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Stock Alert: Baidu Drops 6%

Shares of Chinese search engine Baidu, Inc. (BIDU) are down more than 6% Friday morning on the news of its streaming platform iQIYI is being probed by SEC on alleged fraud.

Thursday the company reported second-quarter results with earnings on an adjusted basis of $2.08 per ADS, that beat the average estimate of analysts polled by Thomson Reuters at $1.38.

Revenues for the quarter decreased 1% year-over-year to $3.69 billion.

For the third quarter, Baidu expects revenues to be between $3.7 billion and $4.1 billion. The consensus estimate is at $3.97 billion.

BIDU is currently trading at $116.73. It has traded in the range of $82- $147.38 in the last one year.

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