On the afternoon of October 24, short-seller Muddy Waters said it was starting coverage of Chinese mobile Internet services firm NQ Mobile Inc. (NYSE: NQ) with a Sell rating and a price target of zero. Shares dropped nearly 60% by the end of the session, and they have lost even more since.

Today marks the second day in a row that NQ Mobile stock has opened above its prior day’s closing price. Shares were up more than 3% shortly after opening Tuesday morning, though the shares are still about 60% below the stock’s $22 a share price before the Muddy Waters report was published.

Not everyone agrees. Macquarie said yesterday that the tanking stock price was a buying opportunity. This morning the company announced that the world’s largest wireless carrier, China Mobile Ltd. (NYSE: CHL), has licensed audio-based search technology from NQ Mobile.

Does that mean that the stock has seen a bottom, at least for the present moment? That really is anyone’s guess, but Muddy Waters has not given up. On Tuesday morning, the firm issued a list of “NQ’s Top Ten Lies Since Friday” in which it seeks to debunk several claims made by NQ Mobile officials and others about the Internet services company’s statements and practices.

Still, it looks like NQ Mobile and its defenders will have a bit of a comeback today. Shares were up more than 6% at 9.33 in the first 35 minutes of trading. The stock’s 52-week range is $5.07 to $25.90.

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