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: Following a harrowing 29% plunge yesterday, NQ Mobile, (NYSE:NQ) rebounded 10% Friday as bargain seekers snapped up shares of the Chinese mobile Internet services company.

So what: NQ Mobile sent skittish investors running for the hills yesterday after delaying its annual report for the second time amid allegations of fraud from noted short-seller Muddy Waters. Previously, NQ insisted the investigation being performed by its independent auditor had uncovered no evidence of such fraud, but still filed for the original 15-day extension from the SEC's April 30 deadline as it awaited the results.

Now what: I'll admit I'm a perennial optimist, and I understand the stock appears to be ridiculously inexpensive trading around five times next year's expected earnings. However, I've repeatedly voiced concerns that Muddy Waters' red flags hold a bit too much merit to be completely taken with a grain of salt. As a result, however "cheap" NQ Mobile shares might appear, the stock remains a risky bet I'm not willing to take.

Steve Symington has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.