NEW YORK (TheStreet) -- Baidu (BIDU) was falling 5.6% to $153.72 Monday following the news that the Chinese government told the company to stop streaming for American TV shows on its iQiYi streaming service.
According to 24/7 Wall Street, China's State Administration of Press, Publication, Radio, Film, and Television ordered Baidu and other streaming services including Youku Tudou (YOKU) and Sohu.com (SOHU) to remove The Big Bang Theory, The Good Wife, NCIS, and The Practice from their services. The government agency told the streaming services to remove all episodes of the shows in question immediately.
The agency also said that all foreign TV shows will now have to gain approval before they can be added to the streaming services. Foreign programs already have to go through similar processes before they can be shown on broadcast TV stations.
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TheStreet Ratings team rates BAIDU INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate BAIDU INC (BIDU) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance, growth in earnings per share, increase in net income and largely solid financial position with reasonable debt levels by most measures. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."