NEW YORK (TheStreet) -- Shares of Russian Internet search company Yandex (YNDX) were falling 11% to $15.73 Tuesday as the ruble continued its decline despite Russia's central bank increasing its interest rates.
The Russian central bank raised its interest rates to 17% from 10.5%, the country's largest interest increase since 1998, in an effort to control the fall of the currency, according to Barron's. The ruble hit a record low overnight, and was trading near 73 rubles to on U.S. dollar Tuesday morning.
The value of the ruble has fallen recently as the price of oil fell to new lows. Brent crude oil for January delivery fell 3.3% to $59.06 a barrel Tuesday morning.
TheStreet Ratings team rates YANDEX NV as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate YANDEX NV (YNDX) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels, expanding profit margins and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, weak operating cash flow and a generally disappointing performance in the stock itself."