Youku-Tudou Hullabaloo! — Monday’s IP Market Recap
by Kyle Woodley | March 12, 2012 4:30 pm
[1]Monday’s big news came from across the left-hand pond in the form of a massive Chinese online video buyout.
Youku.com (NASDAQ:YOKU[2]) said it would buy rival Tudou.com (NASDAQ:TUDO[3]) 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[4], +11.9%), Dangdang (NYSE:DANG[5], +7.1%) and Renren (NYSE:RENN[6], +3.9%). However, online media company SINA Corp. (NASDAQ:SINA[7]) fell 3.5%, and Baidu (NASDAQ:BIDU[8]) — 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[9]) lost 6%, and SunPower (NASDAQ:SPWR[10]) and Suntech Power (NYSE:STP[11]) each dropped more than 4%. Meanwhile, NovaGold Resources (AMEX:NG[12], -5.9%), Pan American Silver (NASDAQ:PAAS[13], -5.3%) and Agnico-Eagle Mines (NYSE:AEM[14], -3.1%) also fell along with gold and silver prices[15].
Three Up
- Sodastream (NASDAQ:SODA[16]): Up 9% ($3.12) to $37.68.
- Invensense (NASDAQ:INVN[17]): Up 7.5% ($1.33) to $19.12.
- Equifax (NYSE:EFX[18]): Up 3.4% ($1.46) to $44.09.
Three Down
- Heckmann (NYSE:HEK[19]): Down 9.4% (45 cents) to $4.33.
- Human Genome Sciences (NASDAQ:HGSI[20]): Down 8.7% (71 cents) to $7.51.
- Rare Element Resources (NYSE:REE[21]): Down 7.2% (44 cents) to $5.71.
Kyle Woodley[22] is the assistant editor of InvestorPlace.com[23]. As of this writing, he did not hold a position in any of the aforementioned securities. Check out recaps from previous trading days here[24].
- [Image]: https://investorplace.com/hot-topics/investorplace-market-recap/
- YOKU: http://studio-5.financialcontent.com/investplace/quote?Symbol=YOKU
- TUDO: http://studio-5.financialcontent.com/investplace/quote?Symbol=TODU
- KUTV: http://studio-5.financialcontent.com/investplace/quote?Symbol=KUTV
- DANG: http://studio-5.financialcontent.com/investplace/quote?Symbol=DANG
- RENN: http://studio-5.financialcontent.com/investplace/quote?Symbol=RENN
- SINA: http://studio-5.financialcontent.com/investplace/quote?Symbol=SINA
- BIDU: http://studio-5.financialcontent.com/investplace/quote?Symbol=BIDU
- FSLR: http://studio-5.financialcontent.com/investplace/quote?Symbol=FSLR
- SPWR: http://studio-5.financialcontent.com/investplace/quote?Symbol=SPWR
- STP: http://studio-5.financialcontent.com/investplace/quote?Symbol=STP
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- along with gold and silver prices: https://investorplace.com/2012/03/gold-silver-drop-on-ongoing-eu-debt-worries-mining-stocks/
- SODA: http://studio-5.financialcontent.com/investplace/quote?Symbol=SODA
- INVN: http://studio-5.financialcontent.com/investplace/quote?Symbol=INVN
- EFX: http://studio-5.financialcontent.com/investplace/quote?Symbol=EFX
- HEK: http://studio-5.financialcontent.com/investplace/quote?Symbol=HEK
- HGSI: http://studio-5.financialcontent.com/investplace/quote?Symbol=HGSI
- REE: http://studio-5.financialcontent.com/investplace/quote?Symbol=REE
- Kyle Woodley: https://investorplace.com/author/kyle-woodley/
- InvestorPlace.com: https://investorplace.com/
- here: https://investorplace.com/hot-topics/investorplace-market-recap/
Source URL: https://investorplace.com/2012/03/youku-tudou-hullabaloo-mondays-ip-market-recap/