NQ Mobile spikes higher; Morgan Stanley discloses 5.2% stake

|By:, SA News Editor

In a new 13G, Morgan Stanley discloses it has taken a 7.9M-share (5.2%) passive stake in NQ Mobile (NQ +7.6%). Shares of the Chinese mobile app developer have shot higher in response.

A slew of hedge funds have already disclosed large stakes in NQ since Muddy Waters levied its extensive fraud allegations in October. Shares are still down 44% from where they closed the day before Muddy Waters' initial report arrived.