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Stock Market & Financial Investment News

News Breaks
July 18, 2014
07:10 EDTNQNQ Mobile engages Marcum Berstein & Pinchuk as independent auditor
NQ Mobile announced that it has engaged Marcum Bernstein Pinchuk as its independent Registered Public Accountant. The company's Audit Committee has dismissed PricewaterhouseCoopers Zhong Tian LLP as its Independent Auditor. Effective immediately, the company's Audit Committee has engaged MBP as its new Independent Auditor with respect to the fiscal year 2013 and subsequent periods. Following consultation with PwC, the Company's Audit Committee confirms that there is no disagreement between the Company and PwC on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure. PwC advised the company and the Audit Committee that the observations referred to in the company's press release reporting on the Special Committee's Independent Investigation dated June 4, regarding questions related to electronic data collected by the Investigation Team would require it to expand the scope of its work and, if investigated further, may cause it to be unwilling to rely on management representations in connection with its audit work.
News For NQ From The Last 14 Days
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December 26, 2014
12:02 EDTNQOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday, putting the Dow on track for a seventh straight session of gains and pushing the S&P 500 nearer to its next round-number milestone. There has been little movement since the open, as the averages have moved in a narrow range. The volume is light, which is expected due to the many investors extending the holiday weekend. ECONOMIC EVENTS: In the U.S., no major economic reports were released. In Asia, the People's Bank of China is said to be weighing a move to would boost liquidity conditions by changing its rules on how loan-to-deposit ratios are calculated at banks. Additionally, Japan's industrial production activity fell 0.6% in November, versus expectations for a 0.8% gain. COMPANY NEWS: Shares of Amazon.com (AMZN) climbed nearly 2% after the company announced that more than 10M of its customers had joined its Prime service for the first time this holiday season. A number of analysts have said that Prime members order significantly more products from Amazon than the company's customers who are not Prime members. "We are working hard to make Prime even better and expanding the recently launched Prime Now to additional cities in 2015,” said CEO Jeff Bezos. Prime Now, which launched in select areas of Manhattan on Dec. 18, offers one-hour delivery on "tens of thousands" of products... Sony's (SNE) PlayStation Network and Microsoft's (MSFT) Xbox Live service have been experiencing regular outages since Wednesday. Each of the game networks' owners have confirmed they have been having “network issues,” without reporting a cause, but various reports have attributed the outages to DDoS attacks from a hacker group calling itself “Lizard Squad.” MAJOR MOVERS: Among the notable gainers was Groupon (GRPN), which rose over 6% after Korea Times reported that the company's 100% owned Ticket Monster is drawing interest from Goldman Sachs' (GS) private equity arm. Among the noteworthy losers was NQ Mobile (NQ), which was giving up about 6% of the 35% advance the stock had on Wednesday after the company authorized the repurchase of up to $80M of its shares. INDEXES: Near midday, the Dow was up 45.44, or 0.25%, to 18,075.65, the Nasdaq was up 28.55, or 0.6%, to 4,802.02, and the S&P 500 was up 8.81, or 0.42%, to 2,090.69.
December 23, 2014
16:22 EDTNQOn The Fly: Closing Wrap
Stocks on Wall Street began the session in positive territory and the opening move put the Dow over 18,000 for the first time. The Nasdaq, however, quickly gave up its gains and moved into the red, where the tech-heavy index remained for the rest of the trading day. Oil prices saw a bit of a rebound but still remain just slightly above their lows from the recent sell-off. The volume was light and is expected to be even lighter tomorrow, as the market will close early ahead of the Christmas holiday. ECONOMIC EVENTS: In the U.S., the Commerce Department sharply revised up its estimate of third quarter GDP growth to 5% from a previous annual rate of 3.9%. Durable goods orders fell 0.7% in November, missing expectations for them to have grown 3%. The FHFA home price index rose 0.6% in October to 215.4, beating expectations for the index to have risen 0.3%. The University of Michigan consumer sentiment index final reading for December came in at 93.6, which was roughly in-line with the consensus forecast. The Richmond Fed manufacturing index for December had a reading of 7, as expected. New home sales fell 1.6% to a 438K rate in November, versus the consensus expectation for them to have been up 0.4% to 460K rate. Personal income increased 0.4% in November, matching the consensus forecast, while consumer spending grew 0.6% during the month, which was just above the 0.5% growth forecast. COMPANY NEWS: Shares of a number of biotechnology companies, including Celgene (CELG), Alexion (ALXN), Regeneron (REGN), Biogen Idec (BIIB) and Gilead (GILD), were among the worst performers on the S&P 500 as the whole space appeared to have a delayed reaction to yesterday's Express Scripts (ESRX) decision to purchase AbbVie's (ABBV) lower cost HCV drug for most of the patients the PBM serves. Piper Jaffray said it views the recent pullback in the biotech space as "healthy," but feels its "misguided" since the drug discounting done by AbbVie is not new. Piper says the "pricing/rebate dynamic existed well before yesterday" and that determining how the news from Express Scripts will impact the broader industry is difficult. Nonetheless, Piper feels the sector pullback is "healthy" given the outperformance of the group... Sony (SNE) announced that it will allow certain theaters to release "The Interview" on Christmas Day despite recent threats and reports indicated that Sony will also release the comedy simultaneously on video-on-demand. MAJOR MOVERS: Among the notable gainers was NQ Mobile (NQ), which gained $1.22, or 35.26%, to $4.68 after authorizing the repurchase up to $80M of its shares. Also higher was Chesapeake Energy (CHK), which rose $1.87, or 10.15%, to $20.29 after closing its previously announced asset sale to Southwestern Energy (SWN) for net proceeds of $4.975B and authorizing a $1B common stock repurchase program. Among the noteworthy losers was Achillion (ACHN), which fell $3.65, or 23.56%, to $11.84 amid the broader weakness in biotech and following a downgrade of the stock at RW Baird. INDEXES: The Dow advanced 64.73, or 0.36%, to 18,024.17, the Nasdaq fell 16.00, or 0.33%, to 4,765.42, and the S&P 500 added 3.63, or 0.17%, to 2,082.17.
12:41 EDTNQOn The Fly: Midday Wrap
Stocks on Wall Street were mixed at midday, with the Nasdaq lagging but the Dow above the 18,000 level for the first time. After an upward revision to the government's estimate of third quarter GDP growth fueled a higher open for all three major averages, the Dow and S&P soon found a level and began to drift, though the Nasdaq struggled and moved into the red soon after the opening bell. The averages have been in a holding pattern since the opening hour, with volume remaining light during this holiday shortened week. ECONOMIC EVENTS: In the U.S., the Commerce Department sharply revised up its estimate of third quarter GDP growth to 5% from a previous annual rate of 3.9%. Durable goods orders fell 0.7% in November, missing expectations for them to have grown 3%. The FHFA home price index rose 0.6% in October to 215.4, beating expectations for the index to have risen 0.3%. The University of Michigan consumer sentiment index final reading for December came in at 93.6, which was roughly in-line with the consensus forecast. The Richmond Fed manufacturing index for December had a reading of 7, as expected. New home sales fell 1.6% to a 438K rate in November, versus the consensus expectation for them to have been up 0.4% to 460K rate. Personal income increased 0.4% in November, matching the consensus forecast, while consumer spending grew 0.6% during the month, which was just above the 0.5% growth forecast. COMPANY NEWS: Shares of Keurig Green Mountain declined nearly 2% after the coffee machine maker recalled about 7.2M MINI Plus brewers in the U.S. and Canada after receiving reports of hot liquid escaping from the units during use. MAJOR MOVERS: Among the notable gainers was Vanda Pharmaceuticals (VNDA), which jumped more than 15% after the company announced a drug licensing settlement with Novartis (NVS) that research firm JMP Securities said was more favorable to Vanda than investors had expected. Also higher was NQ Mobile (NQ), which gained 27% after its board of directors authorized a share repurchase program under which the company may repurchase up to $80M of its shares. Among the noteworthy losers was Achillion (ACHN), which fell 21% after RW Baird downgraded the stock to Neutral and said the top-line anti-viral data the company reported yesterday fell short of expectations. Also lower were a number of other biotechnology companies, including Celgene (CELG), Regeneron (REGN), Biogen Idec (BIIB) and Gilead (GILD), as the whole space appears to be having a delayed reaction to yesterday's Express Scripts (ESRX) decision to purchase AbbVie's (ABBV) lower cost HCV drug for most of the patients the PBM serves. INDEXES: Near midday, the Dow was up 75.04, or 0.42%, to 18,034.48, the Nasdaq was down13.18, or 0.28%, to 4,768.24, and the S&P 500 was up 4.48, or 0.22%, to 2,083.02.
09:18 EDTNQOn The Fly: Pre-market Movers
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08:21 EDTNQNQ co-CEO whereabouts debated in Chinese media, Seeking Alpha contributor says
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08:10 EDTNQNQ Mobile approves $80M share repurchase program
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December 19, 2014
09:28 EDTNQOn The Fly: Pre-market Movers
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05:52 EDTNQStocks with implied volatility movement; NQ FXE
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December 18, 2014
18:22 EDTNQOn The Fly: After Hours Movers
UP AFTER EARNINGS: Red Hat (RHT), up 9.3%... Pier 1 Imports (PIR), up 8%... NQ Mobile (NQ), up 9.3%... Cintas (CTAS), up 6.3%. ALSO HIGHER: Aratana Therapeutics (PETX), up 25.9% after candidate for dog osteoarthritis shows positive results... Ally Financial (ALLY), up 5% after announcing that it will exit the Troubled Asset Relief Program. DOWN AFTER EARNINGS: Nike (NKE), down 2.7%. ALSO LOWER: American Apparel (APP), down 2.8% after New York Post reports on takeover bid.
17:24 EDTNQNQ Mobile reports average monthly active user accounts 159M as of Sept. 30
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17:22 EDTNQNQ Mobile to sell FL Mobil to Tack Fiori International
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17:21 EDTNQNQ Mobile raises FY14 revenue view to $325M-$326M from $320M-$325M
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17:20 EDTNQNQ Mobile sees Q4 revenue $82M-$83M
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17:19 EDTNQNQ Mobile reports adj net income for first three quarters ended Sept. 30 $23M
Reports net revenues of $242.6M for the first three quarters ended September 30. Generated a total of $22M in operating cash flow for the first three quarters ended September 30.
10:49 EDTNQNQ Mobile up 9% in early trading ahead of earnings report tonight
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10:38 EDTNQNQ Mobile volatility increases into reporting Q1, Q2, Q3
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December 15, 2014
09:21 EDTNQNQ Mobile volatility elevated into reporting Q1, Q2, Q3 results
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09:10 EDTNQNQ Mobile to report Q1, Q2, Q3 results on Dec. 18

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