Stocks shed some excess

Most headlines will read stocks down due to interest rate concerns. However, it seems to have been mere profit taking at this point. The market has risen so much after March that a lot of stocks are priced to perfection. Case in point take a look at Baidu(BIDU) the stock has had an enormous run trading around 420 in the beginning of March to 617.74 which it closed at today. With current growth estimates at 57% and a P/E of 63 the stock appears to be fully valued at current prices. So what happens if their current quarter misses earnings by 10 million or revenue growth is off by a percent or 2? This could be the reality starting with their next quarter they appear to only being making in roads in China and Japan and  their earnings were only 62 million for last quarter. This is only one of many examples of a little froth in the market. The ride up was fun don't get caught in the slide down.