Qihoo Jumps Most in Four Weeks in N.Y. as Profit Beats Analyst Estimates
Qihoo 360 Technology Co Ltd. (QIHU) jumped the most in four weeks in U.S. trading after the Chinese computer security software developer said fourth-quarter net income more than tripled.
American depositary receipts of Qihoo gained 2.8 percent to $17.98 by 10:06 a.m. in New York, after earlier surging as much as 6.3 percent to $18.60, the biggest intraday advance since Jan. 27.
Beijing-based Qihoo said net income in the last three months of 2011 increased by 274 percent from a year earlier to $15 million in a statement yesterday after U.S. markets closed. That exceeded the $9.9 million average estimate of five analysts compiled by Bloomberg.
Earnings per ADR were 13 cents, beating the 8-cent forecast of analysts, data compiled by Bloomberg showed.
Analysts at RBS Asia Ltd. and Stifel Nicolaus & Co. reiterated their “buy” recommendations today.
To contact the reporter on this story: Belinda Cao in New York at lcao4@bloomberg.net
To contact the editor responsible for this story: Emma O’Brien at eobrien6@bloomberg.net
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