NQ Mobile Soar On Stock Buyback Announcement

Shares of NQ Mobile Inc (ADR) NQ were trading sharply higher in Tuesday's premarket following news that the company has authorized an $80 million share buyback program.

This announcement comes a few days after NQ Mobile reported earnings and revenues that disappointed, with shares of NQ falling nearly 20 percent on the earnings miss.

Shares of NQ Mobile recently traded at $4.05, up 17 percent.