Market Update

Shares of ClearOne Communications Inc CLRO dropped about 4.1% after the company announced its acquisition of MagicBox Inc. Shares of Mobile TeleSystems MBT declined about 7.2% after the company reported a rise in its net profit for the second quarter. Mobile TeleSystems' quarterly profit rose to $367 million, from $354 million, in the year-ago period. Its revenue climbed to $3.13 billion, from $2.77 billion. However, analysts were expecting profit of $380 million on revenue of $3.12 billion. Mobile TeleSystems' operating income before depreciation and amortization (OIBDA) surged to $1.30 billion, from $1.23 billion, in the year-ago period, versus analysts' estimates of $1.29 billion. Shares of Toyota Motor Corp TM dropped about 2% after the company reported a 14.9% y/y rise in its sales of vehicles in China in August. Toyota's August China sales surged to around 88,700 units. It sold around 525,600 vehicles in the January-August period. Shares of Pike Electric Corp PIKE fell about 1.3% after the company released its results for the fourth quarter on Tuesday. Pike Electric reported its quarterly net income at $2.1 million, or $0.06 per share, versus a net loss of $4.0 million, or $0.12 per share, in the year-ago period. Its revenue climbed 34.8% y/y to $162.7 million, from $120.7 million. However, analysts were expecting earnings of $0.05 per share on revenue of $156 million.