Why Yandex Stock Slumped Today
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.
Image source: Getty Images.
Source Fool.com
