I bought QIHU at 88 a couple of weeks ago. Earnings looked good to me. Thin margins but growth seems on track. Not sure if they can really take on BIDU in the long run. Too risky for me. They can go either way.
There aren't many news about QIHU. I do have Qihoo 360 apps on my phone but that doesn't show me how much better they are in comparison to the competition. With Google it was easier. I'm using Search, GMail, Maps, Docs (Drive), YouTube, G+, we have 2 Android phones and our kid a Chromebook.... all very well designed and successful services/software. And most of them are extremely lucrative for GOOG (directly or indirectly).
Qihoo has.... ummm... anything special? I don't know! It's hard to believe in something any other company could just copy. Especially in China!
I bought Google late but still made a decent profit (should have bought more). I guess I keep Google but I'm looking for another solid company that still has room to grow like GOOG in the last couple of years. Maybe BIDU. Not sure.