5 of Last Week's Biggest Winners

It was a rough week on Wall Street, with the market moving lower, but there were plenty of individual stocks still pushing higher. Let's take a closer look at five of this past week's biggest scorchers.

Company

July 18

Weekly Gain

Kandi Technologies  (NASDAQ: KNDI  )

$4.18

31%

NQ Mobile  (NYSE: NQ  )

$5.01

14%

Glu Mobile  (NASDAQ: GLUU  )

$6.79

13%

Skyworks Solutions  (NASDAQ: SWKS  )

$52.87

12%

Fred's (NASDAQ: FRED  )

$101.47

10%

Source: Barron's.

Let's start with Kandi Technologies. The Chinese maker of electric vehicles saw its value appreciate by nearly a third after announcing encouraging sales of its small electric cars in China. Kandi announced that its joint venture with Geely was able to sell 4,114 all-electric vehicles in its latest quarter, a healthy sequential gain from the 1,215 cars it cleared three months earlier. There's a cloud over Kandi until it squares away its SEC investigation, but the fundamentals continue to improve. 

NQ Mobile was another Chinese company showing grace under fire last week. Shares of the provider of Internet services initially took a hit after announcing that it was replacing its auditor. This is, after all, the auditor that requested to expand the scope of its fiscal 2013 audit in light of doubts raised by noted worrywart Muddy Waters. However, replacing PricewaterhouseCoopers with Marcum Bernstein Pinchuk was eventually applauded in a sentiment reversal late on Friday.

Glu Mobile continues its monster run since its Kim Kardashian: Hollywood game has raced up the mobile apps charts. Glu enters rare territory after posting four consecutive weeks of double-digit percentage gains with weekly pops of 19%, 13%, 14%, and now 13%.  

It's not just the Kardashian game that's helping keep Glu sticky. The casual-gaming publisher announced on Wednesday that it had achieved records for single-day revenue, download, and daily active users recently, and a big reason for that is the success that Dino Hunter: Deadly Shores has had after being downloaded 1.5 million times -- a Glu record -- in a single day.

Skyworks Solutions moved higher after posting strong results for its fiscal third quarter. The company behind analog semiconductor components that are found in many consumer gadgets, including the popular iPhone, saw revenue climb by a better-than-expected 35%. Adjusted profitability also topped analyst forecasts of $0.80 a share, soaring 54% to $0.83 a share. Skyworks Solutions' guidance was also encouraging.

Finally we have Fred's moving higher after sources told Reuters that the discount retailer is in talks to be acquired by Sycamore Partners. Fred's didn't discuss the chatter, and the article did point out that these negotiations are at an early stage. The market still likes the possibilities.

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  • Report this Comment On July 20, 2014, at 10:55 AM, Gdubu wrote:

    This is what the Company said in its Annual Report on Form 10K for the year ended December 31, 2013:

    “The Company has been furnishing documents to the Denver Regional Office of the Securities and Exchange Commission in response to a document subpoena issued on November 21, 2013 regarding a matter known as In the Matter of Kandi Technologies Group, Inc. As indicated in

    the subpoena, the investigation is a fact-finding inquiry and does not mean that the Company or anyone has broken the law. The Company has cooperated, and is cooperating fully, with the SEC in this matter and will continue to supply the SEC with whatever additional information and material that is requested. The Company does not have any information, at present, as to the duration or outcome of this investigation. The Company does not anticipate a negative result.”

    On June 20, 2014 Kandi filed an S-3 Mixed Securities shelf registration for up to $300 million. Pryor Cashman LLP was identified as the Agent of Service for the S-3 filing. Pryor Cashman is a prestigious NYC law firm, http://bit.ly/1qRcrMl.

    Pryor Cashman’s due diligence before undertaking the filing of the registration statement would have determined the nature and seriousness of the SEC matter disclosed by the Company. Any prestigious law firm serving as the Agent of Service is highly unlikely to be party to a registration statement filing if there is some material SEC investigation either pending or underway with the Company that would impair the likelihood of the registration statement becoming effective.

    As the Company stated in the Form 10-K, “The Company does not anticipate a negative result.” As a matter of full disclosure, versus Fool disclosure, I would expect you to elucidate the matter rather than couch it in innuendo.

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