Yandex NV (NASDAQ: YNDX) is having an incredibly strong start to the trading session this morning, and for good reason. According to various reports, the company has received multiple takeover offers. Of course, the news made investors happy and they are sending the stock toward the top as a result. Today, we’ll talk about:
- The news;
- what we’re seeing from YNDX stock as a result; and
- what we’ll be watching for ahead.
YNDX Gains On Takeover Chatter
As mentioned above, Yandex is having an incredibly strong start to the trading session this morning after the company proved to be the center of several takeover offers. In various reports, we’re seeing news that the company said it regularly receives offers and expressions of interest from third parties and its board.
In fact, the company said that even Sberbank has made an offer to buy stake in the company, yet Sberbank has denied this statement. Also, Arkady Volozh, CEO and Co-Founder at YNDX said that he will not be selling. Between him and other team members, management controls about 57% of the company.
Nonetheless, whether or not the company is receiving offers, investors are excited about YNDX as the news hits the tape.
What We’re Seeing From The Stock
As investors, one of the first lessons that we learn is that the news moves the market. In the case of Yandex, the news proved to be positive. After all, if the company and its leadership is turning down offers from interested parties, the management team has confidence in continued growth, which bodes well with investors. So, it comes as no surprise to see that excited investors are pushing the stock for the top. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (8:53), YNDX is trading at $29.41 per share after a gain of $1.99 per share or 7.26% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on YNDX. In particular, we’re interested in following the story surrounding the takeover offers to see if one comes along that is too good to turn down. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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