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

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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 Ctrip.com 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.

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This article appears in: Investing , Commodities

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

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