["We recently conducted 50 retail store checks with two of NQ Mobile's U.S. retail partners, Go Wireless and The Cellular Connection (TCC). The following key takeaways highlight the underappreciated efforts and future potential of NQ Mobile's U.S. distribution strategy: 1) Retailers we spoke to categorized NQ's security product as a "pretty cool application" and as one of their "hottest moving items"; 2) In cases where we were able to determine the smartphone attach rate from the store rep, we were surprised to see attach rates in the 15-30% range, and a few even higher; and 3) our resultant attempt at sizing NQ's retail strategy suggests a $10.7M run-rate developing around year end in the US, with upside into 2014. We expect solid Q4 results and believe that there is upside to guidance as the various US partnerships come online. Overweight, PT $17."]