Baidu Shares Up On Reports Of Google China Exit

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Baidu Shares Up On Reports Of Google China Exit [online.wsj.com]

American depositary shares of Chinese Internet company Baidu Inc. (BIDU) jumped Monday as it appeared increasingly likely that Google Inc. (GOOG) will shutter its Chinese-language search engine.

In recent trading, Baidu climbed 3.2% to $567.55, more than tripling over the past 12 months.

Google, meanwhile, slid 2.1% to $567.44. Its shares have climbed 75% over the past 12 months, but are down 4% over the past three.

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There was a slight slump after Google announced a potential withdrawal...but then didn't say much for the next few months. I guess a lot of investors didn't take Google's position seriously.