Losers Buzz: NQ Mobile Inc (ADR) (NYSE:NQ), Advanced Micro Devices, Inc. (NYSE:AMD)
NQ Mobile Inc (ADR)(NYSE:NQ), a Chinese mobile security software maker facing allegations of fraud from short-seller Muddy Waters Research Group, said it dismissed PricewaterhouseCoopers Zhong Tian LLP as its independent auditor.
NQ shares fell 27 percent before the bell.
PricewaterhouseCoopers Zhong Tian said in June that it needed to expand the scope of NQ’s 2013 audit.
NQ, which hired Marcum Bernstein Pinchuk LLP as its new auditor, did not give a reason on Friday for the dismissal of PricewaterhouseCoopers Zhong Tian.
In October, Muddy Waters called NQ a “massive fraud,” a charge the Chinese company rejected.
Shares of Advanced Micro Devices, Inc.(NYSE:AMD) sank 17% in premarket trade Friday after the company’s second-quarter adjusted losses missed Wall Street estimates. The semiconductor company said after the closing bell Thursday that it had adjusted losses of $36 million, or 5 cents a share, compared with losses of $74 million, or 10 cents a share a year earlier. Revenue rose to $1.44 billion last quarter, from $1.16 billion in the same period a year earlier. Analysts polled by FactSet had expected adjusted per-share earnings of 3 cents on sales of $1.44 billion.
Tags: Advanced Micro Devices, Inc. (NYSE:AMD), NQ Mobile Inc (ADR) (NYSE:NQ)