Baidu Inc.'s (BIDU) stocks are freefalling.
The Chinese tech giant's COO, Qi Lu, announced on Friday, May 18, he is stepping down for personal reasons.
The shares are still in bad shape, but have since recovered from the 13% low. On Monday afternoon, shares were down nearly 5%.
Credit Suisse Group downgraded Baidu after the loss of its COO.
In a note to clients, Oppenheimer's Jason Helfstein states he believes the market is overreacting to Qi's departure.
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