NEW YORK, NY / ACCESSWIRE / July 31, 2017 / Baidu, Inc. had a big trading day this past Friday after announcing second quarter earnings and revenue that topped Wall Street estimates. Several analysts have upped their price targets on the Chinese web services company after the strong earnings release. Shares of First Solar Inc. also saw a pop on Friday after reporting strong earnings beat for the second quarter. The company's guidance for the full year is also way ahead of what the Street was expecting.
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First Solar, Inc.
Baidu, Inc.'s shares closed up 9.45% on volume of roughly 12.5 million shares. The stock also hit a new high of $225.60 during intra-day trading. The Chinese web services company reported a stellar 143% growth in earnings with $2.36 per share. This was ahead of the $1.51 that the Street expected. Revenues at $3.08 billion also saw a 14% growth and was ahead of the $3.06 billion that analysts were waiting for. Analyst Karen Chan of Jefferies reiterated a "buy" rating on the stock and raised the firm's price target to $232 from $208. Cantor Fitzgerald also raised the stock from "underweight" to "overweight" and increased their price target from $156 to $260.
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First Solar, Inc.'s shares closed up 9.06% on Friday with trading volume of roughly 9.3 million shares traded. The stock also hit a new high of $49.75 during intra-day trading after posting strong second quarter results with a huge earnings beat. For the period, the company posted earnings of 64 cents per share. Despite this being lower by 26.4% from the year ago quarter, estimates called for a loss of 4 cents. The largest U.S. based solar panel manufacturer also had a positive outlook looking ahead and forecast revenues between $3 billion and $3.1 billion for full-year guidance. This was $150 million higher than the Street's expectations. Adjusted earnings per share guidance is now between $2 and $2.50, also up from the previously forecast $0.25 to $0.75.
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