Morning Spy: China, Home of the Search Engine? (RSH, BIDU, CTRP, RDA, VECO, GOOG, DD, BG, YHOO)
The markets are trading lower on Tuesday. Investors may be hesitant to buy with little economic news reported this morning.
Today’s Top tickerspy Indexes:
Electronics Retailer Stocks (up 4.2%, see graph): Despite reporting earnings of 31 cents per share, which was 6 cents less than analyst expectations, shares of RadioShack (RSH) are leading the Index higher.
Search Engine Stocks (up 3.1%, see graph): Shares of Baidu (BIDU) are leading the Index higher after the company reported earnings of 72 cents per share, which was 7 cents better than analyst estimates. The company also received some favorable analyst chatter after earnings. Also performing well today is the Chinese Internet Stocks Index. Shares of Ctrip.com Intl (CTRP) are trading higher on above average volume.
Today’s Top Market Headlines
Google General Counsel Says Patents Are ‘Gumming Up’ Innovation: Google (GOOG) General Counsel Kent Walker said the smartphone industry is using patents in an arms race that hurts consumers, leaving the company trying to “sort through the mess” of litigation.
DuPont, Bunge Said to Seek Sales of Soy Venture Solae With Citigroup’s Help: Du Pont E.I. de nemours (DD) and Bunge (BG) are seeking to sell Solae, their joint venture that makes soy products used in foods such as cereal bars, infant formula and milk, said three people with knowledge of the matter.
EPA Maligned by Business Says U.S. Courts, George W. Bush Made Us Do It: The Environmental Protection Agency, the U.S. regulator criticized by business groups for proposing the most new rules of any agency, says the courts and former President George W. Bush have left it no choice.
Economic Climate Still ‘Challenging’: GIC: The Government of Singapore Investment, the city’s sovereign wealth fund, said the investment environment remains “challenging” as developed countries recover and emerging markets pose inflation risks.
China-Soon The World’s Search Engine Capital: Baidu, the most used search engine in the largest internet market in the world, has come of age. The company will be larger than Yahoo (YHOO) in a year, at its current growth rate, and much more profitable.
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