Bye-Bye Baidu

Pigs get slaughtered.

August 22, 2005

1 Min Read
Bye-Bye Baidu

6:00 PM -- Remember (Nasdaq: BIDU)? That was the Chinese Internet portal that went public a couple of weeks ago. So many crazed, salivating, give-me-a-piece-of-anything-Chinese-and-Internet investors wanted in on the IPO that it wasn't possible to get it at the offering price of $27 on the first day of trading... as it immediately started trading at more than $70.

The droolers weren't done. Baidu quickly rocketed to nearly six times it's offering price in a matter of days -- hitting a high of $153.98.

Well, the old fortune cookie says, "May you sell your Internet stocks when they hit triple digits." Today, closed at $72.30, near the first price that printed on its first day of trading.

How weird. How 2000.

— R. Scott Raynovich, US Editor, Light Reading

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