NEW YORK, NY / ACCESSWIRE / June 9, 2017 / Alibaba's shares had one of the most exciting days in is history on Thursday after the company announced an impressive forecast for 2018 revenues. The stock hit a new record high and also had the largest percentage increase on record. Shares of Baidu were for the most part unchanged on Thursday but the Street is curious about the company's two recent collaboration partnerships with German auto giants to get a bigger presence in the self-driving arena.

RDI Initiates Coverage on:

Baidu, Inc.
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Alibaba Group Holding
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Baidu, Inc. modestly closed in the red yesterday down 0.95%. The Chinese tech giant didn't have any significant news yesterday but several days ago the company announced that it was teaming up with Bosch and Continental, two of Germany's auto industry's giants, to focus more on the self-driving vehicle arena. The company signed a strategic partnership with Bosch on June 1st and one with Continental on May 31st. There were no financial details disclosed. With a focus on artificial intelligence, the collaboration is intended to strengthen Baidu's presence in the automated driving category. The company has been focusing on developing self-driving technologies for several years now, since 2011.

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Alibaba Group Holding Limited's shares soared to a new record high on Thursday after the company's CFO announced that Alibaba is expected to see an increase of almost 45% to 49% year-over-year in 2018 revenue. This is 10% ahead of what analysts had expected and traders were very excited. CFO Maggie Wu's announcement even received "gasps of wow" from investors at its headquarters according to The Financial Times. Shares of the Chinese e-commerce giant hit as high as $143.70 yesterday on volume almost seven times higher than usual. Volume yesterday was the highest the stock has seen since November 30th of 2015. The stock's performance even helped Yahoo's shares soar to a 17-year high. The gains seen yesterday were the largest percentage increase on record for the stock, according to the Dow Jones Newswires. Alibaba's IPO price was $68 back in September of 2014. Since the beginning of the year, shares have climbed 62%.

Access RDI's Alibaba Research Report at:
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Our Actionable Research on Baidu, Inc. (NASDAQ: BIDU) and Alibaba Group Holding Limited (NYSE: BABA) can be downloaded free of charge at Research Driven Investing.

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