Question: Does yahoo have an equivalent to Google Alerts? 

Answer: Yes, and in some ways is better because they don't whop you with all the pop-ups and cookies etc. Infact, Yahoo's pop-up blocker blocks it's own occasional pop-up. I get several alerts, both in my Yahoo email, on my home page and on my tool bar.
This question from the Yahoo Q&A forum is categorized in the topic: Education & Reference