Morgan Stanley and Goldman Sachs sold shares for $19 billion overnight. This huge and emergency liquidation provoked a market slump and falling of the stock price of Chinese IT giants and American media holdings by $35 billion total.
Baidu (NASDAQ: BIDU) reported negative net profit for the first time in fourteen years, which pushed the stock down by 16%. Hailong Xiang, the Senior Vice President who had been running the company since the IPO, resigned, his post being taken by Dou Shen, the former Mobile Product Vice President. This proves that the current company's scheme got obsolete and does not yield enough profit; Baidu is now likely to get mobile-oriented.