Chinese Internet-search firm Baidu.com (BIDU) is giving back some of yesterday's 24.5% gain following a steep price-target cut from S&P Equity Research. The brokerage firm trimmed its estimate on BIDU from $350 to $300; the new price target represents a premium of about 13% to the security's closing price Monday. S&P also backed its "hold" rating on BIDU.

In early trading, the shares are down 4.6%. Yesterday, BIDU rocketed higher after Julian Robertson of Tiger Management said on CNBC that he'd recently invested in the security. Other stocks that Robertson is snapping up include Apple (AAPL), Goldman Sachs (GS), Microsoft (MSFT), MasterCard (MA), Ryanair Holdings (RYAAY), and Visa (V).

So far, option volume is heaviest today at BIDU's October 240 put. This out-of-the-money option has seen 1,654 contracts cross the tape on open interest of 1,320, which suggests that some of today's volume will translate to new open interest tomorrow.