Chinese Stocks Hammered on Regulatory Fears
Chinese Internet stocks got hammered today on news that the U.S. Securities and Exchange Commission is cracking down on Chinese audit firms.Baidu (BIDU) is down 6% to $90. Sina (SINA) is down almost 8% to below $42. Sohu (SOHU) is down 4% to $38. Dangdang (DANG) is down to $4. Youku (YOKU) is down 8% to $15.20. Soufun (SFUN) is down to 5.5% to $22. Even Qihoo 360 (QIHU), which had good earnings two days ago, is down 5% to $26.
To me, this seems like an overreaction and probably a buying opportunity, as this is sending many of these stocks down to fresh 52-week lows....392 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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