Hot Stocks: BIDU, IQ jump on financial results; VRM, AMBA plunge
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Baidu (NASDAQ:BIDU) represented one of the standout performers during Tuesday's midday trading, with the Chinese internet giant soaring after reporting Street-beating revenue for Q4. The company's majority-owned subsidiary iQiyi (NASDAQ:IQ) also experienced post-earnings strength.
On the other side of the spectrum, Vroom (NASDAQ:VRM) and Ambarella (NASDAQ:AMBA) each posted substantial declines following the release of their respective financial figures.
Gainers
Baidu (BIDU) posted a 7% intraday gain, boosted by a strong Q4 report. While the firm's EBITDA dropped 33% from last year, the China-based internet giant reported strong revenue growth, with a top-line figure that beat expectations with a 9.3% expansion.
Meanwhile, BIDU's video streaming service iQiyi (IQ) also received substantial buying attention after its results. IQ posted a narrower-than-expected loss on revenues that rose 9% from last year. IQ jumped 23% on the news.
Decliners
Shares of Vroom (VRM) drove off a cliff after the auto retailer released disappointing Q4 results. The stock plummeted 42% on a wider-than-expected loss for its latest quarter, as the company struggled with inventory management and a weak gross profit per unit.
Earnings news also prompted a massive slide in shares of semiconductor design firm Ambarella (AMBA). The company beat expectations with its Q4 profit, with revenue that surged 45% from last year. However, AMBA provided a disappointing top-line forecast for Q1.
Hurt by the outlook, AMBA cratered by nearly 31% in intraday action.
To track Wall Street's best- and worst-performing stocks throughout the session, turn to Seeking Alpha's On The Move section.
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