Shares of Baidu.com (NASDAQ:BIDU) jumped +$84.34 or +13.6% by noon following strong earnings and even better outlook. The company said it expect second quarter revenues to reach $268.1 million vs. $239 million consensus estimate. Baidu.com (NASDAQ:BIDU) announced a 1:10 stock split effective May 12, suggesting more retail investors will be able to snap up shares of China's search engine giant. Strong money flows will carry the stock higher, but valuation may be in focus as the buzz subsides. Baidu: is the $90 jump out of sync?
Energy stocks advanced as the price of oil rose +2.36% by noon. Shares of Yanzhou Coal (NYSE:YZC) advanced +9.0% by noon thanks to a strong 2010 Q1 financial report. Yanzhou Coal 2010 Q1 profit doubles.
China's third oil producer, CNOOC Ltd. (NYSE:CEO) reported excellent 2010 first quarter results today. The company produced 31.9% more oil than a year ago, while oil prices jumped +81.4% to $75.37/barrel compared to 2009 Q1. CNOOC Ltd. 2010 Q1 oil production up 39.1%.
China Sunergy (NASDAQ:CSUN) jumped +8.5% - but its strength is not stock specific. Shares of Trina Solar (NYSE:TSL) advanced +6.3% while Suntech Power (NYSE:STP) rose +3.75%. Strong oil prices, lower dollar make a difference - as Greece's diminishing problems help the euro. For more about the correlation between the dollar and solar stocks, read Solar stocks and the dollar.
China Telecom (NYSE:CHA) fell -3.9% while China Unicom (NYSE:CHU) shed half that after both companies reported 2010 first quarter numbers. China Telecom (NYSE:CHA) revenues grew a mere 3.6% while net income for China Unicom (NYS:ECHU) fell -68% on 3G related marketing costs.
Education stocks took a toll in the U.S. - and China is following suit. Noah Education Holdings Ltd. (NYSE:NED) is trading -3.9% lower while ChinaCast Education Corp. (NASDAQ:CAST) lost -2.1% by noon on Thursday.