NEW YORK (TheStreet) -- The9 Limited (NCTY) rose 13.36% to $2.80, up 33 cents from its previous close of $2.47, at the close of the trading day on Friday after a report that the company had teamed with ZTE to debut a new set-top box next month.
Shanghai Daily cited a ZTE announcement that the set-top box would offer the highest Internet access speed in China through ZTE's network equipment. Guangdong Cable, which has contributed $2.05 million into the joint venture, will offer video content through the box and The9 will provide the latest online games through television.
The stock had a volume of 1,431,404, more than 21 times its average of 66,512. It hit a high of $3.20 and a low of $2.41 for the day. The stock holds a one-year high of $4.50 and a one-year low of $2.08.
TheStreet Ratings team rates THE9 LTD -ADR as a "sell" with a ratings score of D-. TheStreet Ratings Team has this to say about their recommendation:
"We rate THE9 LTD -ADR (NCTY) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, poor profit margins, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."