Qihoo 360 Technology Co Ltd(NYSE:QIHU)’s shares hit a new high this morning as the stock soared 11% to $27.76 after creating a new high of $28.16 earlier in the session.
This morning, Stifel Nicolaus noted that Qihoo in recent days has launched a music vertical search engine and a map vertical search engine. The firm expects the company to launch additional vertical search engines going forward and it maintains a Buy rating on the stock.
QIHU’s shares have been showing solid up move since the beginning of this year as the company has been showing increased market share following the release of its own web browser, giving Baidu.com, Inc. (ADR)(NASDAQ:BIDU) a tough challenge, which has shown consistent rise in the market share in China.
However, there are some strong numbers behind what Qihoo is doing. As of September, its browser has 303 million monthly active users, leading to impressive 77 percent growth in revs to $84 million. More broadly, Qihoo is also said to have about 10 percent share of all searches conducted in China.