Here's Why Baidu and iQiyi Soared Today

The outbreak of a novel coronavirus in China has made plenty of headlines, and has affected companies in China and across the global stage in a variety of ways. Many public facilities have been closed; travel restrictions remain in effect; and many consumers have been instructed to stay in their homes and avoid public gatherings.

As the leading Chinese search engine, Baidu (NASDAQ: BIDU) has not been immune to the outbreak of that has ravaged the country, nor has its streaming video offspring iQiyi (NASDAQ: IQ). In a press release late Friday, the company said that because of the coronavirus, its fourth-quarter financial report -- initially scheduled for Feb. 6 -- was being postponed until Feb. 27, "in light of the evolving situation." iQiyi issued a similar statement.

The news wasn't all bad, however, as Baidu issued revised guidance that was surprisingly strong and sent both stocks soaring.

Source Fool.com