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Youku-Tudou Hullabaloo! — Monday’s IP Market Recap

A big online video deal in China captured lots of attention today


InvestorPlace Market RecapMonday’s big news came from across the left-hand pond in the form of a massive Chinese online video buyout. (NASDAQ:YOKU) said it would buy rival (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.

Three Up

  • 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.

Three Down

  • 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.

Kyle Woodley is the assistant editor of As of this writing, he did not hold a position in any of the aforementioned securities. Check out recaps from previous trading days here.

Article printed from InvestorPlace Media,

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