NQ Mobile unmoved despite stock plunge; pre-holiday market quiet ahead of early close

By Rebecca Melvin

New York, July 3 – NQ Mobile Inc.’s 4% convertible notes due 2018 were quiet Thursday despite a 32% plunge in the underlying shares of the Beijing- and Dallas-based mobile software company after news that its independent auditor has asked to expand the scope of its work in examining the company’s financials.

NQ said in a news release that it is considering the request of PricewaterhouseCoopers to perform additional procedures and expand the scope of its work in performing its 2013 annual audit.

NQ’s 4% convertibles weren’t seen to have traded Thursday but were last quoted at 66 bid, 67 offered.

Elsewhere, the market was also very quiet ahead of an early close for the New York Stock Exchange and Nasdaq stock exchange at 1 p.m. ET and recommended early close for bond markets. Financial markets will remain closed on Friday in observance of the U.S. Independence Day holiday.

Among issues trading notably were WellPoint Inc.’s 2.75% convertibles due 2042, which were up about 0.5 point, and likely trading “on the back of the rate move,” and Live Nation Entertainment Inc.’s 2.875% convertibles due 2027, which were being offered for sale ahead of their call date on July 20, a New York-based trader said.

Meanwhile, Vipshop Holdings Ltd. convertibles were “better to buy,” meaning that offers in the name were more abundant than bids.

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