Baidu Retreats on Chinese Private Hospital Advertising Boycott
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Baidu Inc. fell to a three-week low on concern the Chinese search-engine operator’s revenue will be crimped amid a conflict with private hospitals over advertising.
The American depositary receipts dropped 2.4 percent to $203.60 in New York, the lowest closing price since March 17. Trading volume of 4.1 million shares was 1.4 times the daily average of the past three months.