Are Investors Selling Baidu (BIDU) To Free Up Cash for Renren (RENN)?
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After opening essentially flat, shares of China search giant Baidu, Inc. (Nasdaq: BIDU) fell sharply at around 10:00am EDT, although there was no apparent news to explain the weakness.
Some traders are pointing to tomorrow's highly-anticipated IPO of China social network Renren (Nasdaq: RENN) for the weakness. Some investors could be selling Baidu to free up cash to buy up the Renren IPO.
Renren operates the leading real name social networking internet platform in China as measured by total page views and total user time spent on social networking websites. The company had approximately 117 million activated users as of March 31, 2011. Renren is selling about $600 million of stock in the open market.
Shares of Baidu are down 5 percent today to $140.29.
Some traders are pointing to tomorrow's highly-anticipated IPO of China social network Renren (Nasdaq: RENN) for the weakness. Some investors could be selling Baidu to free up cash to buy up the Renren IPO.
Renren operates the leading real name social networking internet platform in China as measured by total page views and total user time spent on social networking websites. The company had approximately 117 million activated users as of March 31, 2011. Renren is selling about $600 million of stock in the open market.
Shares of Baidu are down 5 percent today to $140.29.
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