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Baidu (BIDU) Stock Gains, Piper Jaffray Ups Price Target on Q3 Beat

NEW YORK (TheStreet) -- Shares of Baidu (BIDU) were climbing on heavy trading volume late-morning Friday after the company late yesterday reported better-than-expected results for the 2016 third-quarter.

After yesterday's closing bell, Beijing-based Baidu reported adjusted earnings of $1.49 per share, topping analysts' expected $1.11 per share.

Revenue fell 0.7% year-over-year to $2.74 billion, but beat Wall Street's projected $2.71 billion.

The Internet search provider expects fourth-quarter revenue to be in the range of $2.68 billion and $2.76 billion, which is below consensus estimates of $2.86 billion.

A government crackdown on healthcare advertising...