Shares of Baidu Inc. are up 1.1% in premarket trading after the company said it had reached agreements pertaining to the divestiture of its ad and tools business, known as its Global DU business. "We have been able to build global adoption of DU ads and tool apps through Baidu's strong technological team. Upon this divestiture, the Global DU business will have more autonomy and agility in its operation and will receive a cash injection to further support the growth of its business," Chief Financial Officer Herman Yu said in a release. "This transaction marks another milestone for Baidu to sharpen its focus on AI-powered core businesses, on the heels of the divestiture of Baidu's financial services business." The company will have a roughly 34% stake in the business after the transaction is complete and will no longer have effective control of Global DU. Baidu shares tumbled late last week after the company said that its chief operating officer would be leaving that post. The stock is up 34% this year, compared with a 14% rise for the S&P 500