NQ Mobile Inc (ADR) (NYSE: NQ) is having an overwhelmingly strong start to the trading session this morning after releasing news surrounding the smart car industry. Of course, the news led to excitement among investors, sending the stock screaming for the top. Today, we’ll talk about the news, what we’re seeing from NQ, and what we’ll be watching for ahead.
NQ Gains Big On Smart Car News
As mentioned above, NQ Mobile is having an incredibly strong start to the trading session this morning. The gains are ultimately the result of a press release that was issued by the company early this morning. In the release, NQ announced that its subsidiary, Linkmotion Holdings, has issued a paper describing the roadmap for its Carputer to advance to what is being called a CarBrain. The CarBrain will come with support for the integration of AI and blockchain applications as well as other technology architecture. Here’s some key info from the NQ document:
“The focus of this paper is to discuss how the software-designed cars integrate and utilize AI and blockchain and why it’s very significant for us at Linkmotion. The most robust way to incorporate these attributes and intelligence into cars is within the Carputer and this document serves as a crucial role to elaborating this message to our customers through the automotive landscape.”
In a statement, Pasi Nieminen, CEO at Linkmotion, had the following to offer:
“So far the digitalization in the automotive industry has been all about replacing existing things in a vehicle with software… In the next phase of advancement, vehicles will become an integrated part of a connected infrastructure and more support for network side applications and services are required from vehicle computing. This is how we are positioning Linkmotion for the future.”
What We’re Seeing From The Stock
As investors, one of the first things that we learn is that the news moves the market. In this particular case, NQ Mobile had great news to announce, and while it wasn’t focused specifically on the blockchain, the blockchain was mentioned, which likely led to more excitement. Nonetheless, as a result of the news, the stock is climbing in the market. Of course, our partners at Trade Ideas were the first to alert us to the gains. At the moment (9:43), NQ is trading at $4.20 per share after a gain of $0.22 per share (5.66%) thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on NQ. In particular, we’re interested in following the story surrounding the company’s subsidiary and their work to create the CarBrain. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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