Baidu.com, Inc. (ADR)(NASDAQ:BIDU) Falls Below 200-Day MA
Shares of Baidu.com, Inc. (ADR)(NASDAQ:BIDU) slid on Friday was recently trading lower by 1.60% to $13098 with the broader market selloff, falling below its key technical support of 200-Day Moving Average of $133.21.
Following its earnings recently, shares slid to intra-day low of $128.94, but quickly rebound to above its 200-Day MA. Moreover, the stock never closed below $132.70 since Feb 22, 2012. So if we close below this level, then the stock may fall further from the technical prospective.
However, one should consider $128.90 as a strong support for the stock, which was its recent intra-low just after the earnings.
There are reports from local marketing and entertainment website mUmBRELLA.com., that the company will set up a new office in Australia. Dean Capobianco, a former director of sales at Yahoo! Inc.’s local search marketing unit will help in an advisory role, the report said.
Paul Christy, a former general manager of Telstra’s mobile strategy and innovation unit, will be general manager of the Australian office of Baidu International, the report said.
The stock started the year very well and rose to $152 form $115 before the earnings. The stock witnessed a 10% slide before earnings as of Apr 24, 2012 and closed at $135.83 on that day. Post earnings, investors reacted negative initially as the company projected light revenue for the current quarter, and the stock gapped down by about 6%, but later on recovered most of its losses at the end of the day.
The company posted net profit of $299.0 million, up 75.90% year-over-year. On per share basis, the company earned 87 cents a share, ahead of analysts’ estimates of 84 cents a share.
Revenue during the quarter jumped 75% year-over-year to $677.1 million, in-line with analysts’ estimates of $677.51 million. Operating profit during the quarter surged 75.10% to $332.1 million.