not Tue morning but Wed morning. Of course there is no guarantee that news might leak because of the large number of players showing up to the event. Some hedge funds may get one of the insiders a harlot who might be pumping info to front run the rest of us. Strange things happen ... look at the insider trading cased in SAC.
Son, Goldman Sachs did the same thing after FMCN. It is SOP after short attacks::
Goldman Sachs writes about Focus Media (NASDAQ: FMCN [FREE Stock Trend Analysis]), “Yesterday Muddy Waters Research published a Strong Sell report on Focus Media (FMCN) based on allegations of 1) significant overstatement of the number of screens in the LCD network and 2) gross overpayments for acquisitions, with FMCN insiders and business associates having benefited from investing in assets, at the expense of minority shareholders.”
Goldman Sachs has placed its rating and price target on FMCN under review pending the company's response to allegations. FMCN closed yesterday at $15.43.
Read more: http://www.benzinga.com/analyst-ratings/analyst-color/11/11/2145186/update-goldman-sachs-reviews-muddy-waters-allegations-ag#ixzz2k4FcnhDm
Panic time with 3 trading sessions before the upbeat New York love fest.
On October 26, 2013, the Company announced that its board of directors formed a special committee (the "Special Committee"), comprised of four independent directors of the Company, to conduct an independent review of allegations raised in a report issued by a short-seller research company dated October 24, 2013. On November 1, 2013, the Company announced that the Special Committee has retained the global law firm of Shearman & Sterling LLP to advise it in connection with its independent review, and Shearman & Sterling LLP has in turn engaged Deloitte & Touche Financial Advisory Services Limited as forensic accountants to assist it in the matter. As of the date of this press release, the independent review of the Special Committee is still ongoing. As previously indicated, the Company believes that the short-seller's report contains numerous errors of fact, misleading speculations and malicious interpretations of events. Nevertheless, in order to provide the highest level of transparency to its shareholders, the management of the Company has fully cooperated with the Special Committee in its ongoing review and will continue to do so in the future.
kept lid on Obama rally as indices pulled back from yesterday's record high:
At the close
Dow -0.95% to 15597. S&P -1.31% to 1747. Nasdaq -1.90% to 3857.
Treasurys: 30-year +0.58%. 10-yr +0.22%. 5-yr +0.12%.
Commodities: Crude -0.56% to $94.27. Gold -0.81% to $1307.1.
Currencies: Euro -0.71% vs. dollar. Yen -0.66%. Pound +0.02%.
BEIJING and DALLAS, Oct. 16,2013 /PRNewswire/ -- NQ Mobile Inc. NQ, a leading global provider of mobile Internet services ("NQ" or the "Company"), today announced the completion of the offering of US$172.5 million in aggregate principal amount of convertible senior notes due 2018 (the "notes"), following the exercise in full of the option that the Company previously granted to the initial purchasers, Morgan Stanley & Co. International plc and Deutsche Bank Securities Inc., to purchase up to an additional US$22.5 million in aggregate principal amount of notes.
The notes will be convertible into NQ's American depositary shares ("ADSs"), each representing as of the date of this press release five Class A common shares of NQ. The initial conversion rate is 39.0472 of the Company's ADSs per US$1,000 principal amount of notes (which is equivalent to an initial conversion price of approximately US$25.61 per ADS and represents an approximately 30% conversion premium over the closing trading price of the Company's ADSs on October 8, 2013, which was US$19.70 per ADS). The notes will mature on October 15, 2018 and may be redeemed by NQ under certain circumstances on or after October 20, 2016. It is also contemplated that holders will have the right to require NQ to repurchase the notes on October 15, 2016 or upon the occurrence of certain fundamental changes. NQ anticipates using the proceeds for general corporate purposes, including working capital needs and potential acquisitions of complementary businesses. The conversion rate is subject to adjustment upon the occurrence of certain events.
The notes will bear cash interest at a rate of 4.00 % per year until maturity. Interest will be payable semiannually in arrears on April 15 and October 15 of each year, beginning on April 15, 2014.
lily, $20.5 won't do as the convertibles are at $25 plus interest payments. Unless buyers are willing to pick up those extras ...
bob, yesterday, MW released a rehashed hit piece and shares went up like a hockey stick. Bring it on!
The price ramped up steady before the hit piece because of the $172.5 million convertible deal.
With only 4 accounts, they have time to do real DD instead of heard from the Grapevine or sorghum patch. Another shortie in SA said he trusted Carson Block because of his 2011 expose on snoff. Another said his gut told him there was no cash etc. Nothing beats ground work.
Toro Investment Partners, Lp is a financial investment advisory firm headquartered in San Francisco, California. The firm manages 4 accounts totaling an estimated $32 Million of assets under management. Toro Investment Partners, Lp's 3 employees help advise 1-10 clients.
Registered By SEC Registered
cooney, The bond money was deposited in a HK bank and never moved. Stop ranting as if you are the smartest person in the universe.
LOL! I was in China not long ago trying to cash some $100 bills to rmb at a Beijing hotel. The clerk kept asking if I had new money and finally called the manager to approve the conversion. Took me awhile to figure out what the clerk meant. The bills were older, not of the newer version. Now, I go to the bank for notes with the latest look before traveling.
cooney, there are cash elsewhere to cover operational expenses. $100 mil is a big pile for a company without cash as alleged by Muddy.
weaks hands sold yesterday ... I counted at least three posters who said they had cashed out or walked off, one said lost $40K ... when sellers are gone, only buyers or short covers are left.
16.4mil shares vs 20.4mil 10-day average traded that includes Oct 22 and 23 before the short attack. Sooner or later, sellers are done and only buyers or neutral share holders remain.