Baidu Surges on Q2 Earnings Results as Asian ADRs Reach 52-Week High; Tata Falls on China Price Cuts


Baidu Inc. ( BIDU ) surged Friday, lifting an index of Asian ADRs to a 52-week high, as Japanese markets closed at a six-month high as the yen weakened and inflation met economist estimates.

Asian American depository receipts gained 0.3%, on average, and the Bank of New York Mellon Asia ADR index hit a new 52-week high, easily outpacing today's 0.3% decline for the S&P 500 Stock Index. Asia ADR advancers led decliners 79 to 78.

BIDU jumped nearly 9% to $222.40 per ADR as China's leading search engine reported better-than-estimated Q2 earnings and a 59% gain in revenue from the prior year.

Other Chinese web and software companies also benefited from the BIDU results, with social network YY Inc. ( YY ) rising 4.2%, antivirus provider Qihoo 360 Technology Co. ( QIHU ) adding 5.9% and travel website International Ltd. ( CTRP ) advaving 6.3%.

Sony Corp. ( SNE ) rose 1.9% to $17.65 per ADR as the Japanese yen weakened to improve the outlook for exporters.

Other Asian gainers Friday included NQ Mobile Inc. (NQ), up 6.8%; Ubic Inc. (UBIC), rising 6.3% and China Finance Online Co. (JRJC), with a 3.9% gain.

Tata Motors Inc. (TTM) fell 2.7% to $40.42 after its Jaguar Land Rover unit cut prices on three car models in China following a government probe into pricing.

Other Asian ADR decliners included Lentuo International Inc. (LAS) falling 5.6%; Advantest Corp. (ATE) slipping 5.1% and Concord Medical Services Holding Ltd. (CCM) dropping 4.5%.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: BIDU , YY , QIHU , CTRP , SNE

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