Monday’s big news came from across the left-hand pond in the form of a massive Chinese online video buyout.
Youku.com (NASDAQ:) said it would buy rival Tudou.com (NASDAQ:) for about $1 billion in stock, sending both companies surging — YOKU stock gained 27%, and TUDO shares rocketed almost 160% around the $40 mark. The combined company, which will be known as Youku Tudou, will be the biggest online video company in China — the world’s biggest Internet market at more than 450 million users.
The deal also sent other Chinese Internet stocks up, such as Ku6 Media (NASDAQ:, +11.9%), Dangdang (NYSE:, +7.1%) and Renren (NYSE:, +3.9%). However, online media company SINA Corp. (NASDAQ:) fell 3.5%, and Baidu (NASDAQ:) — the “Chinese Google” — was slightly down.
The market was otherwise flat Monday, with the S&P 500 finishing just marginally up, weighed down by miners and solar stocks.
First Solar (NASDAQ:) lost 6%, and SunPower
(NASDAQ:) and Suntech Power (NYSE:) each dropped more than 4%. Meanwhile, NovaGold Resources (AMEX:, -5.9%), Pan American Silver (NASDAQ:, -5.3%) and Agnico-Eagle Mines (NYSE:, -3.1%) also fell along with gold and silver prices.
Three Up
- Sodastream (NASDAQ:): Up 9% ($3.12) to $37.68.
- Invensense (NASDAQ:): Up 7.5% ($1.33) to $19.12.
- Equifax (NYSE:): Up 3.4% ($1.46) to $44.09.
Three Down
- Heckmann (NYSE:): Down 9.4% (45 cents) to $4.33.
- Human Genome Sciences (NASDAQ:): Down 8.7% (71 cents) to $7.51.
- Rare Element Resources (NYSE:): Down 7.2% (44 cents) to $5.71.
Kyle Woodley is the assistant editor of InvestorPlace.com. As of this writing, he did not hold a position in any of the aforementioned securities. Check out recaps from previous trading days here.
