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SINA, BIDU comeback vs 500.com plunge

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bull_bear_4 March 28, 2014 (Chinavestor) Major US indexes had a bumpy ride on Thursday. And so did Chinese listings on the NYSE and the NASDAQ. The NASDAQ fell as much as 1% by noon before making a significant comeback by the end of the day. Chinese stocks listed there suffered alike. Baidu Inc. (NASDAQ:BIDU) fell as much as $6.5 by noon! Sina Corp. (NASDAQ:SINA), the other large internet portal, fell hard followed by smaller players like Youku Tudou (NYSE:YOKU), NetEase Inc. (NASDAQ:NTES), Sohu.com Inc. (NASDAQ:SOHU) and 500.com (NYSE:WBAI).

See chart of major Chinese listings at noon.

MOVER_noon20140327

Selected Chinese stocks were able to fight weakness and made a comeback along the market. But not all of them. See second part of the following chart to see how Chinese listings ended the day.

MOVER_20140327

One of the most dramatic change from noon is that Baidu Inc. (NASDAQ:BIDU) is gone from the worst part of the chart. BIDU made a remarkable comeback. Shares of Baidu Inc. (NASDAQ:BIDU) slipped just $1.12 or 0.74% by the end of the day. Sina Corp. (NASDAQ:SINA) actually ended the day in the black!

It wasn't a cake walk for smaller internet stocks though. Youku Tudou (NYSE:YOKU), China's leading online streaming video provider, fell 6.24%. NetEase Inc. (NASDAQ:NTES) dropped $1.31.

Finally, 500.com (NYSE:WBAI), plunged another $3.14 or 8.3% amid heavy volume. The stock has suffered the second worst weekly loss in a month. There is clearly a lack of support for WBAI at this time.

 

WBAI_march2714



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