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Jim Cramer has only recently remained bullish on Baidu.com (BIDU) as the price of the stock hit 128 in May 2007. He has commonly rejected owning Chinese stocks, instead recommending high quality American companies that benefit from the growth of the Chinese economy, but Baidu.com (BIDU) has become too hot to ignore. Cramer briefly went positive on Baidu.com in a January 2007 lightning round when he stated, "True confession time. I have been itching to buy this BIDU, to recommend it on the show. I keep waiting for a down day. It is killing me. I am right now sanctioning a small buy in BIDU right here, praying that it will come down so I can say buy, buy, buy on the show. You've got a winner."
Soon after on 2/9/2007, he correctly predicted that the stock would trade dramatically lower after reporting the quarter's earnings. Disappointing Q1 earnings plus a worldwide selloff that originated in China brought the stock as low as 94, giving the confident investor a gift-like entry point for buying. Lately, Cramer has called the stock one of his favorites, and in an 8/2/2007 lightning round, he remarked of Baidu.com, "This company is selling much more cheaply than Google (GOOG). I like Google (GOOG), but Baidu is a winner. I can't fight it. I like Baidu."
6 comments:
China is still the wild west. What scares is the unknown unkowns about this Compay growth. Yes, it is cheaper than Goog, but... What is the projected growth and what is it based on?
I agree it is scary but that is half the fun don't you think?
I did a study of the performance of Cramer's Jan 2007 stock picks. You may want to check that out before getting excited about BIDU.
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