Why Baidu Shares Are Diving Today

Baidu Inc BIDU shares are trading lower by 5.41% to $145.91 Wednesday morning. Shares of Chinese companies at large are trading lower after Shanghai announced it will be conducting mass COVID-19 testing in several districts following a rise in cases.

Per CNN, China's northwestern city of Xi'an, a financial hub home to 13 million people, was partially shut down on Wednesday after it reported the country's first outbreak of a highly transmissible new Omicron subvariant.

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According to data from Benzinga Pro, Baidu has a 52-week high of $191.70 and a 52-week low of $101.62.