Today, 11:02 AM
- "Even if there’s more upside, best to take at least some of the money and run with the Russian bears," writes Barron's Dimitra Defotis about Yandex (NASDAQ:YNDX) in a weekend column.
- As of Friday's close, the Russian search giant had risen 48% from a March low of $13.90, aided by a rebounding ruble and higher oil prices. An EU antitrust probe of Google (comes amid a probe by Russian regulators) also hasn't hurt. Q1 results arrive on April 28.
Wed, Apr. 15, 2:56 PM| 4 Comments
Mon, Apr. 6, 1:55 PM
- WTI crude oil is up 5.9% to $52.06/barrel. The ruble and Russian markets have followed oil higher - the MICEX index rose 1.1%, and the dollar-based Russian Trading System Cash Index rose 4.2% - and so have U.S.-traded Yandex (YNDX +6.5%), MTS (MBT +3.9%), and VimpelCom (VIP +6.7%).
- Yandex is up 9.5% since Deutsche upgraded last Thursday, arguing a Russian antitrust probe of Google will act as a positive catalyst.
Thu, Apr. 2, 2:03 PM
- "We see the Russian antitrust investigation into Google and an overall increasing government eye on the Internet space providing a potential catalyst to Yandex (NASDAQ:YNDX) shares, which have been predominantly at the mercy of FX and macroeconomic forces of late," writes Deutsche, reiterating a Buy and $21 target.
- The firm adds that while Russian macro pressures continue, the ruble (currently at 56.6 to the dollar) has stabilized, and believes "the bulk of downward [estimate] revisions" are now over. Pending Google document requests and hearings are seen providing positive news flow.
- After getting clobbered last fall thanks to the ruble and crude oil's plunge, Yandex has traded in a fairly narrow range over the last couple of months. At the current exchange rate, shares go for 5.1x 2015E sales.
Mon, Feb. 23, 11:09 AM
- Yandex (YNDX -4.6%), Qiwi (QIWI -8.2%), VimpelCom (VIP -5.7%), and MTS (MBT -7.9%) are seeing fresh selling pressure after Moody's joined S&P in downgrading Russia's debt rating to junk, and the U.S. and U.K. raised the prospect of fresh Ukraine-related sanctions.
- Yandex is now down 3% from where it traded before providing better-than-feared Q4 results and Q1 guidance last Wednesday. Qiwi hasn't yet posted its Q4 report.
Wed, Feb. 18, 5:38 PM
Wed, Feb. 18, 9:29 AM
- Yandex (NASDAQ:YNDX) is guiding for 15% Y/Y Q1 ruble-based revenue growth, below a 16.9% consensus but better than feared given Russia's macro woes.
- Q4 revenue (RUR14.7B, or $260.7M) was up 21% Y/Y on a ruble basis, but down 29% from the year-ago level (RUR12.1B, or $369.3M) on a dollar basis. However, EPS (RUR23.44, or $0.42) rose from year-ago levels (RUR10.30, or $0.31) on both a ruble and dollar basis.
- On a ruble basis, text ad sales on Yandex sites (search ad-driven) rose 24% Y/Y to RUR8.01B, a slowdown from Q3's 33%. Ad network text ad sales +16% to RUR2.83B; display ad sales on Yandex sites -2% to RUR1.01B (a recent weak spot); ad network display sales +34% to RUR137M.
- Total ruble-based revenue growth fell to 21% from Q3's 28%. Paid clicks +18%; ad prices +3%.
- Boosting EPS: Traffic acquisition costs fell to 21.1% of revenue from 23.4% a year ago. SG&A spend fell to 15.7% of revenue from 16.4%, but R&D rose to 18.2% from 13.7%. $18.9M was spent on buybacks.
- Search queries rose a modest 9% Y/Y. LiveInternet estimates Yandex had a 59.7% Q4 search share, down from 60.3% in Q3 and 61.9% a year ago.
- Yandex's shares, hit hard in recent months by the ruble and crude oil's plunge, have risen to $17.99 in premarket trading.
- Q4 results, PR
Wed, Feb. 18, 9:15 AM
Wed, Feb. 18, 6:05 AM
Tue, Feb. 17, 5:30 PM
Thu, Feb. 12, 9:48 AM
- A ceasefire between Russia and Ukraine will go into effect on Feb. 15. Russia's MICEX Index is up 2%, and the ruble has risen moderately against the dollar - the exchange rate is currently 66.2.
- Yandex (YNDX +3.3%), Qiwi (QIWI +5.9%), and MTS (MBT +3.6%) are responding well to the news. The companies also posted big gains last week.
- This morning, Qiwi announced a partnership with Russian carrier MegaFon to offer a co-branded version of Qiwi's digital wallet. A 0.5% cash rebate is provided for payments made using the wallet.
Thu, Feb. 12, 9:15 AM| 5 Comments
Thu, Feb. 5, 1:18 PM
- Russia's MICEX Index rose 2.5% today, aided by a ~6% increase in oil prices. With the ruble up a bit against the dollar - the exchange rate is currently 66.6 - the dollar-based Russia Trading System Cash Index is up 4.7%.
- Beaten-down Yandex (YNDX +7.1%) and Qiwi (QIWI +7.3%) have followed Russian markets higher. Yandex's Q4 report arrives on Feb. 18.
Mon, Jan. 26, 1:21 PM
- The ruble/dollar exchange rate is down to 67.9 after the U.S. and EU threatened Russia with new sanctions in the wake of a new offensive by pro-Russian Ukranian rebels. Meanwhile, S&P has downgraded Russia's debt rating to BB+ (junk status) from BBB-.
- Yandex (YNDX -4%), Qiwi (QIWI -2.6%), VimpelCom (VIP -2%), and MTS (MBT -8.2%) aren't reacting well. Russia's MICEX Index fell 1.8% today. The dollar-based Russia Trading System Cash Index fell 5%.
Tue, Jan. 20, 10:04 AM
- Citing cost inflation (no doubt thanks to a plunging ruble), Goldman has downgraded Yandex (NASDAQ:YNDX) to Sell, and cut its 2015 and 2016 EPS estimates by ~40%.
- The Russian search giant has once more fallen below $17. Local online payments leader QIWI is also off sharply. Moody's recently downgraded Russia's debt to the brink of junk.
Mon, Jan. 12, 2:59 PM
- Yandex (YNDX -3.1%), Qiwi (QIWI -6.5%), VimpelCom (VIP -3.1%) and MTS (MBT -4.2%) are following the ruble lower once more. The dollar/ruble exchange rate is currently at 63.05.
- In the news today: 1) Angela Merkel has warned about a lack of progress at a 4-way summit aimed at easing Ukraine tensions. 2) Goldman has cut its 3-month dollar/ruble target to 70 and its 12-month target to 60, citing the impact of low oil prices. 3) The Russian central bank discloses it has respectively spent $76B and €5.4B to prop up the ruble against the dollar and euro. 4) The president of Russia's regional banking association warns "a wave of bankruptcies" could hit the country.
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