NQ Mobile Shares Continue To Surge As Market Digests Talks of a Relationship with China Smartphone Maker
Shares of NQ Mobile (NYSE: NQ) were surging as much as 15 percent higher in early morning trading action, following news reports of a possible relationship with a major Chinese smartphone maker.
NQ Mobile has been the subject of a recent negative research report from Muddy Waters. The research firm known for spotting fraudulent accounting practices at Chinese companies gave NQ Mobile a price target below $1 a share. Shares were hit hard and fast following the news report, losing around 50 percent of its value.
Shares of NQ Mobile have been trading on headlines only as NQ management and Muddy Waters have exchanged jabs over the days following the release of the negative report. Management at the Chinese mobile company flatly denied accusations of any wrongdoing, while Muddy Waters founder Carson Block challenged the company to refute his claims in the U.S instead of China.
NQ Mobile is set to report its quarterly earnings on November 12 at 8:00PM ET. According to Whispernumber.com, the consensus estimate is at $0.28 a share.
The company is also hosting an investor day on Tuesday November 19 at 1:00PM ET in New York City.
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