Shares of Chinese Internet security and search provider Qihoo 360 (NYSE:QIHU) climbed over 9 percent on Monday and hit a new 52-week high of $28.16 per share early in the session. Trade volume was tremendously high, over four times the three-month daily average.
Qihoo 360 has been the favorite underdog for investors for a while. Shares are up over 33 percent over the last six months and over 63 percent this year to date. Qihoo’s base is in Internet security its newly-released search engine rapidly claimed 10 percent of the market in China and turned a lot of heads, catalyzing much of the stock’s recent gains.
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Qihoo’s major competitor in the search space is Baidu (NASDAQ:BIDU), which claims 73.5 percent of the market. However, shares of the larger search provider are down over 22 percent this year to date despite the company’s Google-esque control of the search market in China. Investors don’t seem to have a lot faith in the company’s ability to maintain a technically superior product to Qihoo.
A growing history of competency and an increasingly sharp competitive edge against its major competitors provided the groundwork for some bullish coverage of Qihoo’s stock over the weekend…