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Stock Market & Financial Investment News

News Breaks
May 1, 2014
06:25 EDTYOKU, BIDUBaidu video site aims for IPO in next three years, Bloomberg says
Baidu's (BIDU) video website, IQiyi is targeting to hold an IPO in the next three years as it rivals Youku Tudou (YOKU) for China’s 618M Internet clients who are looking for movies and TV shows online, according to Bloomberg, citing comments from Baidu's video unit CEO Gong Yu. Reference Link
News For BIDU;YOKU From The Last 14 Days
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February 12, 2016
12:33 EDTBIDUOn The Fly: Top stock stories at midday
Stocks on Wall Street began the session in positive territory and have continued to gain upside momentum throughout the session. The are being aided by a surge in oil prices, which have rallied more than 10% on the heels of reports that OPEC nations may be ready to talk about a production freeze. The market, hoping to put an end to it recent losing streak, looks on track to do so with participation likely to tail off in the afternoon ahead of a long holiday weekend. ECONOMIC EVENTS: In the U.S., retail sales increased 0.2% in January, versus expectations for an increase of 0.1%. Import prices dropped 1.1%, while export prices fell 0.8% last month. The University of Michigan's consumer sentiment index fell to 90.7 in the preliminary February print, versus expectations for a 92.3 reading. In Europe, the euro zone's gross domestic product grew by 0.3% in the last three months of 2015, meeting expectations. In Asia, Japan suffered another ugly day, with its key indexes each falling about 5%, after the market reopened following a one-day holiday. COMPANY NEWS: Square (SQ) advanced 8% after credit card giant Visa (V) disclosed in a regulatory filing that it holds shares in the company that could convert to the equivalent of a 9.99% stake in the payments up-and-comer. The details about the stake held by the Dow member, which has held an investment in Square since prior to its IPO, also appeared to give a boost to Twitter (TWTR), which both share Jack Dorsey as their Chief Executive Officer... The Dow is being helped by the advance in shares of JPMorgan (JPM), which are higher by 8% after its CEO Jamie Dimon disclosed he bought 500,000 shares of the bank's stock in the open market yesterday. MAJOR MOVERS: Among the noteworthy gainers was Baidu (BIDU), which rallied 9% after it received a non-binding proposal to acquire Qiyi.com. Also higher were Groupon (GRPN) and Wynn Resorts (WYNN), which gained 27.5% and 13.5%, respectively, after reporting quarterly earnings. Among the notable losers was Pandora (P), which fell 12% after the company reported lower than expected fourth quarter earnings per share. The loss gave back all of the gains, and then some, that the stock enjoyed yesterday after the New York Times said the music service operator has held talks about selling the company. Also lower were Activision Blizzard (ATVI) and CBS (CBS), which were down 9.5% and 1%, respectively, after reporting quarterly results. INDEXES: Near midday, the Dow was up 236.58, or 1.51%, to 15,896.76, the Nasdaq was up 58.02, or 1.36%, to 4,324.85, and the S&P 500 was up 28.03, or 1.53%, to 1,857.11.
08:11 EDTBIDUBaidu receives non-binding offer to acquire Qiyi.com
Baidu announced that its board of directors has recently received a non-binding proposal from Robin Yanhong Li, chairman and CEO of Baidu, and Yu Gong, CEO of Qiyi.com, proposing to acquire all of the outstanding shares of Qiyi beneficially owned by Baidu based on an enterprise valuation of $2.8B for 100% of Qiyi on a cash-free and debt-free basis. Pursuant to the non-binding proposal, the buyers expect that Qiyi will remain a strategic partner of Baidu after the consummation of the transaction and enter into business cooperation agreements with Baidu. Baidu currently owns 80.5% of Qiyi's total outstanding shares on an as-converted and fully-diluted basis. The Board has formed a special committee comprised of three independent directors to evaluate the transaction. "The Board cautions Baidu's shareholders and others considering trading in its securities that the Board recently received the non-binding proposal and no decisions have been made with respect to Baidu's response to the proposal. There can be no assurance that any definitive offer will be made, that any legally binding agreement will be executed or that this or any other transaction will be approved or consummated," Baidu stated.
February 5, 2016
06:33 EDTBIDUChinese public growing unhappy with Baidu, WSJ says
The people of China are becoming unhappy with Baidu, and the internet search giant needs to exercise a balance to maintain profit and public interest, Wall Street Journal columnist Li Yuan says. Yuan brings up the example of Pan Longfei, a man with a rare heart and kidney disease who was led astray to a private hospital featured on a sponsored link on Baidu, when a public hospital in Guangzhou was able to properly diagnose and treat his condition better. Baidu is the largest search engine in China with approximately 80% of the market, the report says. Pan joined a revolt against Bauidu after seeing a post claiming that Baidu populated the web with information from shoddy businesses, including a hospital which reportedly didn't have a medical license, the report says. Reference Link

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