Baidu Inc. (BIDU) shares tumbled over 6% on Tuesday, mirroring a broader selloff in U.S.-listed Chinese stocks after China’s planning officials failed to meet investor expectations for aggressive economic stimulus. The lack of a substantial fiscal boost fueled concerns about a potential slowdown in China’s economy, weighing heavily on Baidu and other tech companies reliant on the country’s growth.
Baidu Inc (BIDU) shares jumped over 2% on Monday after the People’s Bank of China (PBoC) unexpectedly cut interest rates, sparking optimism for China’s economic recovery. This move benefits tech giants like Baidu, which stand to gain from increased investment in AI, autonomous driving, and cloud computing, potentially driving strong growth for the company.
Baidu Inc. (BIDU) is set to report its second-quarter earnings on Thursday, with Wall Street expecting $2.76 in EPS and $4.4 billion in revenues. While short-term indicators suggest some upward momentum, the broader technical analysis leans towards a bearish outlook for Baidu in the near term. The stock is facing selling pressure, and the MACD indicator reinforces this bearish sentiment.
