China Techfaith Wireless jumps on new phone announcement
China Techfaith Wireless Comm. Tech. Ltd. (Nasdaq: CNTF) shares are jumping after the cell phone design company announced it’s launching the first W-CDMA/GSA dual mode phone. W-CDMA, or wideband code division multiple access, is a type of high-speed 3G cellular network. GSM, or global systems for mobile communications, is the most widely available standard for cell phones.
China Techfaith’s phone—dubbed “Twins”—features a 2 megapixel camera, MP3 and video player and Bluetooth capabilities.
"Twins has twice the power!" CEO Defu Dong said in a statement. "We expect high demand for Twins based on early feedback and our first mover advantage. TechFaith has secured contracts from Europe and South East Asia, and our first shipment is scheduled for this November."
The new phone’s features have been demanded by international travelers for a long time, China Techfaith said in a statement.
In pre-market trading, CNTF shares are up 18.10%, or $1.28, at $8.35. Over the last 52 weeks, shares have ranged from $4.01 to $11.28.
