Baidu Forgets The Bull Market (BIDU)

Posted in pre-market 
October 27th, 2009

Baidu, Inc. (NASDAQ: BIDU) reported Q3 earnings which looked good on the surface at $2.16 EPS vs. $1.85 estimates as revenues rose 39% to $187 million vs. $188 million expected.  New technology was causing a lower outlook to revenue of $174 to $180 million vs. $203 million expected.  Shares fell by 10% in after-hours trading and the stock is lower now.  UPDATE AT 9:11 AM EST we have shares down 19.2% at $349.79 on 935,000 shares in pre-market alone.

Shares closed at $432.97 and at 8:12 AM EST we have seen 240,000 shares trade and the stock’s last trade was down at $258.56.  The after-hours session last night wenout down about 13% at $375.99 on over 570,000 shares. Average volume is 1.8 million shares and you can bet that the average volume will be crossed early this morning with a drop of this magnitude.

JON OGG

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