Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Chinese Internet player Qihoo 360 (NYSE: QIHU) popped as much as 18% today after the company reported second-quarter results with a strong third-quarter outlook.

So what: Second-quarter revenue more than doubled to $72.8 million, and adjusted non-GAAP net income also posted a healthy jump to $20.6 million, or $0.17 per share. In the coming quarter, Qihoo 360 forecasts sales between $81 million and $82 million, which would be an increase of between 71% and 73% over last year, and is also higher than the Street forecast of $80.3 million.

Now what: On top of that, Qihoo 360 just launched its own search engine in a bid to challenge dominant Chinese search engine Baidu (Nasdaq: BIDU), which has been under pressure the past couple days on the news. Qihoo 360's popular Internet browser now also defaults to its own search engine, displacing Google (Nasdaq: GOOG), which had previously occupied that seat. The company has 272 million monthly active users of its browsers -- ThinkEquity analyst Henry Guo thinks its search opportunities are "significant" in the coming years.

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Fool contributor Evan Niu owns shares of Baidu.com, but he holds no other position in any company mentioned. Click here to see his holdings and a short bio. The Motley Fool owns shares of Google and Baidu.com. Motley Fool newsletter services have recommended buying shares of Baidu.com and Google. The Motley Fool has a disclosure policy. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.