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Benzinga
Benzinga
World
Adam Eckert

What's Going On With Baidu Stock Today?

Baidu Inc (NASDAQ:BIDU shares are trading higher Tuesday alongside several Chinese companies in possible anticipation of the country's "618" holiday shopping event.

China's annual mid-year "618" shopping festival kicks off this weekend in what has historically been the country's second-largest shopping event by sales. About 250,000 merchants and brands from around the world took part in the event last year, which was up more than 100% from 2020, according to several reports. 

Chinese stocks may also be trading higher amid easing lockdown restrictions in the country's two largest cities, Shanghai and Beijing, which were implemented following a spike in COVID-19 cases.

According to a CNBC report, JPMorgan remains "cautiously optimistic" on Chinese names after lockdowns were lifted and the country signaled an easing of regulatory pressures. Although the analyst firm acknowledges that near-term headwinds are lingering, the long-term prospects remain intact.

Related Link: JPMorgan Remains Bullish On Alibaba And Other Chinese Stocks - Here's Why

BIDU Price Action: Alibaba has traded between $209.17 and $101.61 over a 52-week period.

The stock was up 6.37% at $140.28 at press time, according to data from Benzinga Pro.

Photo: Daniel Cukier from Flickr.

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