Analyst Stephen Ju expected a gradual transition
to Phoenix, given what management had told him
in mid September. Expects Baidu to struggle over
the next two quarters, with slower customer signups
and slower ARPU growth. Cuts Q4 09 pro forma
EPS estimate to $6.34 from $6.44, and 2010 estimate
from $10.44 to $8.88 (almost 15%).