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

Data Regulation on FAANG's Could Just Be Underway: Cramer's Investing Teach-in

Data Regulation on FAANG's Could Just Be Underway: Cramer's Investing Teach-in

Your Need to Know - Forward Look

Your Need to Know - Forward Look

3 Things Investors Can Do to Stay Strategic When the Market's Volatile

3 Things Investors Can Do to Stay Strategic When the Market's Volatile

How to Be a Tactical Investor in the Current Market

How to Be a Tactical Investor in the Current Market

How E-Mini S&P 500 Revolutionized Equity, Electronic Trading

How E-Mini S&P 500 Revolutionized Equity, Electronic Trading