Baidu (NASDAQ: BIDU ) gave investors a post-Christmas gift today, surging nearly 5%. The only real news surrounding the company in the past couple of days was the release of a Siri-like voice assistant. While this is a nice incremental improvement to Baidu's mobile offerings, the news doesn't explain its move today.
Instead, in the video below, senior technology analyst Eric Bleeker explains why today saw a broad movement in Chinese Internet stocks, with Qihoo, Sohu, and Sina also seeing gains throughout the day. Eric singles in on recent smartphone projections in China, and cites why smartphone growth could move from "challenge" to "opportunity" for some of China's larger Internet players next year.
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