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: In what's starting to become old-hat, NQ Mobile (NYSE: NQ) stock extended its recent streak of volatility Wednesday, falling more than 10% during intraday trading after the Chinese mobile Internet services specialist reported solid third-quarter results.

So what: Quarterly net revenue more than doubled from the same year-ago period to $54.2 million, which translated to adjusted net income of $0.28 per diluted share. Analysts, by contrast, were looking for NQ to achieve the same adjusted earnings per share of $0.28, only on lower revenue of $51.2 million.

That said, it's worth noting that, going into the report, the stock had already jumped 26% since Monday in anticipation. Still, NQ Mobile stock currently sits almost 50% below its 52-week-high of $25.90 per share set just three weeks ago, largely thanks to recent accusations of fraud by noted short-seller Muddy Waters.

Now what: As I observed after Monday's pop, NQ Mobile management has gone to great lengths to rebut the allegations by attempting to prove its cash balances are legitimate. What's more, in conjunction with its earnings release, NQ senior management has even stated its intention of personally purchasing up to $3 million in company stock using its members' own funds.

Unsurprisingly, Muddy Waters is still standing by its claims and even issued a follow-up report yesterday in an attempt to further discredit NQ, despite its consolatory efforts. 

To be sure, nobody expects either side to give up without a fight, and I have to admit considerable upside could remain for NQ investors if everything works out in the company's favor. In the end, though, until this increasingly ugly dispute is fully resolved, NQ stock remains a risk I'm unwilling to take.