It was a rocky week on Wall Street, with Nasdaq stocks inching lower and the Dow inching higher, but there were plenty of stocks really making some serious moves. Let's take a closer look at five of this past week's biggest scorchers.


June 6

Weekly Gain

Vanda Pharmaceuticals (NASDAQ:VNDA)



Limelight Networks (NASDAQ:LLNW)



NQ Mobile (NYSE:NQ)









Source: Barron's.

Let's start with Vanda Pharmaceuticals. The biotech toiling away on therapies for sleep disoreders and schizophrenia scored a major victory overseas. The European Medicines Agency -- Europe's equivalent of the FDA -- has accepted Vanda's non-24-seep-wake disorder drug for marketing authorization evaluation. 

Limelight Networks also saw its shares rise by nearly a third after a favorable court ruling. The U.S. Supreme Court issued a unanimous opinion on a case claiming that the content delivery network operator is not liable for inducing infringement. The original case dates all the way back to 2006.

NQ Mobile moved higher after investigators found that there was no fraud committed by the company. Shares of the Chinese provider of Internet services have come under fire since Muddy Waters accused it of accounting improprieties. Things got ever hairier when NQ Mobile delayed the filing of its financials. 

It was great to see NQ Mobile move higher, but it still has a long way back for true redemption. Even with last week's pop the stock is still trading 64% below where it was when it peaked in October.

Broadcom moved higher on excitement about its exit from the cellular baseband market. Whether Broadcom shuts down its baseband business or it smokes out a buyer it has become a low-margin and cutthroat niche. It may be a major component of Broadcom's operations now, but an orderly exit opens up possibilities in higher margin categories.  

Finally we have Ciena moving higher after posting well-received quarterly results. The actual financials were mixed. Ciena's profit of $0.17 a share easily beat the $0.14 the analysts were forecasting, but revenue came in a bit light. Thankfully Ciena's guidance calls for strong rebound during the latter half of the year. That was enough to satisfy investors, sending shares of the provider of carrier Ethernet solutions for broadband service providers and telecommunications service companies higher.