Technology stocks were higher this afternoon, with shares of
technology companies in the S&P 500 posting a 0.3% gain.
In company news, NQ Mobile Inc. (
) jumped more than 35% Wednesday after a special audit committee
said it could find no evidence the Chinese wireless security and
privacy company intentionally inflated its reported sales
"The investigation team did not find evidence that the company's
revenues were inconsistent with public disclosures," NQ Mobile said
in a statement this morning. The probe followed accusations by
Muddy Waters Research LLC, an investment fund led by Carson Block,
a short-seller focused on uncovering alleged fraud by Chinese
companies trading in the U.S. markets.
The company also said its board of directors ordered management
to launch internal controls proposed by the investigative team
comprised of independent board members, with additional assistance
from the Shearman & Sterling LLP law firm and the accounting
firm Deloitte & Touche.
NQ American depository shares reached an intra-day high of
$10.55 each, before easing slightly to their current range around
$10.30 a share. The stock has a 52-week range of $6.25 to $25.90 a
share, climbing nearly 31% in value over the past year.
In other sector news,
(+) DRWI, (+17.9%) Boosts Q1 revenue outlook, forecasting 60%
growth in Q1 revenue over Q4 levels, up from 50% in its prior
guidance and equating to around $28.6 mln, topping the Capital IQ
consensus by around $1.7 mln.
(-) FCEL, (-7.2%) Q2 net loss of $15.8 mln, of $0.07 per share,
more than double its $7.4 mln loss last year. Excluding items, it
lost $0.04 per share, or $0.01 wider than estimates. Revenue
declined 9.7% year over year to $38.3 mln, trailing Street view by