Baidu shares up on buyout offer

February 15 22:50 2016

Chinese company Baidu and payments service Square are moving up in morning trading, while game publisher Activision is sliding-¬†Baidu. Shares of the Chinese Internet search provider surged after the company revealed it received a $2.8 billion offer for its stake in video service Qiyi.com. Baidu owns an 80.5% stake in Qiyi. The company said Qiyi would stay a “strategic partner” if a deal was finalized.

Square. Credit card giant Visa revealed it has grabbed a 10% stake in the mobile payments service. According to Reuters, the stake was revealed in a regulatory filing. Shares of Square climbed nearly 9%.

Pandora. Shares of the streaming music service traded lower following a report from The New York Times the company has held discussions about a sale.

Activision-Blizzard. The video game publisher disappointed Wall Street with fourth quarter profit that fell short of forecasts. Activision reported earnings per share of 83 cents, short of the 86 cents forecast by analysts. Activision also confirmed a sequel to its action game Destiny will launch next year.

Alphabet. Google is reportedly working on its own high-end virtual reality device. The VR headset would compete with several other devices headed to the market this year, including Oculus Rift and HTC Vive.

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