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.