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: Shares of NQ Mobile (NYSE:NQ) jumped more than 12% Wednesday after the Chinese mobile Internet services company announced a collaborative agreement with Sprint (NYSE:S).

So what: Sprint has agreed to use NQ Live to power the next generation of Sprint ID, its interactive, "always-on" wallpaper replacement for Android devices. The NQ press release doesn't specify which phones will feature NQ's software, but the company said it will appear in "all new Sprint Android-powered smartphones in the U.S. market later this year."

Now what: Financial terms weren't released, either, so it remains difficult to say whether the agreement with Sprint -- the country's third largest mobile carrier -- will have a significant positive effect on NQ Mobile's bottom line. However, this notably stands as yet another vote of confidence for the controversial company, which saw shares tumble in late October following extensive allegations of fraud from short-selling firm Muddy Waters.

As it stands, while I personally prefer to wait on the sidelines until those claims are fully resolved, I certainly can't blame NQ Mobile investors for breathing a sigh of relief today.