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PetSmart and NQ Mobile are big market movers

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NEW YORK (AP) — Stocks that moved substantially or traded heavily Thursday on the New York Stock Exchange and the Nasdaq Stock Market:

NYSE

NQ Mobile Inc., down $2.18 to $4.58

The mobile Internet services company's auditor, PricewaterHouseCoopers, said it needs to expand the scope of its 2013 audit work.

Rite Aid Corp., up 40 cents to $7.57

The drugstore operator reported a 3.9 percent boost in June sales at stores open at least a year. The measure is a key indicator for retailers.

Lorillard Inc., up $3.26 to $64.41

CNBC reported that the tobacco company is back on track for a potential sale to competitor Reynolds American Inc.

Cliffs Natural Resources, up 70 cents to $16.42

The mining company said activist investor Casablanca Capital rejected its offer to let it choose three new directors for the board.

Nasdaq

PetSmart Inc., up $7.48 to $67.28

The pet supplies company is being asked to consider a sale by Janna Partners, a major shareholder and activist hedge fund.

Sun Bancorp Inc., up 18 cents to $4.27

The bank holding company will eliminate its home loans unit and cut 38 percent of its workforce as part of a restructuring plan.

Spectrum Pharmaceuticals Inc., up 18 cents to $8.90

The drug developer confirmed that the Food and Drug Administration granted accelerated approval for its lymphoma drug Beleodaq.

Iridium Communications Inc., up 37 cents to $8.86

The communications services company successfully completed a test on a new satellite launching and separation component.

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