Market Update

Shares of Ku6 Media Co Ltd

jumped about 21% after the company's board authorized the company to buy back up to an aggregate of $3.2 million of its outstanding American Depositary Shares. Shares of Acacia Research Corporation

dropped about 0.5% after the company's subsidiary bought 26 optical networking patents from a major technology company. Shares of SkyPeople Fruit Juice Inc

dipped about 8.4% after the company appointed Paritz & Company, P.A. as its independent registered public accounting firm effective as of December 24, 2011. Paritz & Company will replace BDO Limited, which was dismissed on December 23, 2011. Shares of Patterson-UTI Energy Inc

fell about 0.7% after the company announced its plans to retire around 10% of its drilling rigs in December. PTEN will retire 31 of its drilling rigs in December and projects to incur pretax impairment charges of around $11.3 million.