Chinese tech stocks sink despite strong results from Baidu, iQiyi

News Snapshot:

Chinese tech stocks were largely in the red in pre-market trading on Tuesday despite stronger-than-expected results from industryl stalwarts Baidu (NASDAQ:BIDU) and iQiyi (NASDAQ:IQ). Shares of Alibaba (BABA) and JD.com (JD) each fell around 1%, while Tencent (OTCPK:TCEHY) slipped around 0.5%. Baidu (BIDU) erased earlier gains and fell fractionally even as the company said it earned $2.34 per share during the first-quarter, easily topping estimates of $1.84 per share. In addition, Baidu (BIDU) said it generated $4.54B in revenue during the period, aided by an 8% year-over-year increase from Baidu Core to $3.35B. Online marketing revenue rose 6% year-over-year to...