Oracle CEO Larry Ellison, seen here, faces a few more quarters of rough sailing. Image source: Oracle.

The S&P 500 and Nasdaq Composite indices were up 1.4% each last week. But if the market for tech stocks was rallying, nobody told Castlight Health (NYSE:CSLT), Oracle (NYSE:ORCL), or China Mobile Games & Entertainment Group (UNKNOWN:CMGE.DL).

Health-care software maker Castlight resumed a long and painful slide, stretching back to the company's March IPO. Business software builder Oracle's shares dropped by only 3%, but that amounts to nearly $6 billion of evaporated market value. And at China Mobile games, heads rolled over an alleged bribery scandal. High drama, indeed.

The following slideshow digs deeper into these three terrible tech stories. Are we looking at three disasters in the making, or could there be deep-value gold hidden in some of these sudden discount prices?