Spreadtrum (SPRD) Rises as Block Says Company May Prove Itself
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Spreadtrum Communications, Inc. (Nasdaq: SPRD), shares are ripping today following comments from Muddy Waters' Carson Block.
On Bloomberg TV earlier, Block said that he's "getting uncomfortable" with the notion of being a "ninja assassin" aiming at taking down the stock price a huge percentage within a few minutes or days. Further, Block explained that should Spreadtrum come up with "fantastic" answers to everything, and Muddy Waters misinterpreted the points as "red flags," then transparency has improved, and the stock price should move up accordingly.
Block still sees Sino-Forest (OTCBB: SNOFF) as a fraud. Block believes that Sino-Forest's management participated in the fraud that cost John Paulson and his fund "all that money." The firm is doing further research, from an accounting perspective, and plans to contact PriceWaterhouseCoopers and Ernst & Young on the matters.
See the video below from Bloomberg TV:
On Bloomberg TV earlier, Block said that he's "getting uncomfortable" with the notion of being a "ninja assassin" aiming at taking down the stock price a huge percentage within a few minutes or days. Further, Block explained that should Spreadtrum come up with "fantastic" answers to everything, and Muddy Waters misinterpreted the points as "red flags," then transparency has improved, and the stock price should move up accordingly.
Block still sees Sino-Forest (OTCBB: SNOFF) as a fraud. Block believes that Sino-Forest's management participated in the fraud that cost John Paulson and his fund "all that money." The firm is doing further research, from an accounting perspective, and plans to contact PriceWaterhouseCoopers and Ernst & Young on the matters.
See the video below from Bloomberg TV:
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