Yandex Dethrones Microsoft as Valuation Swells: Russia Overnight
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Yandex NV rallied to its most expensive level ever versus Russian stocks traded in the U.S. as the company overtook Microsoft Corp. on global Internet searches and web advertising grew in 2012.
Shares of Yandex jumped 1.7 percent to $24.33 in New York yesterday, the highest level this week. Russia’s most-used search engine traded at 28.6 times estimated earnings, more than six times the average valuation of companies listed on Bloomberg Russia-US Equity Index. The gauge of the most-traded Russian stocks in the U.S. fell 0.7 percent. Futures on the RTS Index slipped 0.3 percent to 159,610 by 5:28 p.m. in Moscow.