Baidu (BIDU) and other China tech stocks fell on Monday on the heels of data showing the country’s manufacturing sector is shrinking. Baidu, China’s leading search engine, is slated to report Q2 earnings after the close Monday. Analysts expect the company to continue to feel pressure on its profit margins in the wake of a weak showing in Q1. Baidu stock was down 4% in early afternoon trading in the stock market today, near 199, and is down 14%
Apple (AAPL) is making good on its promise to expand distribution of the Apple Watch ahead of the holiday shopping season. Consumer electronics retailer Best Buy (BBY) announced Sunday that it will carry the Apple Watch starting Aug. 7 on its website and in more than 100 stores. It will add 200 more stores in time for holiday shopping. Best Buy will be the first national retailer, other than Apple’s own stores, to carry the Apple Watch. “The Apple Watch is a big addition to our stores and website, and we know our customers want it,” Jason Bonfig, senior category officer at Best Buy, said in a statement. “We are excited to bring the Apple Watch to more consumers, especially with the holidays coming up.” Best Buy customers will be able to try and buy 16 Apple Watch models — including the Sport and the Watch models in both 38…
The efforts of China’s government to tame its unruly stock markets hit a big speed bump Monday, as Chinese shares suffered their sharpest plunge in eight years. Concerns about China’s slowing economic growth as well as doubts about the effectiveness of Beijing’s stimulus and support measures for stocks weighed on the markets. The Shanghai Composite Index plunged 8.5%, while the Shenzhen Composite Index dropped 7%. Both indices are down