10-28-2013, 10:53 PM
Macquarie defends NQ Mobile; shares +13% • 7:53 AM
- The more than halving over the last two sessions "provides a rare opportunity for investors," says Macquarie. "We believe NQ is likely to report strong September quarter results on November 13 (in Asia) and is set to begin to buy back shares."
- On the Level 2/cash debate, Macquarie says both Baidu and SINA also have a substantial proportion of their cash as Level 2 to meet U.S. GAAP guidelines.
- Macqauire also interviewed Rong Xu (majority owner of Yidatong) and came back very positive.
- NQ +13.4% premarket.
- Previous coverage of NQ and the Muddy Waters saga.