Qihoo 360’s Mobile App Dropped from the Apple Store

The Chinese company Qihoo 360 Technology Co. (NYSE:QIHU), who works in the development of security software, announced this week that its app products were dropped from Apple’s (NASDAQ:AAPL) online stores for reasons that were as yet unknown.  As the company sought answers, it assured those who had downloaded the apps for the iPhone and iPad to continue using them as they normally would.  The company has provided no indication of why they were dropped by Apple, if indeed they have one.

Presently only 5 percent of those using Qihoo 360’s mobile products do so using Apple’s devices, says Nancy Yang of Mirae Asset Securities Ltd, with most subscribers of the services doing so through Android, operated by Google, and Symbian, operated by Nokia.  The company, in fact, draws no revenue from its mobile apps. Based on this, the news hasn’t discouraged Yang from recommending the stock.

Here’s how these stocks are trading now:

Qihoo 360 Technology Co Ltd (NYSE:QIHU): QIHU shares recently traded at $18.07, down $0.98, or 5.14%. They have traded in a 52-week range of $14.30 to $36.21. Volume today was 1,006,133 shares versus a 3-month average volume of 1,139,010 shares. The company’s trailing earnings are $-0.00 per share.

Apple Inc. (NASDAQ:AAPL): AAPL shares recently traded at $463.69, up $4.01, or 0.87%. They have traded in a 52-week range of $310.50 to $460.00. Volume today was 5,147,868 shares versus a 3-month average volume of 12,426,800 shares. The company’s trailing P/E is 13.21, while trailing earnings are $35.14 per share.