Shares of Yandex (NASDAQ:YNDX) were down on Monday amid a broad stock market sell-off. There was no company-specific news from the Russian internet company, but the stock was down 14% at 11:25 a.m. EDT today.
With the major U.S. stock indexes having shed more than 5% by late morning, many stocks were getting caught up in the selling. Another wrinkle for Yandex, being a Russian company: Russia's refusal over the weekend to cut oil production could severely hurt U.S. producers. Whether that development matters here is anyone's guess.
The last major piece of news for Yandex came in February when the company reported disappointing fourth-quarter results. It missed on revenue and earnings, although revenue soared, and its outlook for 2020 fell short of analyst estimates. The company predicted 2020 revenue between 214 billion rubles and 221 billion rubles ($3.1 billion and $3.2 billion), short of the average analyst estimate of 228.6 billion rubles.
With the stock market continuing its brutal decline, shares of Yandex are getting caught up in the carnage. Whether the stock turns out to be a good investment from here depends on the company's performance in the long run. That's what investors should be focused on.