Vimpel Posts Loss; Stock Jumps

Vimpel Communications(VIP Quote), the second-largest cell phone company in Russia, announced another net loss this morning. Though the loss was smaller than many analysts expected, the company wants the world to know that it was exchange rates that did it in...again.

And it looks like investors were willing to give them the benefit of the doubt in afternoon trading. The stock was up nearly 6%, to $13.10, a 71 cent bump since yesterday's close.

In an eye-raising move, Vimpel switched its reporting currency this quarter, dumping dollars for rubles. The company said in the release that the move was made "in order to align the reporting currency with the predominant functional currency of the company and simplify comparative performance analysis." ...