Yandex and CTC Media sink to record as Goldman says sell

Yandex NV (YNDX) sank to a record in New York after Goldman Sachs Group Inc. cut the stock to sell, forecasting a 31 percent drop in the Russian Internet company’s earnings this year as a weaker ruble dissuades advertisers from increasing spending.

The shares slumped 8.7 percent in New York to $16.41, the lowest since the company’s U.S. debut in May 2011. Yandex, which derives 98 percent of its revenue from online advertising, has tumbled 62 percent in the past year, compared with a 49 percent slide in the Bloomberg Russia-US Equity Index. CTC Media Inc. (CTCM), the only publicly traded Russian television company, plunged 8.8 percent to $4.33 as Goldman also cut its rating to sell.