Yandex Drops as Ruling Stokes Google Concerns: Russia Overnight
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Yandex NV, trading at its biggest discount to Google Inc. since October, is losing the confidence of investors on concern the Russian search engine will forfeit market share to its U.S. competitor after an antitrust ruling.
Shares of Yandex fell 0.2 percent Jan. 4 to $23.24 on the Nasdaq Composite Index, as Google rallied 2 percent to $737.97. The price gap was the widest since Oct. 17. The Bloomberg Russia-US Equity Index of the most-traded Russian stocks listed in the U.S. added 0.9 percent Jan. 4, extending its weekly advance to 4.5 percent, the most since September.