Stop Crying: We Told You Baidu Was Shit
I spoke to economist Carl Futia about 3 weeks ago.At the time, Carl had a 6 month price target of $270 a share for Baidu.com (BIDU).
The next day, we put out a Heavy Sell Rating on the stock.
It was north of $120 dollars a share when we published the following:
The stock trades at more than 1,500 X 2005 earnings and we're talking about a company that did less than 2 million in net income last year. Yes, its a hot Net play in an emerging market, but the bulls will come to light and realize they're paying for pennies with crisp dollar bills. Catablast! Media Group has a table-pounding SELL rec on BIDU. If you own it, get out now. If you're yelling "China, China," it is time for a reality fix. The stock will be at 60$ inside of 4-5 weeks, if not sooner.
Today, BIDU trades at $78 a share, and the bloodbath is far from over.
Again, please liquidate your position if you are one of the unfortunate who didn't ring the register when you had the chance.
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