Youku.com (NASDAQ:YOKU) said it would buy rival Tudou.com (NASDAQ:TUDO) for about $1 billion in stock, sending both companies surging — YOKU stock gained 27%, and TUDO shares rocketed almost 160% around the $40 mark. The combined company, which will be known as Youku Tudou, will be the biggest online video company in China — the world’s biggest Internet market at more than 450 million users.
The deal also sent other Chinese Internet stocks up, such as Ku6 Media (NASDAQ:KUTV, +11.9%), Dangdang (NYSE:DANG, +7.1%) and Renren (NYSE:RENN, +3.9%). However, online media company SINA Corp. (NASDAQ:SINA) fell 3.5%, and Baidu (NASDAQ:BIDU) — the “Chinese Google” — was slightly down.
The market was otherwise flat Monday, with the S&P 500 finishing just marginally up, weighed down by miners and solar stocks.
First Solar (NASDAQ:FSLR) lost 6%, and SunPower (NASDAQ:SPWR) and Suntech Power (NYSE:STP) each dropped more than 4%. Meanwhile, NovaGold Resources (AMEX:NG, -5.9%), Pan American Silver (NASDAQ:PAAS, -5.3%) and Agnico-Eagle Mines (NYSE:AEM, -3.1%) also fell along with gold and silver prices.
- Sodastream (NASDAQ:SODA): Up 9% ($3.12) to $37.68.
- Invensense (NASDAQ:INVN): Up 7.5% ($1.33) to $19.12.
- Equifax (NYSE:EFX): Up 3.4% ($1.46) to $44.09.
- Heckmann (NYSE:HEK): Down 9.4% (45 cents) to $4.33.
- Human Genome Sciences (NASDAQ:HGSI): Down 8.7% (71 cents) to $7.51.
- Rare Element Resources (NYSE:REE): Down 7.2% (44 cents) to $5.71.