees. "All indications are that the market will continue to deteriorate, and Microsoft will continue to evaluate its offer in that context," the person said, declining to go into detail about the potential outcomes.

Yahoo isn't commenting on the reports.