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

by Kyle Woodley | March 12, 2012 4:30 pm

InvestorPlace Market Recap[1]Monday’s big news came from across the left-hand pond in the form of a massive Chinese online video buyout. (NASDAQ:YOKU[2]) said it would buy rival (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

Three Down

Kyle Woodley[22] is the assistant editor of[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].

  1. [Image]:
  2. YOKU:
  3. TUDO:
  4. KUTV:
  5. DANG:
  6. RENN:
  7. SINA:
  8. BIDU:
  9. FSLR:
  10. SPWR:
  11. STP:
  12. NG:
  13. PAAS:
  14. AEM:
  15. along with gold and silver prices:
  16. SODA:
  17. INVN:
  18. EFX:
  19. HEK:
  20. HGSI:
  21. REE:
  22. Kyle Woodley:
  24. here:

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