Baidu Stock Plummets After COO Qi Lu Resignation

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. 

TheStreet presents on May 22: "How to Stomach Market Volatility." Hosted by Fisher Investments, the exclusive live webinar will give you the tools to successfully navigate market volatility and discuss why having a wealth manager is more critical than ever before. Quickly register for the event here.

More from Markets

Famed Chartist Marc Chaikin Gives Jim Cramer His Top Picks This Wednesday

Famed Chartist Marc Chaikin Gives Jim Cramer His Top Picks This Wednesday

Rewind: Jim Cramer on Trade, Pepsico, SodaStream, Estee Lauder and Nike

Rewind: Jim Cramer on Trade, Pepsico, SodaStream, Estee Lauder and Nike

How Alibaba Earnings and Jerome Powell's Jackson Hole Speech Could Move Markets

How Alibaba Earnings and Jerome Powell's Jackson Hole Speech Could Move Markets

Tesla Gets Major Price Target Slash From JPMorgan After Rough Weekend

Tesla Gets Major Price Target Slash From JPMorgan After Rough Weekend

Dow Leads Gains as Stocks End Higher

Dow Leads Gains as Stocks End Higher