Baidu forecasts above Street, shares jump

Baidu Inc (BIDU.O) breezed past Wall Street financial targets in the fourth quarter as the No. 1 Internet search engine in China benefited from a sharp increase in advertising spending by its customers.

Shares of Baidu, a favorite pick of hedge funds, rose 7.5 percent to $116.90 following the earnings report on Monday. Options traders predicted before the results that the stock might break out of its recent five-month trading range [ID:nN31225475] (For a graphic click here: r.reuters.com/dep77r)

Baidu, which has increased its focus on e-commerce and online video, grabbed more market share last year after rival Google Inc (GOOG.O) curtailed its operations following a high-profile fallout with Beijing over censorship.

Read Full Article from Reuters

- Posted: 2011-01-31 21:56:39

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