This week china giant web company Baidu is expected to post its result on feb13 after market. This could be having an impact in nasdaq thursday. This stock can move either way.. After these pull backs seems like an upward movement towards 300 is possible. I agree the fat that it moved upwards a lot last year. But is it worth for the price is a big question..
Today BIDU moved up nicely towards its 200 day moving average, which stands around 250 area. It will be my guess given the amount of selling that has taken place in the last few weeks it will rebound hard to the upside knocking off 300 in couple of sessions IMHO. BIDU has delivered good earnings so far.
JUST a word of wisdom: I saw the cowardly sell-off towards the end of session while the stock was popping and was faded to the close. There was a mad rush to the exits prior to earnings on 2/13/2008. How come? The fact is BIDU is a Chinese based company which has no "recessionary fears " and the Chinese Internet market and economy is growing hand over fist ! It isn't GOOGLE or AMAZON its in a different world of its own. US recession cannot print a impression on BIDU or its prospects in the future. The company has been beating earnings last 4 quarters and it will beat again. But I saw the cowardly crowd selling everything it had towards the close and mad dashing out of here. I just have to say, you got it wrong. Smart money knows where the beef is.