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Some Horrid Action In The Chinese Internet Stocks - Even Baidu (BIDU)
September 30, 2011 01:25 PM
Not sure what is going on in the Chinese internet complex, but even the best of the best such as Baidu (BIDU) are getting obliterated. Aside from this group, a lot of the momo stocks are not participating in the rally (GMCR, WYNN, FOSL smashed) - very strange action today. One wonders if a momo hedge fund is being blown up somewhere. Also some rumors on twitter of a fraud investigation - seems strange for a company like Baidu to be subject to something along those lines.
Rumors DOJ Investigating Chinese Accounting Claims of Fraud in $BIDU and $SINA
This is not Joe Schmoe's $200M market cap Chinese reverse merger.... I'd be grabbing me some BIDU action at least for a trade here at $108-$109. A move back to just $120 gets a nice 9% return. (edit: 3% stop loss from entry point in place of course) =)
Some examples of the better thought of Chinese names:
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