Virgin Mobile's share price surges 34 percent

The New York Stock Exchange asked Virgin Mobile USA to explain a 34 percent gain in its share yesterday, but the MVNO declined to offer an explanation. The company said it does not comment on unusual market activity. Since going public last October, Virgin Mobile USA's share prices had declined from a high of $16.63 to a low of $1.90. Some 932,000 shares of the company were traded yesterday, up from the daily average of 538,000 shares.

For more on the 34 percent price hike:
- read this report from the AP

Related: Virgin Mobile USA looks to layoffs?