Big contrast! The well-known hedging fund Contrarian Capital suddenly invested $13.45 million to buy 102,139 shares of Baidu, accounting for 3.4% of the fund's assets in one go. This is a signal for a fund that rarely chases trends.
Baidu's stock price has increased by 52% in the past year, outperforming the S&P 500 (which only rose by 20%). The current stock price is $128.94, with a market capitalization of $40.75 billion.
Why is this fund suddenly interested in Baidu? It's probably not because of search and advertising (that was a story from ten years ago). More likely, it's

Elastic (ESTC) just dropped its Q2 earnings report, EPS $0.64 surpassed expectations of $0.58, with a year-on-year rise of 8.5%. Revenue of $423.48M also exceeded expectations, but this stock has fallen 10.9% from the beginning of the year, while the S&P 500 has risen 12.9%, which is indeed a bit lagging.
Interestingly, Elastic has beaten expectations for four consecutive quarters, indicating that the business is stable. However, how the stock price moves going forward will largely depend on what the management says in the conference call. Currently, the Zacks rating given is #3 (Hold), and it