Refocusing on Yandex's Latest Quarter
It seems an understatement to say that it's been an eventful past several weeks for Yandex (NASDAQ: YNDX) investors. A little over a month ago, shares of the Russian Internet search leader plunged nearly 18% in a single day following reports that Russian government officials were weighing legislation to limit foreign ownership in domestic tech companies to 20%. The following week, Yandex stock soared more than 10% on news that the same authorities had eased the proposed cap to just under 50% -- an obvious effort to prevent foreign stakeholders from amassing a controlling stake in the company.
Image source: Getty Images.
Of course, investors are right to pay close attention to how this situation plays out. But lost in the noise was Yandex's reasonably strong third-quarter 2019 release on Oct. 25, the first trading after which shares modestly declined when management offered little insight on the foreign ownership issue.
Source Fool.com