Baidu (BIDU) received at least three ratings downgrades and saw its stock tumble on Tuesday to a 13-month low after the company, China’s Internet search leader, missed on Q2 earnings and gave weak revenue guidance late Monday amid continued heavy spending on its emerging online-to-offline (O2O) subsidiary. Baidu stock was down 17% to 163.60 in afternoon trading in the stock market today. Baidu is about to enter “several years of low earnings
Big pharmas Pfizer (PFE) and Merck (MRK) both beat Q2 estimates and raised guidance Tuesday, while Merck and French counterpart Sanofi (SNY) entered into separate deals to develop immunotherapy drugs for cancer. Pfizer’s earnings dipped 3% to 56 cents a share, but topped analysts’ consensus by 4 cents, according to Thomson Reuters. Sales declined 7% to $11.85 billion, more than $400 million ahead of the Street’s number. Pfizer now sees full-year
Sprint’s (S)ties to Fiat Chrysler’s (FCAU) recall of 1.4 million Jeep Cherokee vehicles after media reports of computer hacking vulnerabilities will make it harder for Sprint to compete in the booming telematics market vs. AT&T (T) and Verizon Communications (VZ), says research firm Strategy Analytics. Whether the incident results in a black eye for telematic suppliers in general is a bigger industry question. Apple (AAPL) and Google (GOOGL) are