Apple (AAPL), Baidu (BIDU) Inch Closer to iPhone Search Deal
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Price: $445.15 +0.68%
Overall Analyst Rating:
BUY (= Flat)
Dividend Yield: 2.7%
EPS Growth %: -18.0%
Overall Analyst Rating:
BUY (= Flat)
Dividend Yield: 2.7%
EPS Growth %: -18.0%
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More word out Thursday on the potential for Apple (Nasdaq: AAPL) to go with Baidu (Nasdaq: BIDU) as another search engine for the iPhone in China.
According to Bloomberg, a deal between Apple and Baidu could be announced as soon as next week. The move would shift some search function from Google (Nasdaq: GOOG), which will remain the default browser in China.
Baidu has been dominant in the Chinese search race, accounting for 78.5 percent of Internet search queries. Comparably, Google amounted to just 16.6 percent, according to recent data from Analysys International.
Following the reports, Baidu's Singapore-traded shares rose 8.9 percent, while its ADRs are up 3.4 percent on the session Thursday.
Reports earlier in 2012 suggested Apple had been mulling the switch, though nothing definite has been announced by either company.
Both Apple and Baidu are slated to benefit from the move. Baidu is likely to draw more ad revs with the friendlier search engine, while the development might also be a key selling point for Apple in China.
Apple stock is trading 0.2 percent higher on the session.
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According to Bloomberg, a deal between Apple and Baidu could be announced as soon as next week. The move would shift some search function from Google (Nasdaq: GOOG), which will remain the default browser in China.
Baidu has been dominant in the Chinese search race, accounting for 78.5 percent of Internet search queries. Comparably, Google amounted to just 16.6 percent, according to recent data from Analysys International.
Following the reports, Baidu's Singapore-traded shares rose 8.9 percent, while its ADRs are up 3.4 percent on the session Thursday.
Reports earlier in 2012 suggested Apple had been mulling the switch, though nothing definite has been announced by either company.
Both Apple and Baidu are slated to benefit from the move. Baidu is likely to draw more ad revs with the friendlier search engine, while the development might also be a key selling point for Apple in China.
Apple stock is trading 0.2 percent higher on the session.
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