Monday, August 08, 2005

BIDU anyone?

China's new "Google" has taken off like a rocketship, blasting from $27 to a current $142. You do the math - that's a huge increase. I jumped in to the fray as well - too late? Probably, if my track record is any thing. Then on the other hand, perhaps it will head towards $300 and I'll make a tidy profit. Ha!
Baidu has grown impressively since being founded five years ago and is currently the second most popular Web site in China. For the current quarter, the company expects to report a nearly 400% earnings increase to $1.5 million on $8.4 million in revenue....."The speculators are looking at it as another Google and right now the fast money is taking over," Randy Diamond, sales trader at Miller Tabak, said. "Individual investors should stay far away from this stock until it cools off."

Yeh, well Randy that's probably what you said about Google when it was at $100, too. We shall see.

***"Follow up to this - maybe ol' Randy wasn't so stupid after all. Shortly after I bought, stock started to sink. Cratered out at the end of the day at $115.50. Fortunately, I had set a stop/loss and only took a small loss. Of course tomorrow, it will go up 100%. LOL

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