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Yandex N.V. (YNDX)

  • 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%.
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  • 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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  • Thu, Jan. 8, 10:13 AM
    • Russia' MICEX Index is up 5.2%, joining many European indices in rallying. The ruble, meanwhile, has risen 3.9% against the dollar; the exchange rate is currently at 60.48.
    • Yandex (YNDX +7.3%), Qiwi (QIWI +7.1%), and MTS (MBT +8%) have shot higher in response. Yandex, less than $4 above a 52-week low of $15.03, currently goes for 22x 2015E EPS at current exchange rates. Its 2015 revenue growth consensus (in rubles) is at 20.5%.
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  • Dec. 31, 2014, 12:06 PM
    • VimpelCom (VIP -6.1%), MTS (MBT -4.3%), Yandex (YNDX -2.6%), and Qiwi (QIWI -2.4%) are ending what has been a very tough year for nearly any Russia-related investment on a down note.
    • The government's statistics ministry stated today 2014 inflation is expected to come in at 11.4% thanks to the ruble's plunge. Food prices are expected to post a 15.4% increase, non-food products an 8.1% increase, and service charges a 10.5% increase. Consumer prices are up 2.6% M/M in December.
    • YTD declines: YNDX -58%. QIWI -63%. VIP -68%. MBT -65%.
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  • Dec. 17, 2014, 1:29 PM
    • Battered in recent days as crude oil plunged and took the ruble down with it, Yandex (YNDX +6.3%), Qiwi (QIWI +5%), VimpelCom (VIP +17.9%), and MTS (MBT +9.3%) are rebounding sharply today. Yandex is up 19% from a Tuesday morning low of $15.03.
    • Helping the group out: The ruble has rallied after Russia's Finance Ministry began selling foreign currency; Monday's big rate hike is undoubtedly also playing a role. The ruble/dollar exchange rate now stands at 60.6.
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  • Dec. 16, 2014, 9:35 AM
    • Yandex (YNDX -11.6%), Qiwi (QIWI -11.9%), VimpelCom (VIP -6.8%), and MTS (MBT -11.5%) continue to get battered as the ruble continues plunging in spite of the Russian central bank's decision to hike its key rate to 17%.
    • The ruble/dollar exchange rate has soared to 71.9. Though up on a ruble basis, Russia's MICEX index is down sharply on a dollar basis.
    • Yesterday: Yandex, Qiwi, VimpelCom, MTS slammed thanks to ruble's crash
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  • Dec. 16, 2014, 9:10 AM
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  • Dec. 15, 2014, 11:50 AM
    • 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.
  • Dec. 12, 2014, 11:33 AM
    • In response to a new law requiring Internet companies to store their users' personal data within Russia (seen by critics as an attempt at censorship), Google (GOOG -1%) is shutting down its Russian engineering office.
    • Nonetheless, Google insists it will increase its business investment in Russia next year, and says it still has "a dedicated team in Russia" to support local users.
    • Yandex (YNDX +4.2%) has rallied following the news. estimates Yandex had 60% of the Russian search market in Q3, and Google 31%.
    • Google shut down its Chinese search engine ( in 2010 rather than continue censoring its results. This week, the company announced it's shutting down Spain's version of Google news in response to a law requiring it to pay publishers for excerpting content.
  • Dec. 8, 2014, 10:37 AM
    • Russia's MICEX Index is down 2.9%, as worries about plunging oil prices (coming in the wake of sanctions placed earlier this year) continue taking a toll. WTI crude is down $1.46 today to $64.38, after Morgan Stanley slashed its oil price forecasts.
    • Yandex (YNDX -7.3%), Qiwi (QIWI -6.5%), VimpelCom (VIP -5%), and MTS (MBT -5.5%) aren't faring well in U.S. trading.
  • Oct. 23, 2014, 9:26 AM
    • Yandex (NASDAQ:YNDX) now expects 27%-30% 2014 ruble-based revenue growth, improved from a prior 25%-30%. The ruble has fallen sharply against the dollar this year.
    • Q3 adjusted EPS of RUR12.00 ($0.29) beat an RUR10.43 consensus.
    • Sales of text ads on Yandex's sites (driven by search ads, 69% of revenue) +33% Y/Y to RUR7.01B. Ad network text ad sales +19% to RUR2.34B. Display ad sales (mostly on Yandex sites) +6% to RUR782M.
    • Traffic acquisition costs fell to 21.2% of revenue from 21.8% in Q2 and 22% a year ago. Paid clicks +19% Y/Y (down from Q2's +36%), ad prices +8%, search query volume +13% (down from Q2's +19%). The slowdown is tied to Yandex entering the second year of its deal to handle paid search for
    • R&D spend rose to 16% of revenue from 14.4% a year ago. But SG&A fell to 13.9% of revenue from 16.3%.
    • Q3 results, PR
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  • Oct. 23, 2014, 9:10 AM
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  • Oct. 23, 2014, 6:02 AM
    • Yandex (NASDAQ:YNDX): Q3 Adj. Net Income of RUR3.9B
    • Revenue of RUR13.1B (+28.2% Y/Y) beats by RUR420M.
    • Press Release
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  • Sep. 5, 2014, 12:16 PM
    • Yandex (YNDX +5.3%), Qiwi (QIWI +3.8%), and VimpelCom (VIP +2.4%) are rallying after the Ukranian government and pro-Russian rebels signed a cease-fire.
    • The group rallied on Wednesday after Vladimir Putin stated a cease-fire could be reached this week.
    • In spite of today's news, the U.S. and NATO have agreed to a fresh round of Russian sanctions, while expressing skepticism the cease-fire will hold.
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  • Sep. 3, 2014, 11:19 AM
    • Russian tech/telecom names are higher Vladimir Putin declared a Ukraine cease-fire could be reached this week, and that his views on ending the fighting are "very close" to those of Ukranian President Petro Poroshenko.
    • Gainers: YNDX +4.2%. QIWI +2.2%. MBT +3.4%. VIP +2.3%.
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Company Description
Yandex NV is an Internet company. It offers access to its search engine through personal computers, mobile phones, tablets, and navigation and other digital devices.