Yandex, Qiwi, VimpelCom, MTS slammed thanks to ruble's crash
- The ruble is down over 6% today against the dollar amid ongoing worries about weak oil prices, sanctions, and capital flight. Yandex (YNDX -8.2%), Qiwi (QIWI -12.4%), VimpelCom (VIP -8.6%), and MTS (MBT -11.2%) are all seeing huge losses.
- Yandex rallied on Friday after Google announced it's shutting down its Russian engineering office. With the ruble/dollar conversion rate now at 62:1 (up from less than 40:1 earlier this year), Yandex trades for 21x 2015E EPS.