Since our original report on China Techfaith Wireless (see China stock China Techfaith Wireless (CNTF) started with a buy rating), the stock fell from $9.45 to about $8 a few days later when fears of inflation due to a temporary increase in oil costs hit the market.
For those of you who saw this as a great buying opportunity, you've been greatly awarded by a recent run-up in stock price. CNTF's stock price has risen from $8 on 10/14 to $10.39 on 10/19, a 30% increase in 4 trading days. CNTF announced their revenue and profits would fall within the range analysts had predicted. Also, Business Week came out with an article that was bullish on China Techfaith Wireless, giving CNTF another boost. Importantly, Business Week mentions CNTF is ahead of rivals in developing 3G models.