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BIDU, SOHU lead Chinese stocks lower

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decline_8 February 3, 2014 (Chinavestor) Prominent Chinese stocks collapsed on the first trading day in February. Baidu Inc. (NASDAQ:BIDU) dove as much as $5.98, almost twice as much as Sohu.com Inc. (NASDAQ:SOHU). Top five Chinese decliners on the NYSE and NASDAQ included SouFun Holdings (NASDAQ:SFUN), NetEase Inc. (NASDAQ:NTES) and Ctrip.com International (NASDAQ:CTRP).

Shares of industry bellwether Baidu Inc. (NASDAQ:BIDU) fell hard on profit taking. BIDU is trading just 30 times earnings, not a rich valuation compared to Google Inc. (NASDAQ:GOOG) or Tencent (HKG:0700). But share prices of the company doubled in the March 2013-January 2014 period and thus pressure is on.

Conventional wisdom holds that when industry leaders falls hard, the rest follows. This was the case on Monday. Baidu Inc. (NASDAQ:BIDU) with a market capitalization of over $52 billion is the largest technology stock by far just as the chart on this page testifies. Remember, size of the bubble represent market cap.

Ticker $ Change Market cap [$m]
YOKU -$1.28 4,626
JOBS -$1.36 2,114
SINA -$1.42 4,267
CEO -$2.05 67,853
WX -$2.32 2,320
CTRP -$2.34 4,890
NTES -$2.67 9,399
SFUN -$2.81 6,407
SOHU -$3.69 2,646
BIDU -$5.98 52,673

Besides BIDU, smaller internet play Sohu.com Inc. (NASDAQ:SOHU) declined $3.69. Volatility index for SouFun Holdings (NYSE:SFUN) has been on the rise lately, so today's big decline comes as no surprise.

CNOOC Ltd. (NYSE:CEO), China's offshore oil specialist, and WuXi Pharma (NYSE:WX) are the only non-technology stocks among top ten decliners of the day. But for a stock with prices of $150 and over, a $2.05 fell is insignificant.

 

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