Yandex Announces Share Repurchase Program

On November 18, Yandex N.V. (YNDX) announced that its Board of Directors authorized a $300 million share repurchase program. According to the terms of the program, Yandex can repurchase Class A shares over the next 12 months. Yandex is the leading internet search providers in Russia and one of Europe’s largest internet companies.

Jet Equities detected the news event and issued an alert at 1:30 am. The last trade took place the previous afternoon at 4:09 pm for $35.79. The next trade was at 4:16 am for $37.30. The stock price continued to move higher before shooting up at the regular market open. The gains continued throughout the day, and Yandex closed at $40.07 for a gain of 12%.

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