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Friday, Aug 16
Qihoo soars; company pegs Chinese search share at 20%
- Down 11% over the prior two days (thanks in part to a general selloff in Chinese tech stocks), Qihoo (QIHU +10%) is flying higher today.
- A likely trigger: Remarks from president Qi Xiangdong stating Qihoo's So.com search engine (launched a year ago) now has a Chinese query share of 20%. Qi also predicts So.com's query share will top 30% by the end of 2014.
- Research firm CNZZ gave Qihoo a 15.3% Chinese search share for June, up from 9.6% in Oct. '12. Baidu (BIDU -0.5%) was assigned a 69.4% June share (down from 73% in Oct. '12).
- Last month, Qihoo announced it's in talks to by Sohu's Sogou search unit (8.8% June share, per CNZZ), but cautioned it hadn't reached "the pricing stage."
- Shares +132% YTD. Q2 results are due on Aug. 26.