Oct 26, 2017

Baidu beats third-quarter forecasts but Wall Street wants more

Baidu shares are down more than 10% in after-hours trading today after the Chinese search-engine titan reported third-quarter earnings that were twice what analysts had projected, but said that the next quarter will fall short of expectations.

The company said that, in the fourth quarter, revenue will rise to $3.52 billion, short of the $3.76 billion that analysts have forecast, Reuters reports. In the third quarter, Baidu said its adjusted earnings were $3.89 a share, compared with analyst exceptions of $1.96.

Baidu is part of the Big Tech circle of global companies that are perceived to be building dominant positions in the technologies of the future, including artificial intelligence.

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Coronavirus dashboard

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  1. Global: Total confirmed cases as of 1:30 a.m. ET: 5,695,155 — Total deaths: 355,688 — Total recoveries — 2,351,177Map.
  2. U.S.: Total confirmed cases as of 1:30 a.m. ET: 1,699,933 — Total deaths: 100,442 — Total recoveries: 391,508 — Total tested: 15,192,481Map.
  3. Public health: CDC issues guidelines for reopening officesFauci says data is "really quite evident" against hydroxychloroquine.
  4. States: California hospitals strained by patients in MexicoTexas Supreme Court blocks mail-in expansion to state voters.
  5. Business: MGM plans to reopen major Las Vegas resorts in June — African American business owners have seen less relief from PPP, Goldman Sachs says.
  6. Tech: AI will help in the pandemic — but it might not be in time for this one.
  7. World: EU proposes a massive pandemic rescue package.
  8. 1 🎶 thing: Local music venues get rocked by coronavirus.
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Updated 14 mins ago - Politics & Policy

Minneapolis unrest as hundreds protest death of George Floyd

Protesters and police clash during demonstration on Wednesday over the death of George Floyd in custody outside the Third Police Precinct. Photo: Kerem Yucel/AFP via Getty Images

Minneapolis police clashed for a second night with protesters demonstrating the death of George Floyd, an African American man who died in police custody.

The latest: Minnesota Gov. Tim Walz tweeted late Wednesday that the situation where the clashes were taking place was "extremely dangerous" as he urged people to leave the area. There were multiple news reports of police firing tear gas at protesters and of some people looting a Target store.

Blue Cross Blue Shield insurers sue CVS, alleging drug pricing fraud

Photo: John Lamparski/SOPA Images/LightRocket via Getty Images

Six Blue Cross Blue Shield insurers have sued CVS Health, alleging the pharmacy chain overcharged them based on "artificially inflated prices" for generic drugs and concealed the true cash prices of those drugs.

The big picture: CVS has faced legal scrutiny over its cash discount programs since 2015, and this lawsuit adds big names to a mounting problem.