Thu, Feb. 12, 1:21 PM
- Qihoo (QIHU -2.3%) is selling off on an up day for equities after search/app store archrival Baidu slightly missed Q4 revenue estimates and offered soft Q1 guidance.
- Baidu blamed its guidance on "the late timing of Chinese New Year this year and mobile's growing traffic contribution, which monetizes at a rate lower than that of PC."
- Qihoo, which is trying hard to narrow Baidu's big mobile search lead and rapidly grow mobile ad sales along the way, is expected to post its Q4 results later this month.
Fri, Jan. 2, 4:00 PM
- Though Baidu has sold off and Alibaba is near breakeven, a slew of Chinese Internet and mobile names have delivered strong gains on a day the Nasdaq is down fractionally.
- Standouts include online retailers JD.com (JD +3.8%) and Vipshop (VIPS +5%), auto sites Bitauto (BITA +6%) and Autohome (ATHM +3.9%), beaten-down Qihoo (QIHU +4.2%) and NQ Mobile (NQ +8.4%), and newly-public social network/mobile chat platform Momo (MOMO +6.3%).
- Chinese online real estate plays SouFun, E-House, and Leju have delivered 10%+ gains after the city of Beijing hiked a credit ceiling for home purchase loans, and Perfect World has soared after receiving a going-private offer. Renren also had a very good day.
Dec. 16, 2014, 4:53 PM
- Qihoo (NYSE:QIHU) will invest $409.1M to obtain a 45% stake in a mobile phone JV with fast-growing Chinese Android OEM Coolpad. The JV will make phones under Coolpad's well-known Dazen brand, and primarily sell them online.
- As part of the deal, Qihoo will become "the default provider of key mobile services," for Coolpad's entire phone lineup. Qihoo's search engine, app store, and mobile security software are among the covered products.
- Coolpad, which faces off against the likes of Lenovo, Xiaomi, Huawei, and Samsung in China's hotly-competitive Android market, forecast in April its phone shipments would rise 50% this year to 60M units, with a third of the sales coming from online orders. Xiaomi has also seen considerable success selling online.
- The deal could help Qihoo narrow the gap between its mobile and PC search shares; the company is aiming to roughly triple its Chinese mobile search share to 30% within two years. It also stands to bolster the position of Qihoo's app store, which faces stiff competition from Baidu and Tencent.
- Shares sold off to new 52-week lows today. Nomura defended Qihoo amid the rout.
Dec. 8, 2014, 2:51 PM
- Though Shanghai was up 2.8% overnight following positive trade surplus data, Chinese Internet stocks are off sharply in U.S. trading amid a broader equity selloff. The Nasdaq is down 0.9%.
- Major decliners: WUBA -11.9%. QIHU -6.9%. MOBI -6.8%. YY -5.9%. WBAI -7.7%. CCIH -9.3%. VNET -8.9%. JMEI -8.9%. ATHM -8.5%. DANG -6.5%. SOHU -4.6%. SFUN -4.3%. EJ -4.4%. CMCM -6.9%. CMGE -8.3%.
- Valuations for the group are generally much lower today than they were in spring.
Dec. 1, 2014, 10:38 AM
- Chinese Internet and telecom names are among the biggest tech decliners as the Nasdaq registers a 0.9% drop. A soft November PMI print isn't helping.
- Giants Alibaba (BABA -4.3%) and Baidu (BIDU -2.8%) are among the casualties. As is Qunar (QUNR -5.8%), which reports after the bell.
- Other Internet decliners: BITA -12%. QIHU -4.4%. CTRP -4.3%. SFUN -7.2%. LEJU -7.5%. RENN -6.3%. SINA -3.8%. WB -3%. YY -3.9%. VIPS -3.8%. SOHU -3.5%. MOBI -4.3%. CMGE -8.6%.
- Telecom decliners: CHL -3.6%. CHU -3.9%. CHA -4%.
- ETFs: KWEB, CQQQ, QQQC
Nov. 25, 2014, 12:45 PM
Nov. 25, 2014, 11:25 AM
- After barely budging AH yesterday in response to its Q3 beat and solid Q4 sales guidance, Qihoo (NYSE:QIHU) is now up sharply.
- SA author WestEnd511 is pleased with the 65% Y/Y growth in Qihoo's Mobile Safe MAUs, declaring it demonstrates "QIHU's dominance in China's mobile security space, despite rising competition from CMCM and other sub-scale solution providers." The author does admit declining gross margins and soaring marketing spend remain concerns - the latter is chalked up to app pre-install deals with mobile OEMs.
- ONeil Trader notes Qihoo's net margin, while down 890 bps Y/Y, rose 200 bps Q/Q, as top-line growth outweighed margin pressure and aggressive spending. "I believe that Qihoo is a bargain at the current price, given the significant growth opportunities and the fact that it is trading at just 17x its [estimated] 2015 EPS."
- Update (2:00PM): Credit Suisse has upgraded Qihoo to Outperform.
Nov. 25, 2014, 9:15 AM
Nov. 24, 2014, 5:40 PM
- Qihoo (NYSE:QIHU) expects Q4 revenue of $410M-$415M, above a $405.1M consensus.
- While top-line performance remains strong, gross margin remains under pressure: It fell to 77.3% in Q3 from 79.1% in Q2 and 86.2% a year ago. Last quarter, Qihoo suggested search monetization costs and product mix changes were pressuring margins.
- Also: Opex rose 110% Y/Y (above rev. growth of 100%) to $200.1M, due to a 226% increase in sales/marketing spend to $91.5M.
- Total monthly active users of Qihoo's PC products amounted to 495M in September, down 1M Q/Q and up 30M Y/Y. Users of Qihoo's Mobile Safe app rose by 32M Q/Q and 265M Y/Y to 673M. Daily unique visitors to Qihoo's browser start page averaged 129M vs. 128M in Q2 and 126M a year ago.
- The company says its 360 Mobile Assistant Android app store (competes against Baidu and Tencent) continues to lead the Chinese market, and that it has received "very encouraging responses" to display and search ad platforms launched at the end of Q3.
- QIHU nearly unchanged AH. Q3 results, PR.
Nov. 24, 2014, 5:01 PM
Nov. 23, 2014, 5:35 PM
Nov. 19, 2014, 12:37 PM
- Google (GOOG +0.1%) plans to finally launch the Google Play app store in China, The Information reports. By doing so, Google hopes to grow its mobile clout in a market believed to account for roughly half of Android's 1B+ global users, but in which Google apps/services are often non-existent on Android devices.
- Google famously shut down Google.cn in 2010 rather than continue censoring its search results, but still maintains R&D and ad sales offices in China. In addition, many Chinese developers have published apps on Play's international app stores to reel in non-Chinese users. Apple has had a Chinese App Store in place for years.
- When Play arrives in China, it will face competition from Qihoo (QIHU -2.9%) and Baidu/91 Wireless' well-established Android app stores, as well as from Tencent. Qihoo shares have slumped following The Information's report.
Oct. 17, 2014, 6:39 PM
- Qihoo (NYSE:QIHU) is shooting for a 10% Chinese mobile search share by the end of 2014, and a 30% share within 2 years, says president Qi Xiangdong.
- While Qihoo has been estimated to have a 30%+ PC search share, its mobile search share is much smaller. Baidu is believed to have over half the market, and Alibaba-owned UCWeb has also grown into a major player.
- In August, Qihoo said mobile had grown to account for a "low-teen to mid-teen" % of its search traffic from just 5% at the beginning of the year, and was aiming for 25% by year's end.
Oct. 2, 2014, 9:38 AM
- Qihoo's (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.
Sep. 23, 2014, 5:35 PM
Sep. 19, 2014, 12:44 PM
- Whether it's a case of selling on the news, freeing up capital to buy Alibaba shares, or a mixture of the two, a slew of Chinese Internet stocks are selling off as Alibaba (though off its highs) registers a 30%+ post-IPO gain.
- Baidu (BIDU -2.2%) and JD.com (JD -4.5%), both of which rallied yesterday, are among the decliners. Others: QIHU -2.7%. SFUN -3%. EJ -2.7%. YY -2.1%. WB -2.3%. WUBA -6.3%. MOBI -6.4%. CMGE -6.5%.
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