33.88 0.00 (0.00%)
After hours: 4:09PM EST
|Bid||31.80 x 1000|
|Ask||34.69 x 3000|
|Day's Range||33.62 - 33.95|
|52 Week Range||26.20 - 42.37|
|Beta (3Y Monthly)||1.98|
|PE Ratio (TTM)||7.82|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
(Bloomberg) -- State officials investigating Alphabet Inc.’s Google met Monday to dive into competition issues surrounding the search giant as they press forward with an investigation into whether the company is violating antitrust laws, according to people familiar with the matter.The officials met privately in Denver with outside experts with the goal of gaining a deeper understanding of Google’s businesses and the dynamics of the markets it operates in, including digital advertising, said one of the people.The gathering comes two months after all but two states opened an antitrust investigation into Google with an initial focus on its advertising practices, according to an investigative demand sent to the company. Publishers have long complained that Google’s dominance in the technology that delivers ads across the web harms competition.The meeting was similar to one held last month in New York where state officials met with experts about Facebook Inc. The social media giant is under investigation by 45 states, Guam and the District of Columbia.One of the aims of the Google meeting was to help state officials prepare for an investigation that will likely present challenging competition issues, said one of the people. The states were also planning to map out a strategy for dividing the workload of the investigation, said two of the people.Among those advising the states is Cristina Caffarra, an economist at Charles River Associates. Google has complained about Caffarra’s work for the state because of her past work for Google adversaries News Corp., Microsoft Corp., and Russia’s Yandex NV.The states are investigating Google in parallel to a Justice Department antitrust probe of the company. The House Judiciary Committee’s antitrust panel is also conducting an inquiry into Google and other large tech companies.(Updates from fifth paragraph with challenges of the antitrust investigation. A previous version of this story was corrected to clarify the number of states and attorneys general investigating.)To contact the reporters on this story: David McLaughlin in Washington at email@example.com;Ben Brody in Washington, D.C. at firstname.lastname@example.org;Naomi Nix in Washington at email@example.comTo contact the editors responsible for this story: Sara Forden at firstname.lastname@example.org, John HarneyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Russian internet giant Yandex has started testing autonomous delivery robots, the latest addition to its technological arsenal, the company said on Thursday. Yandex, often described as 'Russia's Google', operates a number of services that could benefit from autonomous delivery, in particular its restaurant delivery service Yandex.Eda, e-commerce arm Yandex.Market, a joint venture with Russian lender Sberbank, and recently launched service for grocery delivery, Yandex.Lavka. Testing for the Yandex.Rover is already underway at its Moscow headquarters, where the device moves by itself but under human supervision, the company said in a statement.
(Bloomberg) -- Yandex NV, Russia’s largest internet company, is rolling out a suitcase-sized robot that will attempt to deliver take-out despite Moscow’s winter snow storms.Similar to delivery robots used by Amazon.com Inc. or Starship Technologies Inc., Yandex’s Rover will focus on delivering meals ordered via Yandex.Eats, a food-delivery app part of a joint venture with Uber Technologies Inc., according to a statement Thursday.The robot is also being tested with a tough chassis to let it pass road curbs or drifts of snow without damaging its cargo. Rover will be able to distinguish between heavy snow or water splashes from real obstacles on the road.Yandex has already tested its self-driving cars in Moscow’s snowy and rainy conditions. The city has sub-zero temperatures for about 5 months of the year, and snow height can reach close to a meter.Besides food delivery, Yandex’s Rover may also be used in the company’s e-commerce warehouse operations and for delivering parcels. Yandex is also considering selling the robots to third-party companies after its testing period.To contact the reporter on this story: Ilya Khrennikov in Moscow at email@example.comTo contact the editors responsible for this story: Giles Turner at firstname.lastname@example.org, Nate LanxonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Russian search giant Yandex is planning to launch a fleet of autonomous delivery robots as it ramps up its self-driving car, ecommerce, and restaurant app services. Yandex said on Thursday it had begun testing the robots — named Yandex Rover for its resemblance to the Mars rover — at its Moscow headquarters ahead of a planned rollout early next year. Later, the company plans to sell the robots to other ecommerce companies for last mile delivery and warehouse logistics.
(Bloomberg) -- Google says its confidential business information is at risk in the nationwide antitrust probe of the company because the Texas attorney general’s office, which is leading the investigation, hired two consultants that have worked for Google adversaries.Parent company Alphabet Inc. went to court Thursday to restrict Texas’s ability to disclose sensitive information to consultants who have worked for competitors and other companies such as News Corp. and Microsoft Corp. that have complained about Google to regulators.Google specifically cited the hiring of Cristina Caffarra, an economist with consulting firm Charles River Associates who has worked for Google adversaries News Corp., Microsoft, and Russia’s Yandex NV, according to the court filing in Texas.Caffarra is providing Texas Attorney General Ken Paxton’s office with “expert examinations, observations, opinions, consultations, analyses, reports, testimony, and other services,” according to a contract released by the state. She is working for free, according to her contract.The arrangement, Google said in court papers, “creates a significant risk that Google’s confidential business information could be inappropriately disclosed to and used by its adversaries.”“We’ve provided millions of pages of documents in response to regulatory inquiries, and we’re committed to cooperating,” Google said in a statement. “But this is an extraordinarily irregular arrangement and it’s only fair to have assurances that our confidential business information won’t be shared with competitors or vocal complainants.”A spokesman for the attorney general said the office has been engaged in “good-faith” negotiations with Google to protect the company’s sensitive business information.“While these negotiations were ongoing, Google, without any notice, made a lengthy court filing challenging our right to employ many of the most knowledgeable in this complex field,” Marc Rylander, the Texas AG’s spokesman, said in an email. “Google is not entitled to choose the states’ expert or run the states’ investigation.”The fight over the consultants comes after Paxton’s office issued a civil investigative demand to Google in September seeking detailed information about the company’s advertising business.Google said in court papers it’s not seeking to bar disclosure of business information to any Texas consultant who has worked for a rival or complaining company, only those who are currently employed by them. Consultants who are likely to work for Google competitors should not be able to work for them during the states’ investigation and one year afterward, Google said.The company is also unhappy with Paxton’s hiring of Eugene Burrus, a former assistant general counsel at Microsoft who is now an adviser at McKinsey & Co. Microsoft was a longtime foe of Google and advocated in the U.S. and Europe for antitrust action against the company. Burrus also represented clients in antitrust cases against Google, the company said. His maximum fee is $75,000, according to his contract.“Absent appropriate limitations, Mr. Burrus likely will attempt to use his experience on this investigation, including his access to confidential Google information, to market himself to prospective clients with interests adverse to Google,” the company said.Caffarra, News Corp. and Microsoft declined to comment. Burrus didn’t immediately respond to a message sent to him on LinkedIn.Google is asking the Texas court for a protective order including advance notice of third parties accessing its confidential information and limits to Texas’s ability to disclose company information to competitors and consultants.The company was due to begin delivering documents to Texas in early November, according to a person familiar with the matter. The request, which will go to a judge, could delay that, said the person, who asked not to be named discussing sensitive matter.Google may offer to start handing over documents as long as Paxton’s office doesn’t share the material with third parties until the matter is resolved, the person added.(Updates with comments from Texas AG’s spokesman in the seventh paragraph.)\--With assistance from Gerry Smith.To contact the reporters on this story: David McLaughlin in Washington at email@example.com;Ben Brody in Washington, D.C. at firstname.lastname@example.org;Mark Bergen in San Francisco at email@example.comTo contact the editors responsible for this story: Sara Forden at firstname.lastname@example.org, Mark Niquette, Andrew PollackFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Sberbank has agreed to buy Gazprombank's holding stake in internet company Mail.ru as Russia's largest lender continues its transformation under Chief Executive German Gref into a banking-to-online services company. Under the deal Sberbank will buy a 35% stake in MF Technologies, which owns 58.9% of Mail.ru's voting rights, from Gazprombank, a state-owned financial group.
(Bloomberg) -- Russian search engine Yandex NV’s ride-hailing unit, part-owned by Uber Technologies Inc., is in talks to hire Morgan Stanley and Goldman Sachs Group Inc. to manage its initial public offering, according to a person familiar with the matter.MLU BV, as the unit is legally known, is preparing for a dual-listing in Russia and the U.S., the person said, who asked not to be identified as the talks are confidential. Yandex first flagged in 2017 that it intends to list its taxi arm. Uber listed its group business in May, but has since suffered a 30% share price slide.Yandex.Taxi has discussed a wide range of potential valuations for the business ranging from $5 billion to $8 billion, depending on final make-up of the listed business as well as investor demand, the person said. Analysts at Goldman Sachs recently valued the unit at $7.7 billion, according to estimates seen by Bloomberg News.“An IPO is something we are considering as we have said previously, and we work with a number of banks on a variety of issues,” a Yandex.Taxi spokesman said. Morgan Stanley declined to comment, while Goldman Sachs did not respond in time for publication. Both banks worked on the IPO of Yandex’s search engine business in 2011. No final decision has been made and Yandex could opt to keep the unit.Uber agreed to cede control in its operations in Russia and former Soviet Union to Yandex two years ago. The joint-venture, controlled by Yandex and 37% owned by Uber, was valued at $3.8 billion when formed in February 2018.The unit, which also includes food delivery and self-driving cars, turned profitable in the second quarter of this year. It is not yet clear whether self-driving and food delivery would be included in the IPO, the person said.Yandex has been expanding to a number of different businesses including car-sharing, e-commerce, online cinema and classifieds. However its shares have come under pressure after Russian legislators recently mulled a law limiting foreign ownership in “significant information resources.”\--With assistance from Myriam Balezou.To contact the reporters on this story: Giles Turner in London at email@example.com;Ilya Khrennikov in Moscow at firstname.lastname@example.orgTo contact the editors responsible for this story: Tom Giles at email@example.com, Giles TurnerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Russian internet group Yandex raised its 2019 revenue forecast for a third time on Friday after strong third-quarter growth, but its shares fell after an earnings call provided little clarity on its response to a draft foreign ownership law. Chief Executive Arkady Volozh said on Friday's call that the initial version of a draft law aimed at limiting foreign shareholding in Russian IT firms was "very damaging", saying the company was in discussions with the government over the proposals.
The CEO of Russia's largest internet firm, Yandex, said on Friday the company was "actively engaged in discussions" around a draft law limiting foreign ownership in major IT companies to just under 50%. The original proposal was to cap non-Russian ownership at 20%, but Arkady Volozh said the government seems to have taken concerns expressed on board. "In its original form, it was very damaging, not just to us, but to the entire technology sector in Russia, and probably beyond," said Volozh.
Yandex (YNDX) delivered earnings and revenue surprises of -8.57% and 4.01%, respectively, for the quarter ended September 2019. Do the numbers hold clues to what lies ahead for the stock?
How far off is Yandex N.V. (NASDAQ:YNDX) from its intrinsic value? Using the most recent financial data, we'll take a...
Russian internet firm Yandex will begin testing its driverless cars in the United States next summer, the company said on Wednesday. As part of the North American International Auto Show in Detroit, to take place from June 6-21, Yandex will provide a driverless taxi service in the city's business center. "The first ten cars will take visitors to the auto show, and then they will stay in the United States for further testing," a company representative told Reuters.
As we already know from media reports and hedge fund investor letters, hedge funds delivered their best returns in a decade. Most investors who decided to stick with hedge funds after a rough 2018 recouped their losses by the end of the second quarter. We get to see hedge funds' thoughts towards the market and […]
Yandex (YNDX) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
(Bloomberg) -- Yandex NV, often referred to as “Russia’s Google,” has become the latest victim of recent moves by some of the world’s largest economies to engage in rounds of protectionism.The Russian Internet search company lost 16% of its market value on Friday after the Kremlin endorsed a draft law that would limit foreign ownership in major Russian technology firms. The plunge attracted the attention of at least two Wall Street banks, which rushed to Yandex’s defense, writing that the stock was now an attractive opportunity. Shares of Yandex have added back nearly 2% over the past two sessions in New York trading.On Monday, Bank of America defended Yandex, saying that the stock’s slide created a “particularly attractive buying opportunity,” as Yandex could work around the foreign capital limit by creating a new class of shares and dissolving shareholders’ stakes.While the bill seeks to limit foreign capital in “significant information resources” by 20%, Bank of America analyst Cesar Tiron said in a note that Yandex could convert a class B share into an A or C share. And last week, a UBS analyst said the market reaction was “overdone” because the negatives from the proposal “look limited.”The move from Russia, which could take effect starting Jan. 1, comes amid reports that the Trump administration is weighing the de-listing of some Chinese stocks. That would come as part of a broader protectionist push by the White House to limit U.S. investment portfolio flows into China in its continued trade war with the world’s second-largest economy.“The economic model that seems to be behind these policies is that of a world economy that works as a zero-sum game: If Russia wins, the U.S. loses and vice-versa,” said Graciela Chichilnisky, a Columbia University economics professor.A Citigroup analyst said in a report that the Russian internet bill is “certainly a worrying development for Yandex, one that inevitably overshadows operational momentum.”Chichilnisky said that one of the insights of free-market economics is to show that the world economy is not always a zero-sum game, and that groups of nations can benefit from trade, “not always, but on a number of occasions and in a number of ways.”The Russian bill and the U.S. trade war “arises from a zero-sum perspective on the world economy -- perhaps even a negative sum game -- where both traders lose,” Chichilnisky said.To contact the reporter on this story: Anisha Sircar in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Brad Olesen at email@example.com, Scott Schnipper, Jeremy R. CookeFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Russian internet firm Yandex on Monday released a short video app for fashion and style that it hopes will compete with China's TikTok app. The Yandex app is called Sloy, the Russian word for layer, the company said in a statement. It is currently only available in App Store in Russia, Belarus and Kazakhstan.
(Bloomberg) -- The Kremlin is backing a draft law to restrict foreign ownership of Russia’s largest internet company, Yandex NV, and other local tech firms on national security grounds, despite warnings from providers that it will harm their businesses.The presidential administration supports proposals by Anton Gorelkin, a United Russia deputy in the lower house of parliament, that would limit foreign ownership in “significant information resources” to 20%, according to three people with knowledge of the matter, who asked not to be identified discussing internal issues. Yandex fell 17% in U.S. trading Friday, its biggest decline in a year.“As global IT corporations are seeking a monopoly and conquering new markets, it’s essential that we retain national companies in this sphere,” Gorelkin said at public hearings on the draft law late Thursday. “If we say the invisible hand of the market will do everything by itself, then our technology companies may end up in the hands of larger corporations.”Kremlin spokesman Dmitry Peskov didn’t respond to a request to comment. The Bell online news service earlier reported that the Kremlin supported Gorelkin’s bill, which imposes the same limit on IT companies as the one on Russian media in a 2014 law signed by President Vladimir Putin.Yandex, which has expanded from Russia’s largest search engine to embrace services including taxis and food-delivery, has a free-float of 85% of its shares in the U.S. The draft law would hurt investments and restrict international development for Russian companies if passed in its current form, Yandex General Director Elena Bunina said at the hearings. Oleg Tumanov, founder of Russian online film and TV streaming service Ivi, said the proposed law would kill his company that’s been developing for a decade with help from foreign investors.“Yandex will be hit for a couple more days because of margin calls,” said Alexander Losev of Sputnik AM. “Investors are scared of any news about internet restrictions.”It’s up to the government to determine which companies would be covered by the legislation, though Yandex is likely to be among them, and it may choose to set a higher threshold in individual cases, Gorelkin said on the sidelines of the hearings.‘Good Prospects’The measure, which is being prepared for first reading in the lower house of parliament, “has good prospects,” Gorelkin said. It’s supported by the state communications watchdog, Roskomnadzor, and the Federal Anti-Monopoly Service, “while divisions with the Communication Ministry can be resolved in a working group,” he said.“This law is about national security. Data is the new oil,” said Igor Ashmanov, a government-linked IT expert who heads a company specializing in information technology. “What’s good about foreign investments? The Russian government is planning to spend billions to develop the digital economy.”While Yandex’s founder Arkady Volozh and some of its developers have a special class of shares that gives them voting control in the company, “if something happens - they leave the company or, god forbid, die - these rights disappear and Yandex turns into an American pumpkin,” Ashmanov said.(Updates prices, adds quote in sixth paragraph)\--With assistance from Yuliya Fedorinova, Alex Nicholson and Olga Voitova.To contact the reporters on this story: Ilya Arkhipov in Moscow at firstname.lastname@example.org;Ilya Khrennikov in Moscow at email@example.comTo contact the editors responsible for this story: Rebecca Penty at firstname.lastname@example.org, Tony Halpin, Alex NicholsonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.