Net Element (NETE) Stock Rises on Boost from Apple Pay's Strength

NEW YORK (TheStreet) -- Shares of mobile payment specialist Net Element  (NETE) rose 4.42% to $1.22 in afternoon trading Wednesday as it received a boost from Apple's  (AAPL) announcement that Apple Pay accounts for two of every three dollars spent through contactless payments on Visa  (V) , MasterCard  (MA) , and American Express  (AXP) .

"I'm actually unbelievably shocked, positively shocked at how many merchants were able to implement Apple Pay in the middle of their holiday season," Apple CEO Tim Cook said on the tech giant's conference call for its quarterly earnings on Tuesday.

More than 2.6 million shares had changed hands as of 1:09 p.m., compared to the daily average volume of 571,958.

Exclusive Report: Jim Cramer’s Best Stocks for 2015

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

NETE Chart NETE data by YCharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

More from Markets

Stocks End Close to Home

Stocks End Close to Home

Jim Cramer on Bank of America, Tariffs and the Goldman Sachs CEO Change

Jim Cramer on Bank of America, Tariffs and the Goldman Sachs CEO Change

GSK Shares Climb as Board Is Said to Mull Breakup of Pharma Giant

GSK Shares Climb as Board Is Said to Mull Breakup of Pharma Giant

Even Standing Desk Company Varidesk Is Watching How the Trump Tariffs Play Out

Even Standing Desk Company Varidesk Is Watching How the Trump Tariffs Play Out

3 Must Reads on the Market From TheStreet's Top Columnists

3 Must Reads on the Market From TheStreet's Top Columnists