Author: Adam Keintzel

Adam Keintzel covers IT Systems & Networking. Prior to joining Tech Insider, he worked for technology firms in the Silicon Valley in engineering and business development roles. In both 2008 and 2009, he was included in The Wall Street Journal’s “Best on the Street” analyst rankings – Computers and Office Equipment. In 2009, he was designated as an Institutional Investor “Best Up and Comer” – IT Hardware.
Finance, Software

(NYSE:NQ) No Evidence Of Fraud found at NQ Mobile

(NYSE:NQ) The Investigation Team conducted a thorough review of cash reported on NQ Mobile’s financial statements and the Company’s cash transactions, which included the following procedures: obtained bank confirmations for the Company’s accounts through in-person visits and mail

Chinese mobile security software maker NQ Mobile said a special committee had found no evidence of fraud, as alleged by short-seller Muddy Waters Research Group. NQ Mobile also said the committee also found no evidence that the company’s revenues and cash balances were inconsistent with public disclosures. Muddy Waters called NQ Mobile a “massive fraud” in October, a charge NQ Mobile rejected as false.

NQ Mobile’s shares rose about 30 percent in premarket trading.

According to the auditors findings : “The Investigation Team determined that the Company’s cash balances were verifiable and consistent with public disclosures. … (ii) The Investigation Team did not find evidence that the Company’s revenues were inconsistent with public disclosures.”

Benedict commented on NQ Mobile’s activity since the Muddy Waters allegation, “We have seen fees drop off a bit from October to around early to mid April, then we saw fees surge again briefly.”. An independent committee investigating Muddy Waters’ allegations at NQ Mobile Inc (ADR) (NYSE:NQ) has found no evidence of fraud. Block says they continue to investigate NQ Mobile Inc (ADR) (NYSE:NQ) and that he doesn’t think the debate over the company will be over “until regulators step in or NQ’s shares go to zero.”

In the meantime, ChinaRock discloses that is has doubled its stake in NQ Mobile. Both short interest and utilization rose by about one percent on the news, according to Benedict. The utilization rate is now 92 percent.

Continue reading “(NYSE:NQ) No Evidence Of Fraud found at NQ Mobile”

Adam Keintzel
Finance

Tech Losers: Microsoft Corporation (NASDAQ:MSFT), Oracle Corporation (NYSE:ORCL), Alcatel Lucent SA (ADR) (NYSE:ALU), Amazon.com, Inc. (NASDAQ:AMZN)

Over the years, Microsoft Corporation (NASDAQ:MSFT) has made it known, time and time again, that it has an extreme dedication to security. While this can be seen in the company’s many software applications and hardware, it recently took things to the next level by partnering with the FBI. Microsoft Corporation (NASDAQ:MSFT) stock performance was -0.37% in last session and finished the day at $40.79. Traded … Continue reading Tech Losers: Microsoft Corporation (NASDAQ:MSFT), Oracle Corporation (NYSE:ORCL), Alcatel Lucent SA (ADR) (NYSE:ALU), Amazon.com, Inc. (NASDAQ:AMZN)

Adam Keintzel
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Finance

Basic Material Gainers; Halcon Resources Corp (NYSE:HK), Cheniere Energy, Inc. (NYSEMKT:LNG), Solazyme Inc (NASDAQ:SZYM), Ur-Energy Inc. (USA) (NYSEMKT:URG)

Halcon Resources Corp (NASDAQ:HK) had its target price boosted by Goldman Sachs from $4.25 to $4.75 in a report issued on Wednesday. Goldman Sachs has also updated their ratings on a number of other stocks in the last week. The firm reiterated its sell rating on shares of National Grid plc (ADR). Also, Goldman Sachs downgraded shares of Prudential Public Limited Company (ADR) to a … Continue reading Basic Material Gainers; Halcon Resources Corp (NYSE:HK), Cheniere Energy, Inc. (NYSEMKT:LNG), Solazyme Inc (NASDAQ:SZYM), Ur-Energy Inc. (USA) (NYSEMKT:URG)

Adam Keintzel
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Finance

Auto stocks In News: Tesla Motors Inc (NASDAQ:TSLA), Ford Motor Company (NYSE:F), General Motors Company (NYSE:GM), Toyota Motor (NYSE:TM)

Tesla Motors Inc (NASDAQ:TSLA) Model S is the second car from the electric car manufacturer to hit the roads. In 2008, the company launched a sports car named Roadster, and the Model S is available in the United States since 2012. At the end of 2013, the company announced another version of the car that will be a right-hand-drive. The Model S has now offcially … Continue reading Auto stocks In News: Tesla Motors Inc (NASDAQ:TSLA), Ford Motor Company (NYSE:F), General Motors Company (NYSE:GM), Toyota Motor (NYSE:TM)

Adam Keintzel
Finance

Consumer Goods Unusual Volume: The Coca-Cola Company (NYSE:KO), Mondelez International Inc (NASDAQ:MDLZ), Graphic Packaging Holding (NYSE:GPK), Apple Inc. (NASDAQ:AAPL)

The Coca-Cola Company (NYSE:KO) Bottling Co. United has added Scottsboro, Ala. to its territory as it expands across the Southeast. The transaction comes after last year’s announcement that Coca-Cola would expand the distribution territories for United and four other bottlers in the U.S. Financial terms of the Scottsboro deal were not disclosed. The Coca-Cola Company (NYSE:KO) stock performance was -0.47% in last session and finished … Continue reading Consumer Goods Unusual Volume: The Coca-Cola Company (NYSE:KO), Mondelez International Inc (NASDAQ:MDLZ), Graphic Packaging Holding (NYSE:GPK), Apple Inc. (NASDAQ:AAPL)

Adam Keintzel
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Finance

Watch List; Himax Technologies (NASDAQ:HIMX), Micron Technology (NASDAQ:MU), Applied Materials, Inc. (NASDAQ:AMAT), AT&T Inc. (NYSE:T), Zynga Inc (NASDAQ:ZNGA)

Himax Technologies, Inc. (NASDAQ:HIMX) shares dropped 13.58% after reports revealed that Renasas Eletronics plans to sell its stake in a unit that supplies display driver chips for the Apple iPhone. According to Reuters Renesas will sell its stake to Synaptics. The unit is the sole supplier to for display driver chips in the iPhone. Himax Technologies, Inc. (ADR) (NASDAQ:HIMX) stock performance was -13.58% in last … Continue reading Watch List; Himax Technologies (NASDAQ:HIMX), Micron Technology (NASDAQ:MU), Applied Materials, Inc. (NASDAQ:AMAT), AT&T Inc. (NYSE:T), Zynga Inc (NASDAQ:ZNGA)

Adam Keintzel