Baidu Inc (ADR)(NASDAQ:BIDU) stock dropped -5.31% in today’s pre market session with the price of $154.87. Over the last one month and over the past three months, Baidu, Inc’s shares gained 1.41% and lost -10.15%, respectively. Furthermore, the stock has plummeted -13.48% since the start of this year. The company’s shares are trading -8.78% above their 50-day moving average. Additionally, Baidu, Inc has an RSI of 34.22 and beta of 2.21.
Baidu, Inc. the leading Chinese language Internet search provider, June 13, 2016 announced revised revenue guidance for the second quarter of 2016 and provided an update on recent business developments.
Baidu currently expects estimated second quarter 2016 revenue to be in the range of RMB18.100 billion ($2.807 billion) to RMB18.200 billion ($2.823 billion), compared to the previously stated range of RMB20.110 billion ($3.119 billion) to RMB20.580 billion ($3.192 billion).
Since the beginning of May 2016, Baidu has taken steps to implement measures requested by regulatory authorities, such as modifying paid search practices. Baidu has also proactively implemented numerous additional measures to deliver a better user experience and build a safer and more trustworthy platform for users, including turning down customers who do not meet Baidu’s new requirements, creating an industry-leading customer credibility ranking system and weighing customer credibility more highly in the ranking algorithm, reducing the number of sponsored links, and making upgrades to Baidu’s user feedback system and user protection programs, to name but a few. These measures enhance user experience and the Company observed solid user traffic.
The revenue guidance revision was mainly attributable to the following factors:
First, regulatory authorities continue to review the online marketing practices of medical, pharmaceutical, healthcare and other similar businesses, and have also implemented stricter advertising regulations for medical organizations. The review is being rolled out with varied timing with different levels of implementation and interpretation across geographies. While the review is underway, the Company has observed a reduction or delay in spend from a significant portion of medical customers. These customers may be in the process of receiving instruction from regulatory authorities, gathering and submitting required documentation and adjusting their practices to comply with new regulations.
“Baidu provides a strong, unique value proposition to its users and customers by helping users find whatever it is they are looking for, and connecting online marketers with those users. This role comes with great social responsibility and user experience is our top priority,” said Robin Li, Baidu’s chairman and chief executive officer. “Although a significant portion of our revenue is sacrificed, the steps we have taken to further bolster a healthy, safe and trustworthy online and offline ecosystem will result in long term benefit and reward for Baidu.”
Willbros Group Inc(NYSE:WG) stock on Friday’s pre market session gained 1.09% at price of $2.78. Over the last one month and the previous three months, Willbros Group Inc’s shares lost -5.17% and gained 24.43%, respectively. Additionally, the stock has surged 2.23% since the beginning of 2016. The company’s shares are trading above their 50-day and 200-day moving averages by -9.81% and 24.79%, respectively.
Willbros Group, Inc. (WG) May 25, 2016 announced that the Company will be attending the 2016 Credit Suisse Engineering & Construction Conference to be held in New York City on June 2, 2016.
Michael Fournier, Willbros President and Chief Executive Officer, is scheduled to present on Thursday, June 2nd at 3:00 p.m. Eastern Time (2:00 p.m. Central Time). A live broadcast of the presentation and the accompanying slides will be available in the Investor Relations section of the Company’s website at www.willbros.com.
Willbros is a specialty energy infrastructure contractor serving the oil and gas and power industries with offerings that primarily include construction, maintenance and facilities development services. For more information on Willbros, please visit our web site at www.willbros.com.
Stephen W. Breitigam
VP Investor Relations