Qihoo 360's (QIHU) First Day Performance Better Than DangDang (DANG), But Not Quite Youku.com-Like (YOKU)
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The IPO for Qihoo 360 (NYSE: QIHU) lit-up Wall Street Wednesday morning. After pricing at $14.50, shares opened at $27 and traded to as high as $33.40. Shares are up 113 percent to $30.90 at last check.
If shares close around the current price level, the stock will have had better first day performance than last year's hot China IPO DangDang (Nasdaq: DANG), but worse than last year's hotter IPO Youku.com (Nasdaq: YOKU).
DangDang, Inc. (Nasdaq: DANG) closed up 87 percent to $29.91 on its debut. The stock recently traded much lower at $22.46.
Youku.com (Nasdaq: YOKU) soared 161% to $33.44 during its first day of trading. Shares currently trade much higher at $51.24.
Qihoo 360 is the No. 3 Internet company in China as measured by user base, and No. 1 provider of Internet and mobile security products. DangDang is considered the Amazon.com of China and Youku.com the YouTube of China.
The data above paints a mixed picture for the future performance of Qihoo 360. While it could be a one day-wonder like DangDang and underperform following Wednesday's open, alternatively it could be Youku.com-like and just keep going higher.
If shares close around the current price level, the stock will have had better first day performance than last year's hot China IPO DangDang (Nasdaq: DANG), but worse than last year's hotter IPO Youku.com (Nasdaq: YOKU).
DangDang, Inc. (Nasdaq: DANG) closed up 87 percent to $29.91 on its debut. The stock recently traded much lower at $22.46.
Youku.com (Nasdaq: YOKU) soared 161% to $33.44 during its first day of trading. Shares currently trade much higher at $51.24.
Qihoo 360 is the No. 3 Internet company in China as measured by user base, and No. 1 provider of Internet and mobile security products. DangDang is considered the Amazon.com of China and Youku.com the YouTube of China.
The data above paints a mixed picture for the future performance of Qihoo 360. While it could be a one day-wonder like DangDang and underperform following Wednesday's open, alternatively it could be Youku.com-like and just keep going higher.
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