
Baidu (NASDAQ:BIDU) soared after hours with the release of its Q1 earnings report beating expectations with EPS of $2.10 handily outpacing the $1.50 estimate. BIDU is trading nearly 90 points higher clearing $700 per share and now up 72.8% year-to-date. Google's (NASDAQ:GOOG) exit from China is clearly seen as a boon to the company with Baidu's shares now trading 94 times earnings. The Bank of New York announced that it will change the ADR ratio from 1:1 to 10:1 which will bring the US dollar price down the $70 range.
Gold, that I trade through NYSE:GLD, was uneventful today just consolidating the recent move into the 1,170 resistance level. I'll look to add with a move through the highs of yesterday and today. Agnico-Eagle Mines (NYSE:AEM) broke out today through the $62 level gaining over 4% on the day. I bought a decent position this morning and sold most of it before today's close. I shorted some shares of Prudential Financial (NYSE:PRU) this morning based on the technical weakness yesterday. My stop is at $64 on the upside. Shares of Nike (NYSE:NKE) have had a couple days of weakness and I'm considering picking up some extra shares around the $76 area.
Disclosure: Long NKE, AEM, GLD. Short PRU.