NQ Mobile gives back early gains, shares plunge below $10

|About: NQ Mobile Inc. (NQ)|By:, SA News Editor

Up in premarket trading thanks to Macquarie's defense of the company, NQ Mobile (NQ -11.8%) is diving again, as many investors remain skeptical about the company's bookkeeping and revenue streams following Muddy Waters' fraud allegations.

Notable Calls suspects some of the selling is coming from firms that aren't allowed to hold names facing potential investigations.

Also: SA contributor Goldbaum Research has drawn parallels between NQ and Sino-Forest (went bankrupt following a fraud scandal), and points out Chinese media has accused NQ of fabricating a partnership with smartphone vendor ZTE. Goldbaum also observes anecdotal talks and online comments point to limited Chinese public awareness of NQ.

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