Qihoo 360 (QIHU) Taking Search Giant Baidu (BIDU) Down a Few Notches, Analysts Notice

August 23, 2012 11:46 AM EDT
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Traders are watching Qihoo 360 Technology Co. Ltd (Nasdaq: QIHU) intra-day, after the company's new search initiative was the reason Deutsche Bank just downgraded search giant Baidu, Inc. (Nasdaq: BIDU).

The firm expects Baidu to keep losing traffic share to Qihoo in the near future due to 1) Qihoo's large browser user base (272m in 2Q12/51% of the Chinese Internet population), and 2) Qihoo search engine’s reasonably good user experience.

After rising 16 percent yesterday following results, shares of Qihoo 360 are down 3.7 percent today. Although they are off the lows following BIDU the downgrade.

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