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Friday, November 8, 2019

Chinese Tech Company Baidu Rises on Upgrade

© Reuters.  © Reuters.

Investing.com - Baidu (NASDAQ:BIDU) was higher in midday trade on Friday after the Chinese tech giant was upgraded by analysts based on its strong third-quarter earnings earlier in the week.

Analysts at Bernstein upgraded the company to outperform from market perform, according to American Banking News.

While the company still lost about 6.3 billion Chinese yuan ($898 million), it posted better-than-expected revenue of 28 billion Chinese yuan ($4 billion) on Wednesday evening.

Shares of the company were up 3%.

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