Baidu’s stock price fell 25% on November 17, and its market value shrank by US$1.5 billion
According to news on November 18, Beijing time, the U.S. stock market closed lower on Monday, continuing the decline of the previous two weeks. Citibank announced 50,000 layoffs, and the Japanese economy returned to recession after seven years, exacerbating investors’ concerns about the economic situation. At the end of the day, the Dow Jones Industrial Average fell 223.73 points, or 2.6%, to close at 8,273.58 points; the S&P 500 fell 122.54 points, or 2.58%, to close at 850.75; the Nasdaq Composite Index fell 34.8 points, or 2.3%, to close at 1,482.05 points .
China concept stocks were mixed. The biggest decline was Baidu, which fell 25.04% to close at $134.09. This past weekend, CCTV’s “News 30 Minutes” reported on the shady story of Baidu’s bidding ranking for two consecutive days. Baidu’s bidding ranking was accused of excessive manual interference in search results, causing spam, malicious blocking, and was accused of “blackmail” Marketing” and raised public questions about the fairness of its information and business ethics. Affected by this, Baidu opened about 15% lower that day and continued to decline. At the close, its market value was US$4.6 billion, a US$1.5 billion decrease from US$6 billion last Friday.
Others that fell significantly include the financial sector, Spreadtrum Communications and China.com Investment Group, which fell 17.25%, 16.24% and 10.20% respectively. The biggest increases were China Television Media and VanceInnovation, which rose 15.41% and 13.08% respectively.
The closing prices of Chinese concept stocks on November 18, local time in the United States
Related news:
1. General Motors of the United States recently stated that the company plans to seek bailout. The company will also raise US$232 million by selling a 3% stake in Japan’s Suzuki Motor. Affected by this news, General Motors’ stock price rose $0.17, or 5.65%, to close at $3.18 on Monday. As Citigroup announced layoffs on Monday, its stock price fell by $0.63, or 6.62%, to close at $8.89 on Monday.
2. Shanda plans to release its third quarter 2008 financial report on December 1. According to foreign media reports on November 17, Shanda Network announced on Monday that it will release its unaudited financial report for the third quarter of 2019 as of September 30 after the U.S. stock market closes on December 1, Eastern Time. Investors can log on to Shanda Network’s official website to view detailed financial reports. After the financial report is released, Shanda Network’s senior management will hold a financial report conference call at 8:00 pm Eastern Time on December 1 to interpret the key points of the financial report and answer relevant questions from analysts.
To listen to Shanda Network’s financial report conference call, U.S. investors can dial +1-800-901-5247, and international investors can dial +1-617-786-4501. The password is 27816267. To listen to the recording of Shanda’s earnings call within 7 days after the earnings call, U.S. investors can call +1-888-286-8010, international investors can call +1-617-801-6888, password Both are 50710645. In addition, investors can also log on to Shanda Network’s official website to listen to the online live broadcast and recording of Shanda Network’s financial report conference call.
Information source: http://tech.qq.com/a/20191118/000032.htm
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