Spreadtrum Trading Down Over 25% Despite Jefferies Rating

It is looking as though Jefferies & Company picked the wrong day to release a bullish report on Speadtrum Communications SPRD. The company is currently trading nearly 25% lower after short seller Muddy Waters raised some concerns regarding the company. Muddy Waters recently gained notoriety by releasing a report which sent shares of Sino Forest (SNOFF) crashing from near $25 to less than $3. Speadtrum is currently trading near $9.50. Jefferies had placed a $19.25 price target on the company earlier today.