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Midday Commentary: NQ Mobile in focus after fraud allegations; Rayonier under pressure
By Rebecca Melvin
New York, Oct. 25 - NQ Mobile Inc.'s 4% convertibles due 2018, which priced earlier this month, were in focus early Friday as a conference call with investors was underway in which the China-based mobile security company was addressing allegations of fraud by Muddy Waters research firm.
NW Mobile shares plunged more than 50% on Thursday following the release of Muddy Water's research, in which the firm said at least 72% of NQ's 2021 China security revenue was fictitious. In a statement, NQ said the accusations were false.
Rayonier Inc.'s convertibles hadn't yet traded in early action, but the underlying shares of the Jacksonville, Fla.-based real estate investment trust were down sharply after the company's third-quarter results missed estimates.
"The bonds haven't traded just yet but will probably see action soon," a New York-based trader said.
Rayonier has forest products, real estate, fiber and other businesses.
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