NEW YORK (TheStreet) -- China-based companies providing mobile services were among the telecom winners in an otherwise forgettable market.
Sky-mobi Limited (MOBI) and YY Inc. (YY) each saw sizable gains after encouraging news. Sky-mobi shares rose nearly 19% to $6.37, while YY jumped 7.6% to $80.66. Smart phone giant Samsung's (SSNLF) American shares rose 4.4% to $1,200.
The companies' surges came on an off day for the major indexes.
The S&P 500 sank almost 15 points, the Dow Jones Industrial Average fell more than 140 points and the Nasdaq dropped more than 31 points.
Sky-mobi may have benefited from expectations of additional monetary stimulus in the now tepid Chinese economy. At the same time, demand for smart phones and mobile gaming and app services in China remains robust. Sky-Mobi's Maopao app store offers consumers a vast array of buying options for games. It is pre-installed on phones sold by China Mobile, the world's largest mobile phone operator.
Earlier this week, analysts covering YY set a mean target price of almost $98 a share. YY provides a social media platform that consumers can use via their smart phones, tablets and other devices. The platform allows them to interact in real time via text, video and voice.
In its forthcoming quarterly report, YY is expected to report earnings of 72 cents a share, 10 cents higher than in the previous quarter that ended March 31. The consensus rating was a buy and one analyst is predicting that the stock price will reach $120.
A report by the online publication TechTimes said that Samsung will soon be introducing an upgrade to its software systems for its Galaxy S6 and Galaxy S6 Edge. The improvements will increase the speeds with which users can share data.
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