Qihoo rallies after launching $200M buyback

• Qihoo's (NYSE:QIHU +4.6%) buyback is good for repurchasing 2.5% of shares at current levels. It arrives with shares having fallen 49% from an all-time high of $124.42.
• The company notes it had $787M in cash at the end of Q2 (to go with $600M in long-term debt), and has since raised $1B through a convertible offering.