Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: NQ Mobile Inc (NYSE: NQ) stock spiked nearly 20% in Wednesday's early trading following rumors that the Chinese Internet services company might be close to filing its long overdue annual form 20-F with the SEC.  However, an NQ Mobile spokesman later confirmed to Bloomberg that the company has no new information on the filing. Shares currently sit up around 4% as of this writing.

So what:  NQ's annual report was most recently delayed for the second time back on May 15, presumably because NQ's special committee continued to investigate fraud allegations brought late last year by noted short-seller Muddy Waters. And though NQ shares skyrocketed only a few weeks later, after it announced no evidence of such fraud was found, investors' patience is growing thin given the continued absence of both the annual report, and a crucial unqualified audit.

Now what: To be sure, NQ Mobile looks tantalizingly cheap trading at just four times next year's expected earnings, so it's little surprise that there's pent-up demand from traders looking to capitalize on any positive catalysts here. However, I've long insisted there are simply too many red flags with NQ mobile for me to be able to confidently stand behind the stock. For now, that's why I'm still perfectly happy watching this drama unfold from the sidelines.