Upgrade, Favorable Barron's Ink Buoys Baidu

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Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.Baidu Inc (ADR)BIDU
shares were trading higher by $2.66 (1.2 percent) at $205.13 in Monday's session. There are two separate catalysts for today's rally. First, the issue was mentioned favorably in Barron's over the weekend as a way to participate in future of the Chinese stock market. In addition, the issue was upgraded by T.H. Capital from Hold to Buy with at $239 price target as the company begins to implement new strategies. The timing of the bullish commentary came at a critical time for the issue, as it had breached major support at the $200 level on Friday, reaching $196.13 before rebounding to close at $202.47. In Monday's session, it rallied off a higher open to $206.90, which is well shy of Thursday's high of $211.93. It has not closed under $200 since October 14, when it ended the session at $199.07. The all-time high for the issue was made in December at $242.
Posted In: TechnicalsIntraday UpdateMoversTrading IdeasPre-market outlook
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