5:13 pm This week's biggest % gainers/losers (:SCANX) :

The following are this week's top 20 percentage gainers and top 20 percentage losers, categorized by sectors (over $300 mln market cap and 100K average daily volume).

This week's top 20 % gainers

• Healthcare:OMER (20.96 +61.73%),NEOS (24.9 +20.7%),HRTX (35.05 +18.41%),LJPC (29.77 +17.95%),BEAT (13.69 +17.81%),NDRM (25.45 +14.48%),CYBX (66.48 +12.24%)
• Materials:GFI (3.55 +33.96%),AU (8.13 +30.08%),AGI (4.37 +20.72%),SBGL (5.08 +15.19%),BTG (1.28 +12.28%)
• Consumer Discretionary:ZU (17.87 +42.16%),CTRN (27.92 +22.67%)
• Information Technology:HILL (9.69 +78.45%),SPIL (6.43 +16.49%),PLAB (9.02 +14.32%)
• Financials:SQQQ (27.42 +23.35%),NPBC (12.23 +11.69%)
• Telecommunication Services:S (4.71 +12.68%)

• Healthcare:NWBO (6.96 -27.27%)
• Materials:RYAM (7.29 -47.82%)
• Industrials:NMM (6.96 -26.74%)
• Consumer Discretionary:SSI (9.82 -42.13%),TEDU (7.76 -39.38%),TUES (5.91 -37.53%),JMEI (11.76 -29.11%),DL (9.59 -25.43%)
• Information Technology:SIXD (1.47 -51.49%),CSIQ (17.4 -29.67%),BZUN (5.65 -26.91%),JKS (16.82 -25.21%)
• Energy:CJES (4.06 -38.58%),BTE (4.49 -34.83%),ANW (8.31 -28.3%),LGCY (5.13 -28.15%),LNCO (2.26 -27.56%),PER (4.31 -26.58%)
• Consumer Staples:ANFI (3.11 -60.13%),TFM (19.69 -33.5%)

5:00 pm Forest City Enterprises sets October 15, 2015 date for special meeting of shareholders in connection with previously announced plan to convert to a real estate investment trust (FCE.A) :  

4:20 pm Closing Market Summary: Stocks Dive Amid Continued Global Growth Concerns (:WRAPX) :

The stock market wrapped up a defensive week with a Friday plunge that sent the S&P 500 (-3.2%) lower by 65 points to levels not seen since late October. For the week, the S&P 500 lost 5.8% while the Nasdaq Composite underperformed, diving 3.5% today to extend its weekly decline to 6.8%.

Equities stumbled out of the gate as investor sentiment continued deteriorating after the overnight session included more selling in China with the Shanghai Composite falling 4.3% to extend its weekly decline to 11.2%. Continued concerns about the country's economy fueled today's dive after the preliminary Caixin Manufacturing PMI (47.1; consensus 47.7) dropped near 6.5-year lows while the output component dropped to 46.6, its lowest level in four years.

The selling pressure persisted through European trade and remained heavy during the New York session. The daylong retreat began with an opening dive that sent the S&P 500 lower by almost 20 points. The index followed that with an eight-point uptick, but that was met with a 30-point slide. Another rebound ensued, but the move was limited to 14 points, and followed by 17-point retreat. The index then strung a 12-point advance, but once again, that was retraced by a 35-point slide to a fresh low into the close.

All ten sectors registered losses with five groups losing 3.0% or more. Top-weighted sectors like technology (-3.8%), consumer discretionary (-3.2%), and health care (-3.0%) paced the daylong tumble while other heavily-weighted groups also contributed to the market-wide pressure.

The technology sector suffered from losses among large cap components with the likes of Apple (AAPL 106.05, -6.60), Google (GOOGL 644.03, -35.45), Facebook (FB 86.06, -4.50), Intel (INTC 26.58, -0.95), and Microsoft (MSFT 43.07, -2.59) diving between 3.5% and 5.9%. Unlike Intel, high-beta chipmakers held slimmer losses than the broader market during the day, but the PHLX Semiconductor Index ended lower by 2.7% due to heavy selling in the afternoon.

Elsewhere, the discretionary sector was broadsided by retailers while recent high-flyers like Amazon (AMZN 494.50, -21.28) and Netflix (NFLX 103.96, -8.53) lost 4.1% and 7.6%, respectively. The two listings contributed to the relative weakness in the Nasdaq while biotech names also retreated, but iShares Nasdaq Biotechnology ETF (IBB 339.84, -10.98) ended ahead of the Nasdaq with a 3.1% decline.

Also of note, the energy sector (-3.6%) finished near the bottom of the barrel as crude oil registered its eight consecutive weekly decline. The energy component fell 2.1%, settling at $40.45/bbl after briefly dipping below the $40.00/bbl mark. For the week, crude oil sank 6.2%.

The Friday drop caught many participants by surprise, evidenced by a daylong rally in the CBOE Volatility Index (VIX 28.17, +9.03), which rocketed higher by nine points to levels last seen in mid-October as investors showed relentless demand for downside protection.

Interestingly, the considerable weakness in equities was not met by significant strength in the Treasury market. To be sure, Treasuries did advance, but the 10-yr note notched its high well before the low in stocks. As a result, the benchmark 10-yr yield fell two basis points to 2.05%.

Today's participation was well above average as more than 1.3 billion shares changed hands at the NYSE floor. It is worth noting that the total was boosted in part by flows related to August options expiration.

Investors did not receive any economic data today and Monday's session will also be quiet on the economic front.

• Nasdaq Composite -0.6% YTD
• S&P 500 -4.3% YTD
• Russell 2000 -3.9% YTD
• Dow Jones Industrial Average -7.7% YTD

Week in Review: China Returns to Headlines

The stock market began the trading week on an upbeat, albeit quiet, note with the S&P 500 climbing 0.5%. The benchmark index turned an opening ten-point loss into an eleven-point gain while the Nasdaq Composite (+0.9%) displayed relative strength throughout the session. Equity indices faced some short-lived weakness at the start of the session after the August Empire Manufacturing survey came in well below expectations (-14.9; Briefing.com consensus 5.0). The report was met with a rally in the Treasury market while equity futures slipped, leading to the lower open. Despite the early pressure, the major averages were back in the green just 90 minutes after the opening bell and they continued inching higher during afternoon action. The health care sector (+1.0%) was among the early pockets of relative strength as biotechnology rallied throughout the day. The iShares Nasdaq Biotechnology ETF (IBB 371.67, +7.61) climbed 2.1%, contributing to the outperformance of the Nasdaq.

After enjoying a broad-based spike on Monday, the market surrendered more than half of that gain on Tuesday. The S&P 500 lost 0.3%, narrowing its weekly advance to 0.3%, while the Nasdaq Composite (-0.6%) underperformed. Although the Tuesday session produced a different outcome than Monday's affair, investor participation remained below-average with fewer than 700 million shares changing hands at the NYSE floor. Equities began the day with modest losses after the overnight session featured a resumption of heavy selling in China that sent the Shanghai Composite lower by 6.2%. There was no clear-cut reason for the plunge, but some pointed to a better than feared Housing Starts report, which could keep the People's Bank of China from implementing additional stimulus measures. The overnight weakness was followed by a shaky session in Europe while U.S. indices made a brief appearance in the green before revisiting their morning lows. The S&P 500 slid below its 100-day moving average (2,098) during midday action and hit its session low just a point below the 50-day average (2,095) before settling just above that level.

The stock market ended the Wednesday session on a lower note after enduring a volatile day that included opening weakness, an afternoon rebound, and a slide from rebound highs. When the dust settled, the S&P 500 ended lower by 0.8%, turning a slim weekly gain into a 0.6% week-to-date loss. Stocks stumbled at the start after the overnight session featured more uninspiring action in China. Specifically, the Shanghai Composite climbed 1.2%, but not before being down more than 5.0% in the early going. The wild turnaround was followed by a retreat across European markets while U.S. equities opened in the red and continued their slide with the energy sector (-2.8%) pacing the move. The growth-sensitive group extended its weekly loss to 3.2% while crude oil fell to a new low for the year, ending the pit session lower by 4.3% at $40.80/bbl. Similarly, the other commodity-related sector-materials (-1.2%)-ended at the bottom of the leaderboard amid weakness in steelmakers. The Market Vectors Steel ETF (SLX 25.63, -0.75) lost 2.8%. That being said, mining shares represented a pocket of strength, evidenced by a 2.9% spike in Market Vectors Gold Miners ETF (GDX 15.20, +0.43). On a related note, gold futures climbed 1.2% to $1130.70/ozt. The early selling pressured the S&P 500 below its 200-day moving average (2,078), but the benchmark index crawled back above that mark during afternoon action and charged to an intraday high after the minutes from the July FOMC meeting crossed the wires about 20 minutes ahead of the scheduled release time. Overall, the minutes appeared to be quite dovish with members "generally agreeing" that more information is needed before hiking rates. Furthermore, most members believed that "conditions for policy firming had not yet been achieved," but they agreed that conditions were nearing that point.

The market registered its third consecutive decline on Thursday with the S&P 500 (-2.1%) slashing below its 200-day moving average (2,078). The benchmark index slid to levels not seen since early February while the Nasdaq Composite (-2.8%) displayed relative weakness throughout the day. The daylong selloff was brought on by a heightened sense of uncertainty among investors, pulling the S&P 500 into the red for 2015 (-1.1%). To be sure, some of the uncertainty (rate-hike speculation, concerns about the global economy, plunging commodity prices) had been brewing for a while, whereas today's session reminded investors about ongoing concerns related to China and Greece. Overnight, China's Shanghai Composite tumbled 3.4% amid reports the country's official GDP target could be lowered to 6.5% from 7.0%. Sellers maintained control despite a CNY120 billion injection from the People's Bank of China into capital markets. As for Greece, Prime Minister Alexis Tsipras resigned from his post and called for a snap election, set for September 20, just three days after the FOMC concludes its September meeting. It is worth noting that there are indications Greece's minority parties could try to form a coalition government, which would block the September 20 vote.

4:06 pm PBF Energy provides update on Delaware City refinery operations (PBF) :

• Co announced that the Delaware City refinery has experienced an unplanned shutdown of its Fluid Catalytic Cracking Unit due to a compressor malfunction resulting in flaring and a small fire.
• All refinery personnel are safe and there were no injuries.
• The fire has been extinguished. The appropriate public officials and government agencies have been notified.
• "We are continuing to monitor and assess the situation in order to properly evaluate the impact of the incident. The refinery continues to operate its unaffected units at reduced rates"

4:01 pm Vital Therapies announces that topline results of its VTI-208 trial fail to achieve primary or secondary endpoints of improvement in overall survival; while pre-specified exploratory subset analyses suggest efficacy trends (Shares Halted) (VTL) :

Co announced that topline results from VTI-208, the Company's phase 3 randomized, controlled, open-label trial, evaluating the ELAD System in subjects with alcohol-induced liver decompensation (:AILD) failed to meet the primary endpoint of overall survival through at least 91 days assessed using the Kaplan Meier statistical method. Of 203 total subjects enrolled in VTI-208, 96 were randomized to the treated group and 107 were randomized to the control group.

• A hazard ratio of 1.027 (slightly favoring the control group) with a log rank p-value of 0.90 (not statistically significant, N.S.) indicated that there was no difference between treated and control subjects in the primary endpoint. The secondary endpoints of proportion of survivors at study days 28 and 91 also showed no difference between the groups (Pearson's Chi-squared p-values of 0.45 (N.S.) and 0.74 (N.S.), respectively).
• The adverse event profile revealed that treatment emergent serious adverse events were similar between the treated and control groups in the predefined safety population. The Company will be analyzing the data from the VTI-208 clinical trial during the next several weeks, including data from the pre-specified subset analyses.
• The Company will stop the VTI-210 and VTI-212 clinical trials, and also plans to meet with the FDA as soon as possible to discuss restructuring its clinical development program, including a potential new trial to confirm the information suggested by the subset analyses. The Company will then give more details on a possible path forward with ELAD.
• Finally, pre-specified analyses suggest that subjects with impaired kidney function and severe coagulopathy may have worse outcomes and therefore future clinical trials will exclude these subjects.
• With $62.0 million in current cash, the Company believes it could complete a new trial without raising additional capital, although that will depend on discussions with regulatory authorities and the exact design of any new trial.

4:01 pm Strattec Security increases quarterly dividend 8% to $0.13 from $0.12 per share (STRT) :  

4:01 pm Alkermes announces that FDA has advised it will not be able to complete its review of the New Drug Application for ARISTADA for the treatment of schizophrenia by the Prescription Drug User Fee Act action date of Aug. 22, 2015. (ALKS) : The FDA indicated that this delay was expected to be brief, measured in terms of weeks, but could not confirm specific timing. The FDA also indicated that no additional data or information is required from Alkermes at this time.

4:00 pm Joy Global announces the departure of COO Randal Baker, effective September 4, 2015 to pursue other opportunities (JOY) :  

3:54 pm Treasury Market Summary (BONDX) :

Yields Drop on Risk Aversion

• Treasuries rallied today in a curve-steepening trade after global stock indices made multi-month lows. There were no scheduled market-moving events except for St. Louis Fed President Bullard's interview, which did not provide much succor for equity bulls. He said that he doesn't react directly to equity markets
  
• Yield Check:
  
  • 2-yr: -4 bps to 0.62%
    
  • 5-yr: -4 bps to 1.43%
    
  • 10-yr: -2 bps to 2.05%
    
  • 30-yr: -2 bps to 2.74%

• News:
  • Overnight, China's Caixin Manufacturing PMI disappointed market expectations, falling to 47.1 in August from 47.8 in July. That was the sixth straight month of sub-50 readings, which indicate contraction in the manufacturing sector
    
  • U.S. equities took their worst losses since at least the Ebola crisis of October 2014. The S&P 500 is down 2.7% to 1,981, the Nasdaq 100 is down 3.67% to 4,224.1168, and the Dow Jones Industrial Average is down 2.65% to 16,540.93
    
  • St. Louis Fed President Bullard (hawk and non-voter) said today that he's more "sanguine" on the global outlook than markets are
    
    • In an interview on XM Radio, he said that he's still looking for 2.5-3.0% GDP growth for Q3
      
    • Bullard said that unemployment will fall to 4-4.5% over the next two years
      
    • He thinks that Fed funds will eventually get to 3.25%
      
    • He said the Fed hasn't raised rates in 10 years, so traders don't know how to handle rate hikes and that's why markets are wrong

• Commodities:
  
  • WTI crude: -2.54% to $40.27/bbl.
    
  • Gold: +0.49% to 1,158.80/troy oz.
    
  • Copper: -0.86% to 2.2995/lb.

• Currencies:
  
  • EUR/USD: +1.05% to $1.1357
    
  • USD/JPY: -0.98% to 122.22

• Week Ahead:
  
  • Monday: Atlanta Fed President Lockhart speaks on "Pensions and Economy" (15:55 ET)
    
  • Tuesday: June Case-Shiller 20-City Index (09:00 ET); June FHFA Housing Price Index (09:00 ET); July New Home Sales (10:00 ET); August Consumer Confidence (10:00 ET); $26 bln 2-year note auction (13:00 ET)
  • Wednesday: Mortgage Index for the week ended 8/22 (07:00 ET); July Durable Goods Orders and Durable Goods ex-transportation (08:30 ET); Crude Inventories for the week ended 8/22 (10:30 ET); $35 bln 5-year note auction (13:00 ET)
    
  • Thursday: Initial Jobless Claims for the week ended 8/22 and Continuing Jobless Claims for the week ended 8/15 (08:30 ET); Q2 GDP and GDP Deflator -- Second Estimate (08:30 ET); July Pending Home Sales (10:00 ET); Natural Gas Inventories for the week ended 8/22 (10:30 ET); $29 bln 7-year note auction
    
  • Friday: July Personal Income, Personal Spending, and PCE Prices -- Core (08:30 ET); August Michigan Sentiment -- Final (10:00 ET)
    

3:30 pm Earnings Preview for the week of August 24 - 28 (:SUMRX) :

Of the companies reporting earnings for the week of August 24 - 28 some of the bigger names include:

• Monday:
  • Pre Market - TOUR
  • After Hours - PINC, QUNR
• Tuesday:
  • Pre Market - BBY, BMO, VAL, TOL, SAFM, DSW, PLCE, SOL, EJ, SXI, DAKT, LEJU
  • After Hours - DY, JKHY, HEI, SLH, GSM, LCI, NMBL
• Wednesday:
  • Pre Market - RY, BF.B, ANF, CHS, EXPR, EVLV
  • After Hours - PVH, AVGO, WSM, GES, WDAY, PSEC, VNET, TLYS, NQ
• Thursday:
  • Pre Market - TD, DG, SJM, SIG, PDCO, SDRL, BURL, TIF, MIK, FLWS, MOV, DXLG, IKGH
  • After Hours - GME, ULTA, MRVL, CAL, ADSK, ARO, OVTI, SPWH, SWHC, SPLK, BEBE, VEEV, ZOES, VMEM
• Friday:
  • Pre Market - BNS, BIG, RGS

3:25 pm Northwest Biotherapeutics confirms its Phase 3 trial of DCVax-L for newly diagnosed glioblastoma multiforme is ongoing and the patients enrolled in the trial are continuing to be treated per the protocol (NWBO) :

Over 300 patients have been recruited for the trial. The total anticipated enrollment is 348 patients. The only change in status of the trial is that new screening of patient candidates for the trial has been temporarily suspended while the Company submits certain information from the trial for regulatory review. Such screening involves the initial evaluation of patient candidates to determine whether they meet eligibility criteria for the trial (e.g., whether they are within the eligible age range, do not have certain viral diseases, etc.)

• Some blogs and social media comments have noted that the EudraCT trials database in Europe states that there is a "Temporary Halt" of the trial in Germany. In actuality, the trial status in Germany is that the trial is ongoing as noted above, and the Company has only undertaken a temporary suspension of new screening.
• The Company is in the process of preparing the trial information for regulatory review and anticipates submission within the next couple of weeks.

3:22 pm Mylan Labs clarifies what it termed as 'inaccuracies," relayed by third parties relating to its lowered acceptance condition for acquiring Perrigo (PRGO) (MYL) :

Co stated:

• "Mylan remains fully confident that Perrigo's (PRGO) shareholders will see the value in this compelling combination and that more than 80% of Perrigo ordinary shares will be tendered into Mylan's offer, once launched following the approval of Mylan shareholders. With that said, Mylan is fully committed and prepared to operate Perrigo as a controlled subsidiary of Mylan in the unlikely event that greater than 50%, but less than 80%, of Perrigo ordinary shares are tendered.
• In addition, Mylan is satisfied that the cash flows of the Mylan-Perrigo combination can be appropriately and efficiently utilized in both controlled and wholly-owned subsidiary scenarios.
• Mylan continues to believe that the combination can realize annual pre-tax anticipated operational synergies of at least $800 million from the combined operations by the end of year four and that Mylan can successfully manage any additional risks associated with operating Perrigo as a controlled subsidiary, if necessary."

3:18 pm S&P slumps lower this afternoon, extending this week's distribution to a fresh 2015 low (SPY) :

• S&P Index slips below the early February low of 1980 to notch a fresh low for 2015.
• Next level of interest is the December 2014 close/low at 1972/1973.
• Also note that the 50% retracement from the October 2014 low (1820) to the May peak (2134) lies here around 1977 vicinity.

2:52 pm Market View: SPY, QQQ, DIA all slide to new session lows here this afternoon with IWM still holding above session lows thus far (:TECHX) :

• SPX 500 -50 pts.
• NDX 100 -144 pts.
• DJIA 30 -400

2:39 pm Currency Market Summary (:FOREX) :

Greenback and Loonie Decline

• The Intercontinental Exchange's U.S. Dollar Index fell 1.01% to 95.03 as short EUR/USD carry trades continued to unwind in the face of market volatility
  
  • The Markit preliminary Manufacturing PMI fell to 52.9 in August from 53.9 in July. The market's expectation was for 54
    
• EUR/USD: +1.01% to $1.1354
  
  • The eurozone's Markit Composite PMI unexpectedly jumped to 54.1 in August from 53.9 in July. Readings above 50 indicate expansion
    
  • Germany's GfK Consumer Climate index fell to a worse-than-expected 9.9 in September from 10.1 in August
    
  • 25 left-wing members of Syriza left to form their own party, Popular Unity, which will now be the third-largest party in the Greek parliament
    
• GBP/USD: +0.07% to $1.5701
  
  • Public Sector Net Borrowing fell to -2.07 bln pounds in July from +8.64 bln in June
    
• USD/JPY: -0.95% to 122.25
  
  • Japan's Manufacturing PMI climbed to 51.9 in August from 51.2 in July. Expectations were for a larger jump
    
• USD/CHF: -0.96% to 0.9495
  
• USD/CAD: +0.57% to 1.3163
  
  • Canada's Core CPI was unchanged m/m in July, in line with expectations and the prior reading
    
  • Core Retail Sales rose a better-than-expected 0.8% m/m in June, the same as in May
    
• AUD/USD: -0.08% to $0.7330
  
• NZD/USD: +0.97% to $0.6676

2:04 pm Telecom- IYZ +0.65% now the lone sector to advance in the S&P 500 here into afternoon trading with SPX now 2004.41 -1.54% (SPY) :  

1:50 pm Index Changes Reminder: SSS to replace ANN in MidCap 400, PLUS to replace SSS in SmallCap 600; IOSP to replace BRLI in SmallCap 600 (:INDXCH) :

• Innospec (IOSP) will replace Bio-Reference Labs (BRLI) in the S&P SmallCap 600 after the close of trading
• S&P SmallCap 600 constituent Sovran Self Storage (SSS) will replace Ann (ANN) in the S&P MidCap 400, and ePlus (PLUS) will replace SSS in the S&P SmallCap 600 after the close of trading

1:20 pm Notable movers of interest (:SCANX) :

The following are some of today's most notable movers of interest, categorized by market capitalization (large cap over $10 billion and mid cap between $2-10 billion) and ranked by % change (all stocks over 100K average daily volume). 

Large Cap Gainers

• HPQ (28.15 +2.93%): Beat Q3 consensus EPS estimates by $0.03, reported revs in-line; guided Q4 EPS below consensus; said its separation is on track.
• CHU (14.09 +5.31%): Reports out that China is near a move to reorganization the leadership of CHU, China Mobile (CHL), and China Telecom (CHA), sparking speculation of a three-way merger.
• GG (15.71 +1.55%): Continued strength as Gold futures extend gains, up $6 today

Large Cap Losers

• INTU (90.39 -12.18%): Beat Q4 consensus EPS estimates by $0.06, missed on revs; guided Q1 EPS in-line, revs below consensus; sees FY16 below consensus; will divest Demandforce, QuickBase and Quicken; price tgt lowered at RBC Capital Mkts, UBS, Barclays, others.
• DE (83.16 -8.26%): Beat Q3 consensus EPS estimates by $0.09, missed on revs; lowered revenue and income guidance.
• MPC (49.04 -7.98%): Energy under heavy pressure as crude oil drops over 3% under $40 for the first time since 2009 (VLO, PBR, TSO, HAL, PSX among many lower).

Mid Cap Gainers

• SPIL (6.41 +23.65%): Advanced Semiconductor Engineering (ASX) announced it will commence a tender offer for ~25% of Siliconware Precision's shares.
• BRCD (10.67 +9.76%): Beat Q3 consensus EPS estimates by $0.05, reported revs in-line; guided Q4 EPS in-line, revs in-line; Upgraded at Goldman, Summit Research.
• XON (45.08 +6.07%): Priced its ~4.88 mln share public offering of common stock at $41/share, received positive mention from Citron Research.

Mid Cap Losers

• EGO (3.5 -12.41%): Provided an update on its Greece unit, confirming its Greek subsidiary will suspend all its mining; downgraded at Raymond James.
• SCTY (43.02 -8.43%): Short Seller Jim Chanos says he is short the name.
• SUNE (10.9 -9.92%): Extension of recent weakness following this morning's initiation of a Hold at Axiom Capital.

1:03 pm Commodities: Front-month Oct. WTI crude futures break below the $40 handle with the continuous contract trading below $40 for the 1st time since Mar. 2009 (:COMDX) :

• CLv5 now @ 39.96 -1.36

1:00 pm Lydall appoints Scott M. Deakin as CFO, effective September 8, 2015 (LDL) : Deakin will be joining Lydall from his position as the Executive Vice President and Chief Financial Officer of Ensign-Bickford Industries

12:56 pm Midday Market Summary: S&P 500 Testing 2,000 Level (:WRAPX) :

The major averages trade broadly lower at midday as mounting concerns about the global economy have pressured equity indices around the world. The S&P 500 trades lower by 1.9% after dipping below the 2,000 mark while the Nasdaq Composite (-2.2%) underperforms.

Equity indices have faced selling pressure since the opening bell after the overnight session included more selling in China with the Shanghai Composite falling 4.3% to extend its weekly decline to 11.2%. Continued concerns about the country's economy contributed to the retreat after the preliminary Caixin Manufacturing PMI (47.1; consensus 47.7) fell into the neighborhood of 6.5-year lows while the output component dropped to 46.6, its lowest level in four years.

The selling efforts carried over into the European session while U.S. stocks have followed suit, putting the market on track for its fourth consecutive decline. The S&P 500 ended yesterday's session more than 40 points below its 200-day moving average (2,078) and today's dive has taken the benchmark index back to levels seen at the start of February.

With stocks on track for their fourth consecutive decline, investors have piled into downside protection, evidenced by the CBOE Volatility Index (VIX 23.32, +4.18), which remains higher by four points after testing mid-December levels in the 24.50% area.

All ten sectors display midday losses with two groups-technology (-2.2%) and health care (-2.4%)-down more than 2.0% apiece. That underperformance is notable considering the two sectors account for more than 35.0% of the market.

Digging deeper into the tech sector reveals significant underperformance among top-weighted components like Apple (AAPL 108.01, -4.66), Google (GOOGL 661.60, -17.88), and Microsoft (MSFT 44.15, -1.51). The three names are down between 2.6% and 4.2% while high-beta chipmakers trade a bit ahead of the sector with the PHLX Semiconductor Index down 1.2%. To be fair, the chipmaker index plunged 3.8% yesterday.

Elsewhere, the energy sector (-1.8%) trades just ahead of the broader market while crude oil has been hit with another round of selling interest. The energy component is currently lower by 2.7% at $40.20/bbl after hitting a session low near $40.10/bbl within the past 90 minutes.

Strikingly, today's selloff in equities has had a limited impact on the Treasury market as the benchmark 10-yr note spent the morning near its flat line before climbing to highs not long ago. As a result, the 10-yr note holds a seven-tick gain with its yield down three basis points at 2.04%.

Investors did not receive any economic data today.

12:24 pm Hill International receives two contracts from the Saudi Industrial Property Authority, estimated value is ~$6.0 mln (HIL) :  

12:17 pm Republic Airways submits its 'last, best and final' offer to the International Brotherhood of Teamsters Local 357 representing its almost 2,100 pilots (RJET) :  

12:14 pm MGE Energy increases quarterly dividend to $0.2950/share from $0.2825/share (MGEE) :  

12:10 pm Market View: Very notable recovery bounce here for SPY, DIA, QQQ, IWM into midday trading with indexes well off the lows in recent trade (:TECHX) :

• SPX now 2008.33 -1.35 well off the 1993.27 Lod print

12:05 pm Siliconware Precision comments on Advanced Semiconductor Engineering's (ASX) tender offer, says it was not aware of such matter in advance (SPIL) : The Company says it will take all actions in accordance with the applicable laws upon receipt of the public tender offer prospectus, and will provide a formal response, together with recommendation and explanations, to the Company's shareholders within seven days.

12:00 pm Raytheon awarded a contract extension with a potential value of $101.9 million by NASA's Johnson Space Center (RTN) :  

11:57 am Stocks/ETFs that traded to new 52 week highs/lows this session- New lows (137) outpacing new highs (1) (:SCANX) :

Stocks that traded to 52 week highs: RCPT

Stocks that traded to 52 week lows: AA, AAXJ, ABB, ABY, ALB, AMAT, AMX, AR, ATHM, ATI, AUO, AVP, BABA, BBBY, BBD, BBRY, BEN, BG, BHP, BIDU, BP, BSMX, BWA, CBS, CFX, CHS, CIE, CIG, CLR, CMI, CNI, CNQ, CNW, CNX, COG, COP, CP, CPN, CSX, CVE, CVX, CX, DD, DISCA, DISCK, DOV, DVN, ECA, FAST, FCX, FLR, FLS, FTI, GGB, GLW, GNW, GPS, GRMN, GRPN, GRUB, HAL, HPQ, HSBC, HUN, IBN, IGT, INTC, JMEI, JOY, KATE, KLAC, KSS, LC, LNKD, LVS, MAT, MEOH, MFA, MFC, MJN, MON, MOS, MRO, MT, MU, MUR, NAVI, NBL, NOK, NOV, NSC, PAH, PBR.A, PG, PNR, POT, PX, QCOM, QEP, RDC, RDS.A, RDS.B, RES, RRC, RY, SAN, SBS, SCTY, SDRL, SE, SFM, SNDK, SNI, SPN, SPWR, STO, STR, SUNE, TD, TSM, TTM, TV, TWTR, UMC, UNP, URI, UTX, VIV, WDAY, WFM, WFT, WLL, WMT, WYNN, XOM, YHOO, YNDX

ETFs that traded to 52 week highs: SMN

ETFs that traded to 52 week lows: AFK, BJK, BKF, BNO, CHN, DBA, DBC, DIG, DJP, EEB, EEM, EGPT, EPP, EPU, EWA, EWC, EWH, EWM, EWS, EWT, EWW, EWY, EWZ, EZA, GAF, GSG, GULF, GXC, HYG, IDX, IEO, IGE, ILF, IXC, IYE, IYM, JJA, JNK, KOL, OIH, OIL, PBD, PBW, PHO, REMX, RJA, SEA, SLX, SOCL, TAN, TAO, THD, UHN, USO, UYM, VNM, VWO, XES, XLB, XLE, XOP

Note: To reduce the list of stocks making 52 week highs/lows to a manageable size we have filtered out stocks below $2 bln in market cap and below 1 mln average volume. Without this filter 5 stocks made 52 week highs and 863 stocks made 52 week lows.

11:51 am European Markets Closing Prices (:SUMRX) : European markets are now closed; stock markets across Europe performed as follows:

• UK's FTSE:-2.8%
• Germany's DAX:-3.0%
• France's CAC:-3.2%
• Spain's IBEX:-2.8%
• Portugal's PSI:-2.7%
• Italy's MIB Index:-2.8%
• Irish Ovrl Index:-3.1%
• Greece ASE General Index: -2.5%

11:43 am Floor Talk (:TALKX) :

Everyone is waiting for the big, buy-the-dip bounce that hasn't come yet.  Instead the major indices plumbed new session lows in front of the European close as accounts there might have been lightening up on risk ahead of the weekend.  Hard to say, but with Europe closed, the U.S. market will again be on rebound alert.

What has transpired to this point, however, has been more of the same anxiety about global economic growth.  That view has been made abundantly clear in the fact that the dollar is getting hit today, and yet commodities continue to sink.  There has been a presumption that a weakening dollar would catalyze a rebound in commodity prices and oil in particular.  That could happen, but it hasn't happened yet.  Oil is down 2.5% at $40.28/bbl.

The one market that could be planting the seeds of an equity rebound effort is the Treasury market.  Despite the miserable showing from stocks and a 25% spike in the CBOE Volatility Index (23.90, +4.76), Treasuries are little changed.  In other words, the anxiety that is hurting stocks in a big way today is not lifting Treasuries in a similar, flight-to-safety fashion.  It could if stocks keep melting, but it hasn't happened yet.

Anyway, the fact Treasuries are meandering along today coupled with the understanding that the Russell 2000 is now more than 10% off its high and that Apple (AAPL 108.24, -4.41) is nearly 20% off its high has the potential to jumpstart a concerted rebound effort on the notion that the recent selling has been overdone.

11:35 am S&P 500 trades below the 2000 handle this morning for the 1st time since Feb. 02 2015 this morning as aggressive, high volume selling continues (SPY) :

• SPX now @ 1997.85 -1.85%
• ESu5 now @ 1994.25 -31.25

11:16 am Chanticleer provides pricing guidance for its non-transferable rights offering, used to fund its acquisition of Little Big Burger (HOTR) :

Co provided pricing guidance for its non-transferable rights offering which will allow its shareholders to acquire additional shares of common stock.

• The rights offering will be made through a dividend in the form of non-transferable subscription rights to purchase one share of common stock per each share of common stock owned on the record date at an exercise price based on an 8% up to 12% discount to Market. Market shall be defined as the Volume Weighted Average Price of HOTR for Thursday August 27, Friday August 28 and Monday August 31

11:08 am Currency Commentary: Euro Squeezes (:SUMRX) :

• The Dollar Index has fallen to its lowest level since late June as it continues to see selling pressure. The DXY is coming up for a test of its 200 sma (94.67). If it does get to that level than it will be the first time it has tested it for support since July of 2014. The preliminary U.S. Markit Manufacturing PMI followed the recent theme we have seen in U.S. data. And that is a slight miss of expectations but not necessarily a big enough miss to derail the current narrative of a slow recovery.
• The euro has squeezed to the 1.13 level. PMI Data in the region was actually in line and can be viewed as encouraging as it is better than feared. This is helping provide a bid. But the more likely scenario is the continued deleveraging in the markets which is forcing a reversal of the euro carry trade. The 200 sma (1.1334) will be in play shortly.
• The pound is still having difficulty holding ground above the 1.57 level. Sterling and the greenback are trading in tandem as both are viewed to be tracking along the same monetary policy trend. 1.57 will remain a key level for investors to watch in coming sessions.
• The yen is seeing its best levels in six weeks. Safe haven buying is being attributed to the move. This has not really been the case the past few months but it would appear that investors are once again picking it up as a safety play given the equity carnage. Yen has moved to 122.33 and is near its session highs. This level also marks its 100 sma so investors will be curious to see how it reacts here (BONDX, FOREX).

11:02 am Altria announces an 8.7% increase in its dividend to $0.565/share, up from $0.52/share (MO) :  

11:01 am Peoples Bank (NC) increases its quarterly cash dividend to $0.08/share, up from $0.06/share (PEBK) :  

10:36 am SPX 500 trades to a news session low in recent trade with the index now seen @ 2011.08 -1.2% (SPY) :

• ESu5 now @ 2007.75 -17.75

10:01 am Home Depot expands its partnership with Honda Power Equipment (HD) : Beginning September 1, 2015, a number of Honda generator models will be sold at The Home Depot's top 300 U.S. PRO Desk locations, a specialized area of the store dedicated to the product and service needs of the professional contractor. According to the terms of the new agreement, Honda Power Equipment will supply The Home Depot with five of its generator models.

9:46 am XLY, XLF, XLE, & XLP all > -1% here in early trading as SPX extends yesterday's sell-off, now seen @ 2013.61 -1.1% (SPY) :  

9:40 am Opening Market Summary: Nasdaq Paces Opening Decline (:WRAPX) :

As expected, the major averages have stumbled out of the gate with the Nasdaq Composite (-1.3%) trailing the S&P 500 (-0.9%).

All ten sectors display early losses with consumer discretionary (-1.6%), health care (-1.2%), and industrials (-1.1%) pacing the opening move while the countercyclical utilities sector (-0.1%) hovers just below its flat line.

Meanwhile, Treasuries have inched up from their recent levels with the 10-yr yield down one basis point at 2.06%.

With stocks facing continued pressure, investors have piled into downside protection, evidenced by a sharp spike in the CBOE Volatility Index (VIX 22.45, +3.31), which has surged to levels last seen in early February.

9:21 am Connecticut Water increases quarterly dividend to $0.2675/share from $0.2575/share (CTWS) :  

9:15 am Intrexon prices its ~4.88 mln share public offering of common stock at $41/share (XON) : Co priced its previously announced underwritten public offering of common stock consisting of 4,878,049 shares at a public offering price of $41.00 per share. Gross proceeds to Intrexon from this offering are expected to be approximately $200 million and Intrexon intends to use the net proceeds from this offering for general corporate purposes as well as for strategic acquisitions or investments.

9:12 am Ceres prices a ~1.6 mln share private placement offering of common stock at $1.22/share (CERE) : Co has entered into a securities purchase agreement with certain institutional investors providing for the purchase and sale of 1,598,478 shares of common stock at a price of $1.22 per share and warrants to purchase up to 1,198,859 shares of common stock at an effective price of $0.09375 per warrant with an exercise price of $1.22 per share

9:11 am S&P futures vs fair value: -13.00. Nasdaq futures vs fair value: -40.80. (:WRAPX) :

The stock market is on track for a lower open with S&P 500 futures trading 13 points below fair value.

Despite the lower indication, the current standing represents an improvement from the overnight session when futures on the benchmark index tested the 2,010 level (-22 vs fair value) amid broad-based weakness in Asia. Once again, China was at the forefront of that move as the Shanghai Composite fell 4.3% to extend its weekly decline to 11.2%. Continued concerns about the country's economy contributed to the retreat after the preliminary Caixin Manufacturing PMI (47.1; consensus 47.7) fell into the neighborhood of 6.5-year lows while the output component dropped to 46.6, its lowest level in four years.

The selling efforts have extended into the European session with markets there showing losses near 1.4% while U.S. equities are also tracking an opening decline.

Interestingly, Treasuries have traded inside narrow ranges despite the weakness in global equities with the 10-yr yield currently unchanged at 2.07%

Given the overarching theme, stock-specific news will be relegated to the backburner today, but it is worth noting that Deere (DE 85.72, -4.93) is on track to open lower by 5.4% after beating bottom-line estimates on light revenue and lowering its guidance.

9:02 am DealerTrack and Cox Automotive extend tender offer to Monday, September 14, 2015 (TRAK) : The expectation that the acquisition will close in the third quarter of 2015 remains unchanged.

9:00 am First Business Financial appoints Michael J. Murphy, CPA as Chief Accounting Officer, effective September 14, 2015 (FBIZ) : Murphy was the Midwest Regional Controller working with the Commercial and Personal Banking Group at BMO Harris Bank in Chicago prior to joining First Business.

9:00 am QLogic announces that the Board has appointed Christine King as Executive Chairman and Jean Hu as acting CEO (QLGC) :

Prasad Rampalli has resigned his positions as president and chief executive officer in order to pursue other opportunities.

• King has served as a member of the board of directors since 2013 and previously served as president and CEO of Standard Microsystems Corporation and AMI Semiconductor
• Hu has served as senior vice president and chief financial officer since 2011 and will continue in that role and retain her CFO responsibilities while serving as acting CEO

8:58 am Amira Nature Foods says it categorically rejects the 'false and misleading claims' made by Prescience Point Research Group, remains confident in its business (ANFI) :

The Company believes that the 'false information' disseminated against it has damaged the Company and its shareholders and Amira says it looks forward to correcting the false statements, restoring shareholder confidence, and protecting those shareholders through every means available to the Company.

• The Company states it remains confident in the veracity of its fiscal 2015 results which it released on July 16, 2015, as well as its fiscal 2014 and fiscal 2013 audited financials 
• The Company also says it is committed to working with its new audit partners, ASA & Associates

8:50 am S&P futures vs fair value: -11.30. Nasdaq futures vs fair value: -41.60. (:WRAPX) :

The S&P 500 futures trade 11 points below fair value.

Markets in the Asia-Pacific region followed Wall Street's lead and ended sharply lower on Friday. Selling interest was fueled by economic growth concerns that were compounded by a weaker than expected preliminary manufacturing PMI report out of China. China's Shanghai Composite led the broad-based retreat with a 4.3% decline that left it down more than 11% for the week.

• In economic data:
  • China's preliminary August Caixin Manufacturing PMI 47.1 (expected 47.7; prior 47.8)
  • Japan's preliminary August Manufacturing PMI 51.9 (consensus 52.1; prior 51.2)
  • New Zealand's Visitor Arrivals -2.7% month-over-month (prior -0.5%) and Credit Card Spending +9.7% year-over-year (prior 6.6%)

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• Japan's Nikkei slumped 3.0% and ended at its lows for the day. It was hurt by weakness in exporters, which fell as the yen strengthened, and plagued by a particularly weak showing from the financial (-4.6%), technology (-3.4%), and consumer discretionary (-3.3%) sectors. Alps Electric (-7.1%), Unitika (-6.9%), and Fujikura (-6.7%) topped a very long list of losers. In fact, only one of the 225 index members -- Hokuetsu Kishu Paper Co (+1.0%) -- ended the day higher. For the week, the Nikkei declined 5.3%.
• Hong Kong's Hang Seng declined 1.5%, feeling the drag of weakness in the mainland market and concerns about growth in the region. Galaxy Entertainment Group (-4.4%), China Resources Power Holdings (-3.8%), and Cheung Kong Property Holdings (-3.6%) were the worst-performing issues. Henderson Land Development (+5.5%), China Unicom Hong Kong (+3.2%), and Li & Fung (+2.7%) topped a short list of winners. Out of the 50 index members, 6 ended higher, 43 finished lower, and 1 was unchanged. For the week, the Hang Seng declined 6.6%.
• China's Shanghai Composite fell 4.3%, closing out a tough week on a tough note. The selling on Friday followed a weaker than expected reading from the preliminary Caixin Manufacturing PMI for August. The latter dipped to 47.1 from 47.8, which is its lowest level in more than six years and a reflection of a manufacturing sector in contraction. For the week, the Shanghai Composite plunged 11.2%.

Major European indices trade lower across the board with Germany's DAX, UK's FTSE, and France's CAC all down near 1.4%. Meanwhile, the euro has climbed to a two-month high against the dollar with the pair testing the 1.1300 level.

• Investors received several data points:
  • Eurozone preliminary August Manufacturing PMI 52.4 (expected 52.2; prior 52.4) while preliminary August Services PMI 54.3 (expected 54.0; last 54.0)
  • Germany's preliminary August Manufacturing PMI 53.2 (expected 51.7; last 51.8) while preliminary August Services PMI 53.6 (consensus 53.9; prior 53.8). Separately, September GfK Consumer Climate slipped to 9.9 from 10.1 (expected 10.1)
  • UK's July Public Sector Net Borrowing --GBP2.07 billion (expected --GBP2.40 billion; prior GBP8.64 billion)
  • France's preliminary August Manufacturing PMI 48.6 (consensus 49.7; prior 49.6) while preliminary August Services PMI 51.8 (consensus 52.0; last 52.0)

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• Germany's DAX is lower by 1.4% with all but two components in the red. Heavyweights Merck, Lufthansa, and Daimler show losses between 1.9% and 3.8% while financials also lag with Commerzbank and Deutsche Bank both down near 1.8%. On the upside, Adidas and Henkel are up 0.5% and 0.2%, respectively.
• UK's FTSE trades down 1.4% amid broad weakness. Shire and Prudential lead the retreat with both names down 3.0% apiece. On the flip side, only four names show gains with miners Fresnillo and Randgold Resources both up near 0.6%.
• In France, the CAC has given up 1.3% with all 40 components in the red. Financials BNP Paribas, Credit Agricole, and Societe Generale show losses between 1.1% and 2.4% while Peugeot is the weakest performer, down 3.5%.

8:48 am European Markets Update: DAX -1.4%, FTSE -1.4%, CAC -1.3% (:SUMRX) :

Major European indices trade lower across the board with Germany's DAX, UK's FTSE, and France's CAC all down near 1.4%. Meanwhile, the euro has climbed to a two-month high against the dollar with the pair testing the 1.1300 level.

• Investors received several data points:
  • Eurozone preliminary August Manufacturing PMI 52.4 (expected 52.2; prior 52.4) while preliminary August Services PMI 54.3 (expected 54.0; last 54.0)
  • Germany's preliminary August Manufacturing PMI 53.2 (expected 51.7; last 51.8) while preliminary August Services PMI 53.6 (consensus 53.9; prior 53.8). Separately, September GfK Consumer Climate slipped to 9.9 from 10.1 (expected 10.1)
  • UK's July Public Sector Net Borrowing --GBP2.07 billion (expected --GBP2.40 billion; prior GBP8.64 billion)
  • France's preliminary August Manufacturing PMI 48.6 (consensus 49.7; prior 49.6) while preliminary August Services PMI 51.8 (consensus 52.0; last 52.0)

------

• Germany's DAX is lower by 1.4% with all but two components in the red. Heavyweights Merck, Lufthansa, and Daimler show losses between 1.9% and 3.8% while financials also lag with Commerzbank and Deutsche Bank both down near 1.8%. On the upside, Adidas and Henkel are up 0.5% and 0.2%, respectively.
• UK's FTSE trades down 1.4% amid broad weakness. Shire and Prudential lead the retreat with both names down 3.0% apiece. On the flip side, only four names show gains with miners Fresnillo and Randgold Resources both up near 0.6%.
• In France, the CAC has given up 1.3% with all 40 components in the red. Financials BNP Paribas, Credit Agricole, and Societe Generale show losses between 1.1% and 2.4% while Peugeot is the weakest performer, down 3.5%.

8:47 am Thoratec announces the expiration of the 'go shop' period under its merger agreement with St. Jude Medical (STJ); no acquisition proposals were received (THOR) : The merger with St. Jude Medical (STJ) is scheduled to close during the fourth quarter, subject to regulatory and shareholder approval. 

8:42 am QLT Inc confirms conclusion from InSite Vision (INSV) re: the superior offer, says it is considering its position and its matching right (QLTI) :  

8:33 am Insite Vision determines that the unsolicited offer from a multi-national pharmaceutical company for $0.25/share constitutes a 'superior proposal' (INSV) :

InSite has notified QLT Inc. (QLTI) of the InSite Board of Directors' determination, and pursuant to the QLT merger agreement, QLT has the option until 5:00 p.m. PDT, on Wednesday, August 26, 2015 to negotiate a possible amendment of that agreement to match or exceed the Bidder's offer. InSite is required, and intends to, negotiate in good faith with QLT during the Negotiation Period. The Bidder has stated that its offer will remain outstanding until the expiration of the Negotiation Period and any additional days thereafter necessary for the Bidder and InSite to enter into the definitive agreements provided by the Bidder.

• Under the QLT merger agreement, InSite would be required to pay a $1,170,000 termination fee to QLT if the InSite Board of Directors terminates the QLT merger agreement in favor of an agreement with the Bidder. The Bidder has agreed to pay the termination fee to QLT on InSite's behalf in such event. InSite would be required to repay the Bidder for the QLT termination fee under certain circumstances in which InSite would be required to pay a termination fee to the Bidder in connection with a termination of the Bidder's merger agreement.

8:32 am Orient Paper will temporarily suspend its production of regular CMP, lightweight CMP, digital photo paper and offset printing paper until September 4, 2015, in accordance with a mandate issued by the Baoding city government (ONP) :

The purpose of the directive is to minimize air pollution during the International Association of Athletics Federations World Championship Games and the military parade commemorating the 70th anniversary of the end of World War II to be held in Beijing.

• The temporary suspension of production will not impact the Company's tissue paper operations, which are located in the Economic Development Zone of Wei County, Hebei Province, outside Beijing. Production of impacted products will resume on September 5, 2015.

8:32 am MiMedx Group announces that the Patent Trial and Appeal Board has ruled in favor of the company's primary EpiFix and AmnioFix patents (MDXG) :

Co announced the Patent Trial and Appeal Board has ruled in favor of the Company's primary EpiFix and AmnioFix patents.

• MiMedx received two recent rulings from the PTAB. One PTAB ruling was made in regard the inter partes review request related to the MiMedx primary EpiFix patent and the other recent PTAB decision was for the inter partes review request related to the MiMedx AmnioFix patent.
• In both rulings, the PTAB found no basis to challenge these patents and fully rejected the request for review on these patents
  

8:31 am Sarepta Therapeutics receives rare Pediatric Disease Designation from FDA for eteplirsen for the potential treatment of Duchenne Muscular Dystrophy (SRPT) :

• Co announced the U.S. Food and Drug Administration (:FDA) has granted Rare Pediatric Disease Designation for eteplirsen, a potential treatment for patients with Duchenne Muscular Dystrophy who are amenable to skipping exon 51.
• The Rare Pediatric Disease Designation supplements the Orphan Drug Designation and Fast Track Status previously granted by the FDA for eteplirsen.

8:31 am Marrone Bio Innovations announces that President James Iademarco has elected to resign, and that the company received a non-compliance notice from Nasdaq for failing to timely file its 10-Q (MBII) :

Co announced that James Iademarco, the Company's President and Chief Operating Officer since January 2015, has elected to resign effective August 31st, 2015. To assist with the transition of various pending matters, Mr. Iademarco has agreed to remain available to advise the Company in a consulting capacity for an additional period of up to 90 days.

• Co also announced today that it has completed a $40 million loan financing. The financing involves the Company's issuance to the lenders of Senior Secured Promissory Notes in the aggregate principal amount of $40,000,000, accruing interest at a rate of 8% per annum, with $10 million payable 3 years from the closing, $10 million payable 4 years from the closing, and $20 million due 5 years from the closing.
• The Company also issued to the lenders warrants to purchase up to an aggregate of 4,000,000 shares of Common Stock at an exercise price equal to $1.91 per share.
• Co currently intends to use the proceeds of the loan for working capital and other general corporate purposes

8:28 am S&P futures vs fair value: -13.00. Nasdaq futures vs fair value: -43.70. (:WRAPX) :

U.S. equity futures have added to their pre-market losses, inching down towards overnight lows. The S&P 500 futures currently hover near the 2,019 level after marking an overnight low just under 2,009.

Meanwhile, Treasuries have ticked up in recent action with the 10-yr yield down a basis point at 2.06%. Interestingly, the strength in futures has been relatively limited given the percolating concerns about global equity markets.

For its part, the Dollar Index (-0.4%) has been pressured by investors demanding euros and yen. The euro/dollar pair is higher by 0.4% at 1.1290 while dollar/yen has retreated 0.7% to 122.60.

8:21 am On The Wires (:WIRES) :

• Erin Energy Corporation (ERN) announced it has been given approval by the government of Kenya to enter the First Additional Exploration Period on its onshore blocks, L1B and L16
• Lifeway Foods, Inc. (LWAY) announced the beginning of kefir production at the former Golden Guernsey dairy plant in Waukesha, WI, that it acquired in May 2013
• The Goodyear Tire & Rubber Company (GT) announced that Chris Delaney has been named president-elect of its Asia Pacific business unit. He will join the company on August 24, 2015 and assume full responsibility for the business on January 1, 2016
• Verso Paper Holdings and Verso Paper, subsidiaries of Verso Corporation (VRS), announced that they have extended the expiration date for their previously announced exchange offers for Second Priority Adjustable Senior Secured Notes and Original Second Priority Notes. 
• Sandoz Canada, a Novartis (NVS) company, announced the launch of PrAmiodarone Syringe. PrAmiodaroneSyringe, in a 3 mL pre-filled syringe, is indicated for the initiation oftreatment of documented, life-threatening, frequently recurring ventricularfibrillation and hemodynamically unstable ventricular tachycardia in patientsrefractory to all other treatment.
• Takeda Pharmaceutical (TKPYY) announced that the European Medicines Agencyhas accepted the Marketing Authorization Application for ixazomib, aninvestigational oral proteasome inhibitor for the treatment of patients withrelapsed and/or refractory multiple myeloma. In addition to the ixazomib MAAsubmission with the EMA, a New Drug Application for ixazomib was filed with theU.S. Food and Drug Administration. Additional filings in other countries areplanned to begin later this fiscal year.

8:18 am InterCloud Systems announced that it continues to see an influx of new purchase orders and long term contracts across its business segments. The backlog of business is now at an all-time high of over $38 mln (ICLD) : Chairman and CEO Mark Munro stated, "I recently discussed our second quarter financial results on the conference call last Wednesday and I highlighted how InterCloud beat earnings estimates, grew 35% for the first half of 2015 over 2014, produced over $1M of adjusted EBITDA, and continued our growth in product development and added new large enterprise and service provider customers. Now we are announcing our growing backlog and sales pipeline. These important business metrics provide InterCloud a solid foundation for future success. We look forward to an exciting second half of 2015."

8:15 am VirnetX Holding files universal shelf registration statement to sell up to $100 mln of equity, debt or other types of securities; also enters into $35 mln ATM agreement to sell common stock (VHC) : VirnetX expects to use any proceeds from this offering for Gabriel product development and marketing, and general corporate purposes, which may include working capital, capital expenditures, other corporate expenses and acquisitions of complementary products, technologies or businesses.

8:14 am European Yields (BONDX) :

Eurozone Yields Higher, Gilt Yields Lower

• 25 left-wing members of Syriza left to form their own party, Popular Unity, which will now be the third-largest party in the Greek parliament
  
  • The party will be headed up by Panagiotis Lafazanis, the former energy minister who was generally to be considered the leader of Syriza's "Left Platform" folks
    
  • Greek Prime Minister Alexis Tsipras resigned yesterday
    
  • Greek law allows New Democracy, the largest opposition opportunity, a three-day period in which to form a new government. If it cannot, then the third-largest party gets to try. Yesterday, that party was Golden Dawn, the fascists, but now Popular Unity is the third largest
    
• The eurozone's Markit Composite PMI for August beat expectations, climbing to 54.1 from 53.9 in July. The beat was due to a strong service sector
  
• On a national basis, Germany beat expectations for the Composite PMI at 53.2 versus 51.8 in July
  
  • France's Composite PMI (a combination of services and manufacturing) fell to 51.3 from 51.5
    
• Yield Check:
  
  • France, 10-yr OAT: +2 to 0.97%
    
  • Germany, 10-yr Bund: unch at 0.59%
    
  • Greece, 10-yr note: +43 bps to 9.80%
    
  • Italy, 10-yr BTP: +3 bps to 1.86%
    
  • Portugal, 10-yr note: +2 bps to 2.59%
    
  • Spain, 10-yr ODE: +3 bps to 2.02%
    
  • U.K., 10-yr Gilt: -5 bps to 1.74%

8:13 am ASM Intl NV announces that the voluntary delisting of its common shares from the Nasdaq Stock Market has become effective (ASMI) : The ASMI Common Shares, which are held in the U.S. as New York Registry Shares,are now eligible for trading on the OTCQX Best Market under the symbol ASMIY.

8:12 am Gapping down (:SCANX) :

Gapping down
In reaction to disappointing earnings/guidance: TFM -13.5%, ROST -9.3%, CRMT -6.4%, NDSN -5.8%, INTU -4.3%, DE -4%, MOLG -1.8%, HPQ -0.7%

Select Fan Favorites showing weakness with the broader mkt: FIT -4.6%, NFLX -3.1%, GPRO -2.4%, FB -1.6%, TSLA -1.6%, BA -1.5%, SBUX -1.3%, AAPL -1.1%, MA -1%

Select China related names showing early weakness with Shanghai -4%+ overnight: BITA -4%, CMCM -3.4%, JD -2.8%, CTRP -2.6%, BIDU -1.4%, JKS -1.4%

Other news: GIG -12.1% (announces a public offering of common stock), XON -5.5% (announces a public offering of common stock), BTE -4.3% (sees 25% reduction in Capex; suspends dividend), SUNE -2.7% (cont weakness), MU -2% (cont weakness), BTU -1.8% (following 20%+ move higher yesterday), GILD -1.3% (European Medicines Agency validates co's marketing application for single tablet regimen containing rilpivirine, emtricitabine and tenofovir alafenamide for HIV treatment), WIN -1.2% (afternoon strength on potential data unit sale), NE -0.9% (provided its monthly fleet contract status update), WFM -0.8% (following TFM results), AEO -0.7% (Chief Marketing Officer, Michael Leedy, announced that he will step down from his position, effective September 15, 2015), CSTM -0.7% (announced West Virginia Economic Development Authority approval for a partial financing of its $35 million investment in its Ravenswood plant), TUR -0.6% (Turkey will hold snap election on November 1)

Analyst comments: SSI -0.9% (downgraded to Neutral from Buy a B. Riley & Co), DIS -0.9% ( target lowered to $89 from $98 at Cowen), LUX -0.7% (downgraded to Sell from Neutral at Goldman)

8:05 am Gapping up (:SCANX) : Gapping up
In reaction to strong earnings/guidance: ARAY +9.6%, BRCD +4.9%, UEPS +4.9%, AVNW +3.6%, CRM +3.2%, FL +2.5%, MSON +1.6%, GPS +0.7%

M&A news:SPIL +33.2% (Advanced Semiconductor Engineering (ASX) to commence tender offers for Taiwan and U.S. shares of SPIL ),RPTP +8.2% (to acquire Quinsair from Tripex Pharmaceuticals for $68.4 mln upfront; co reaffirmed FY15 guidance)

Select metals/mining stocks trading higher: AU +6.2%, GFI +2%, GG +1.4%, AEM +1.2%, ABX +1.1%, GDX +1%

Other news: IMUC +9.8% (issues a letter to shareholders on its progress in advancing ICT-107 to a Phase 3 Registrational Trial),AAC +5.6% (last night's conference call on the California Legal case and preview its Q3 operations; Deerfield Mgmt discloses 6.43% passive stake in 13G filing),ZIOP +1.7% (ZIOPHARM discloses that on August 17, it, Intrexon (XON) and MD Anderson entered into a research and development agreement to formalize the scope and process of the previously announced license agreement ),IOSP +1.6% (to replace BRLI in the S&P SmallCap 600), Financial Officer of its Match Group subsidiary)IACI +1.5% (announced that Gary Swidler has been appointed as Chief Financial Officer of its Match Group subsidiary)

Analyst comments: ABB +0.8% (upgraded to Buy at HSBC)

8:03 am Bio Blast Pharma beats two analyst estimate by $0.02; no revs (as expected) (ORPN) : Reports Q2 (Jun) loss of $0.26 per share, $0.02 better than the Capital IQ Consensus Estimate of ($0.28). Co ended Q2 with $26.2 mln in cash and short-term bank deposits, having spent $3.7 mln in total expenses during the quarter.

8:03 am Gordmans Stores beats by $0.05, misses on revs; guides Q3 EPS below consensus, revs in-line (GMAN) :

Reports Q2 (Jul) loss of $0.09 per share, $0.05 better than the Capital IQ Consensus Estimate of ($0.14); revenues rose 1.7% year/year to $143.4 mln vs the $145.45 mln consensus. Second quarter comparable store sales on an owned plus licensed basis decreased 1.6% including an expected 1.0% detriment due to the shift in the sales tax holiday from July to August. "Heading into the back half of the year, we are pleased with our inventory content as we accelerated back-to-school receipts vs. last year to be better positioned to capture August sales."

• Co issues mixed guidance for Q3, sees EPS of ($0.15)-($0.12) vs. ($0.10) Capital IQ Consensus Estimate; sees Q3 revs of $153-156 mln vs. $155.79 mln Capital IQ Consensus Estimate, which reflects a flat to low-single digit comparable store sales increase on an owned plus licensed basis. The Company expects gross profit margin to improve versus last year.

8:01 am Skechers USA approves a three-for-one split of the Company's Class A and Class B common stock (SKX) :  

8:00 am S&P futures vs fair value: -11.80. Nasdaq futures vs fair value: -35.70. (:WRAPX) :

U.S. equity futures trade lower amid cautious action overseas. The S&P 500 futures hover 12 points below fair value after slipping from their highs at the start of the European session.

The overnight session saw continued turmoil in China with the Shanghai Composite falling 4.2% while other Asian indices also retreated amid overall risk aversion among investors.

U.S. Treasuries, meanwhile, have climbed during overnight action, but are now little changed with the 10-yr yield at 2.07%.

There is no economic data on today's schedule, but it is worth noting that trading volume is expected to be well above average due to options expiration.

In U.S. corporate news of note:

• Deere (DE 89.14, -1.51): -1.7% after beating bottom-line estimates on light revenue and lowering its guidance.
• Foot Locker (FL 73.49, +1.77): +2.5% in reaction to better than expected results.
• Hewlett-Packard (HPQ 27.30, -0.05): -0.2% after beating bottom-line estimates and guiding Q4 earnings below analyst expectations.
• Salesforce.com (CRM 70.00, +2.18): +3.2% after beating estimates and issuing upbeat guidance.

Reviewing overnight developments:

• Asian markets ended lower. China's Shanghai Composite -4.2%, Japan's Nikkei -3.0%, and Hong Kong's Hang Seng -1.5%.
  • In economic data:
    • China's preliminary August Caixin Manufacturing PMI 47.1 (expected 47.7; prior 47.8)
    • Japan's preliminary August Manufacturing PMI 51.9 (consensus 52.1; prior 51.2)
    • New Zealand's Visitor Arrivals -2.7% month-over-month (prior -0.5%) and Credit Card Spending +9.7% year-over-year (prior 6.6%)
  • In news:
    • China's Caixin Manufacturing PMI fell into the neighborhood of 6.5-year lows while the output component dropped to 46.6, its lowest level in four years.
• Major European indices trade lower across the board. UK's FTSE -1.2%, France's CAC -1.2%, and Germany's DAX -1.1%. Elsewhere, Italy's MIB -0.9% and Spain's IBEX -0.8%
  • Investors received several data points:
    • Eurozone preliminary August Manufacturing PMI 52.4 (expected 52.2; prior 52.4) while preliminary August Services PMI 54.3 (expected 54.0; last 54.0)
    • Germany's preliminary August Manufacturing PMI 53.2 (expected 51.7; last 51.8) while preliminary August Services PMI 53.6 (consensus 53.9; prior 53.8). Separately, September GfK Consumer Climate slipped to 9.9 from 10.1 (expected 10.1)
    • UK's July Public Sector Net Borrowing --GBP2.07 billion (expected --GBP2.40 billion; prior GBP8.64 billion)
    • France's preliminary August Manufacturing PMI 48.6 (consensus 49.7; prior 49.6) while preliminary August Services PMI 51.8 (consensus 52.0; last 52.0)
  • Among news of note:
    • The euro has climbed to a two-month high against the dollar with the rally pausing just below the 1.1300 level, where the euro/dollar pair currently trades

8:00 am Steiner Leisure to be acquired by PE firm Catterton for $65/share, or ~$925 mln; deal provides for go-shop period (shares halted) (STNR) :

The co and Catterton announced that they have entered into a definitive merger agreement under which an affiliate of Catterton will acquire all of the outstanding shares of Steiner Leisure for $65 per share in cash. The total transaction value, including assumed net debt, is approximately $925 million.

• The transaction is expected to close in the fourth quarter of 2015 or early in 2016, and is subject to the expiration or termination of the applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, other regulatory approvals and approval of Steiner Leisure shareholders. 
• The merger agreement provides for a "go-shop" period until October 6, 2015, during which the Special Committee -- with the assistance of its financial advisor Jefferies LLC -- may actively solicit alternative proposals to acquire Steiner Leisure from third parties. There can be no assurances that this process will result in a superior transaction.

8:00 am Pfizer announces positive top-line results of two Phase 3 studies for Trumenba (PFE) :

Both studies met all primary immunogenicity endpoints, demonstrating robust immune responses against certain invasive meningococcal B strains after the vaccine dose series. Safety and tolerability data from both studies were also consistent with data from previous studies.

• One Phase 3 study was a randomized, active-controlled, observer-blinded study that included approximately 3,600 healthy individuals 10 through 18 years of age in the United States and Europe.The second Phase 3 study was a randomized, placebo-controlled, observer-blinded study that included approximately 3,300 healthy individuals 18 through 25 years of age in the United States and Europe

7:59 am GigOptix priced public offering of ~9.218 mln shares of common stock at $1.70/share (GIG) :

• Co expects to use the net proceeds from the offering of the shares which it is selling, for potential acquisitions for strategic growth.
• In addition, certain officers and directors as selling stockholders sold 282,000 shares of previously issued shares of common stock in the underwritten public offering at a price of $1.70 per share.

7:59 am Steiner Leisure shares halted for news pending (STNR) :  

7:58 am Asian Markets Close: Japan's Nikkei -3.0%; Hong Kong's Hang Seng -1.5%; China's Shanghai Composite -4.3% (:SUMRX) :

Markets in the Asia-Pacific region followed Wall Street's lead and ended sharply lower on Friday. Selling interest was fueled by economic growth concerns that were compounded by a weaker than expected preliminary manufacturing PMI report out of China. China's Shanghai Composite led the broad-based retreat with a 4.3% decline that left it down more than 11% for the week.

Economic Data

• China
  • August Caixin Preliminary Manufacturing PMI 47.1 (expected 47.7; prior 47.8)
• Japan
  • August Preliminary Manufacturing PMI 51.9 (expected 52.1; prior 51.2)

Equity Markets

• Japan's Nikkei slumped 3.0% and ended at its lows for the day. It was hurt by weakness in exporters, which fell as the yen strengthened, and plagued by a particularly weak showing from the financial (-4.6%), technology (-3.4%), and consumer discretionary (-3.3%) sectors. Alps Electric (-7.1%), Unitika (-6.9%), and Fujikura (-6.7%) topped a very long list of losers. In fact, only one of the 225 index members -- Hokuetsu Kishu Paper Co (+1.0%) -- ended the day higher. For the week, the Nikkei declined 5.3%.
• Hong Kong's Hang Seng declined 1.5%, feeling the drag of weakness in the mainland market and concerns about growth in the region. Galaxy Entertainment Group (-4.4%), China Resources Power Holdings (-3.8%), and Cheung Kong Property Holdings (-3.6%) were the worst-performing issues. Henderson Land Development (+5.5%), China Unicom Hong Kong (+3.2%), and Li & Fung (+2.7%) topped a short list of winners. Out of the 50 index members, 6 ended higher, 43 finished lower, and 1 was unchanged. For the week, the Hang Seng declined 6.6%.
• China's Shanghai Composite fell 4.3%, closing out a tough week on a tough note. The selling on Friday followed a weaker than expected reading from the preliminary Caixin Manufacturing PMI for August. The latter dipped to 47.1 from 47.8, which is its lowest level in more than six years and a reflection of a manufacturing sector in contraction. For the week, the Shanghai Composite plunged 11.2%.
• India's Sensex declined 0.9%, pulled lower by weakness in the industrials (-2.3%), consumer discretionary (-2.2%), and materials (-1.7%) sectors. Vedanta (-4.1%), Bajaj Auto (-3.4%), and Tata Motors (-2.9%) were the weakest links. Hindustan Unilever (+1.4%), Infosys (+1.4%), and Cipla Ltd (+0.8%) topped the list of winners. Out of the 30 index members, 7 ended higher and 23 finished lower. For the week, the Sensex declined 2.5%.
• Australia's S&P/ASX 200 declined 1.4%, weighed down primarily by weakness in the financial (-2.0%), REIT (-1.9%), and Health Care (-1.8%) sectors. The S&P/ASX 200 is at its lowest level since December. Out of the 200 index members, 49 ended higher, 135 finished lower, and 16 were unchanged. For the week, the S&P/ASX 200 declined 2.7%.
• Regional advancers: None
• Regional decliners: South Korea -2.0%, Taiwan -3.0%, Malaysia -0.2%, Indonesia -2.4%, Singapore -1.3%, Thailand -0.4%, Vietnam -1.8% Closed for holiday: Philippines (Ninoy Aquino Day)

FX

• USD/CNY unch at 6.3889
• USD/INR +0.4% at 65.8325
• USD/JPY -0.6% at 122.70

7:44 am iDreamSky Technology misses by $0.02, beats on revs (DSKY) :

Reports Q2 (Jun) Non-GAAP per ADS earnings of $0.20 per share, $0.02 worse than the Capital IQ Consensus Estimate of $0.22; revenues rose 122.9% year/year to $63.3 mln vs the $61.58 mln consensus. 

• Average MAUs in the second quarter of 2015 were 110.2 million, up 15.4% from 95.5 million in the second quarter of 2014 and down 7.1% from 118.6 million in the first quarter of 2015.
• Average DAUs in the second quarter of 2015 were 26.2 million, up 14.4% from 22.9 million in the second quarter of 2014 and down 7.7% from 28.4 million in the first quarter of 2015.

7:36 am Seres Therapeutics confirms the FDA has granted Orphan Drug Designation to SER-109; co expects to see results from the therapeutic's study in the middle of 2016 (MCRB) :  

7:35 am S&P futures vs fair value: -12.80. Nasdaq futures vs fair value: -39.50. :

7:33 am Overnight Treasury Summary (BONDX) :

 Treasuries Little-Changed

• The yield curve is slightly steeper this morning while U.S. Treasuries are mostly unchanged despite equity volatility overnight following the release of the Caixan Manufacturing PMI. The survey suggested that China's factory sector shrank the most since 2009 in the month of August. The European Commission allayed renewed Grexit fear by saying that the EC had expected elections and that the elections will not derail sweeping reforms in Greece
• Yield Check:
  
  • 2-yr: -1 bp to 0.65%
    
  • 5-yr: -1 bp to 1.46%
    
  • 10-yr: unch at 2.07%
    
  • 30-yr: +1 bp to 2.76%

• International News:
  
  • In China, the Caixin Manufacturing PMI disappointed market expectations, falling to 47.1 in August from 47.8 in July. That was the sixth straight month of sub-50 readings, which indicate contraction in the manufacturing sector. In China's defense, the country is trying to rebalance its economy from manufacturing to services
    • The Shanghai Composite fell 4.27% to 3,508, a 32.3% decline from its high in June
      
  • Japan's Manufacturing PMI rose less than expected to 51.9 in August from 51.2 in July
    
  • The eurozone's Markit Composite PMI unexpectedly jumped to 54.1 in August from 53.9 in July. Readings above 50 indicate expansion
    
    • Both the manufacturing and services components of the Purchasing Managers' Index beat expectations
      
    • On a national basis, France disappointed and Germany surpassed expectations. France's Composite PMI fell to 51.3 from 51.5, while Germany's rose to 54.0 from 53.7
      
  • Germany's GfK Consumer Climate index fell to a worse-than-expected 9.9 in September from 10.1 in August
    
  • Fed fund futures are pricing in a 34% chance of a September rate hike versus 50% before the July FOMC minutes were released on Wednesday

• There are no scheduled market-moving events today

7:10 am Deere beats by $0.09, misses on revs; lowers revenue and income guidance (DE) :

Reports Q3 (Jul) earnings of $1.53 per share, $0.09 better than the Capital IQ Consensus Estimate of $1.44; revenues fell 21.6% year/year to $6.84 bln vs the $7.2 bln consensus.

• Sees Q4 equipment sales down 24% YoY; current consensus represents a 19% YoY decline.
• Co lowers FY15 net income outlook to $1.8 bln from $1.9 bln; lowers FY15 equipment sales outlook to -21% from -19% (consensus -19%).
• Co cites lower demand for agricultural and construction equipment leads to decline in sales and earnings.
• Included in the forecast is a negative foreign-currency translation effect of about 4% for the full year and 5% for the fourth quarter.

7:04 am Foot Locker beats by $0.15, beats on revs; Q2 comps +9.6% (FL) :

Reports Q2 (Jul) earnings of $0.84 per share, $0.15 better than the Capital IQ Consensus Estimate of $0.69; revenues rose 3.3% year/year to $1.7 bln vs the $1.66 bln consensus. 

• Q2 comparable-store sales increased 9.6%.
• The Company's gross margin rate improved to 32.6% of sales from 32.0% a year ago.

7:04 am Chesapeake Energy announces the proposed voluntary dismissal of a shareholder derivative action (CHK) : Plaintiffs Jacob Shochat and Norman Spiegel provided notice that they wish to voluntarily dismiss the case.

6:59 am On The Wires (:WIRES) :

• Janssen-Cilag International NV, a unit of Johnson & Johnson(JNJ) announced the submission of an Extension Marketing AuthorisationApplication to the European Medicines Agency for paliperidone palmitateonce-every-three-months formulation for the treatment of schizophrenia. Ifapproved, it will be the first antipsychotic schizophrenia medication to beadministered four times a year.
• Companhia Brasileirade Distribuicao (CBD) announced it was informed by its controlling shareholderWilkes Participaes S.A. that the International Chamber of Commerce has issuedthe final award regarding the arbitration proceeding filed by MorzanEmpreendimentos e Participaes The Award determines the Company and Wilkes tojointly and severally pay to Morzan the total amount of R$ 212.46 million,adjusted in accordance with the INPC - National Consumer Price Index, plusinterest of 12% per annum as of 12 April 2012 until effective payment.
• Statoil (STO) announced that on 21 August the Polarled gas pipelinecrossed 66 degrees and 33 minutes north of the equator becoming the firstpipeline to take the Norwegian gas infrastructure across the Arctic Circle.This will open a new gas highway from the Norwegian Sea to Europe.

6:45 am Hibbett Sporting reports EPS & revs in-line with pre-announcement; lowers FY16 guidance; comps -1.1% (HIBB) :

Reports Q2 (Jul) earnings of $0.28 per share, in-line with the Capital IQ Consensus Estimate of $0.28; revenues rose 2.8% year/year to $199.3 mln vs the $207.53 mln consensus. Earnings also in line with the co's pre-announcement of $0.26-0.28 & $199 mln

• Comparable store sales decreased 1.1%. Gross profit was 32.7% of net sales for the 13-week period ended August 1, 2015, compared with 33.2% for the 13-week period ended August 2, 2014.
• Co issues lowered guidance for FY16, sees EPS of $2.80-2.90 from $2.95-3.04 vs. $2.89 Capital IQ Consensus Estimate. Comparable store sales are expected to be flat or increase in the low single-digit range for the year, which compares to previous guidance of comparable store sales increasing in the low single-digit range for the year. 

6:22 am Cathay Bancorp announces Board authorization to resume the repurchase of up to 622,500 common shares (CATY) :  

6:07 am Siliconware Precision: Advanced Semiconductor Engineering (ASX) to commence tender offers for Taiwan and U.S. shares of SPIL (SPIL) :

Advanced Semiconductor Engineering (ASX) announced today that it plans to commence on August 24, 2015, tender offers in the Republic of China and the United States for common shares and American Depositary Shares of Siliconware Precision Industries Co (SPIL) at a price of NT$45 per common share and NT$225 per ADS payable in the equlvant amount of U.S. dollars, respectively. The Taiwan offer is being made to all holders of common shares and the U.S. offer is being made to all holders of ADSs.

• ASE plans to acquire an estimated maximum number of 779,000,000 common shares of SPIL (including common shares represented by ADSs), equivalent to ~25% of the common shares issued by SPIL

6:06 am Accuray receives a multi-system order from 21st Century Oncology for one CyberKnife M6 and four TomoHDA Systems (ARAY) : Accuray booked the order in its first fiscal quarter of 2016.

6:05 am ImmunoCellular Therapeutics issues a letter to shareholders on its progress in advancing ICT-107 to a Phase 3 Registrational Trial (IMUC) :

Co stated: "ICT-107 is advancing to its final stage of development. Reaching agreement with the FDA on the Special Protocol Assessment is a significant achievement and means we have lower regulatory risk than completing phase 3 without this up-front FDA review. We are positioned to initiate clinical trial sites within 3 months in the US, with plans to enroll the first patient in the trial soon thereafter."

6:02 am China Sunergy wins a bid to supply 260 MW of PV modules to China Power Investment Corporation (CSUN) :  

6:01 am VTTI Energy Partners is informed that Vitol Investment Partnership acquires MISC Berhad's 50% shareholding in VTTI BV, for $830 mln (VTTI) : Co has been informed by VTTI BV that Vitol Investment Partnership, an investment vehicle sponsored and managed by Vitol, has agreed to acquire MISC Berhad's 50% shareholding in VTTI BV, which owns the general partner of VTTI Energy Partners, for cash consideration of $830 million. Vitol already owns 50% of VTTI BV. VTTI BV will continue to be run as an independent, standalone company under the leadership of CEO Rob Nijst.

6:00 am Biocept announces the resignation of CFO Bill Kachioff to pursue other business opportunities (BIOC) : The company also announced that Mark G. Foletta has been appointed as the company's interim Chief Financial Officer, effective immediately. Foletta served as Senior Vice President and Chief Financial Officer of Amylin Pharmaceuticals, Inc. from 2000 through its acquisition by Bristol-Myers Squibb in 2012

5:45 am FedEx: Public cash Offer by FedEx for all shares of TNT Express (TNTEY) to end Oct 30, unless extended (FDX) :

FedEx and TNT Express provide update on FDX's public cash offer

• The Offer is a public cash offer for all the issued and outstanding ordinary shares, including ordinary shares represented by American depositary shares of TNT Express, at an offer price of 8.00 (cum dividend) per ordinary share.
• The Executive Board and the Supervisory Board of TNT Express fully support and unanimously recommend the Offer to all shareholders for acceptance.
• Positive advice and opinion has been obtained from, respectively, the Central Works Council and the European Works Council of TNT Express.
• PostNL N.V., currently holding approximately 14.7% of the Shares, has irrevocably undertaken to tender its shares under the Offer.
• The Acceptance Period commences on 24 August 2015 at 9:00 hours, Amsterdam time (3:00 hours, New York time), and ends on 30 October 2015 at 17:40 hours, Amsterdam time (11:40 hours, New York time), unless extended.
  

4:31 am Nordic American Tanker announced that chairman/CEO, Herbjorn Hansson and his son, bought $1.4 mln worth of stock in NAT (100,000 shares) (NAT) :  

3:47 am Edison unit Southern California Edison responds to CPUC ruling (EIX) :

Southern California Edison responded to a ruling by a California Public Utilities Commission administrative law judge regarding SCE's communication with commission officials.

• The administrative law judge's ruling, while not finding that any of SCE's communications with commission officials were prohibited under the rules, found that several should have been reported. In a reply submitted today to the commission, SCE said it did not believe it engaged in any communications that were reportable under commission rules except for one March 2013 meeting which SCE voluntarily disclosed last Feb. 9 after learning new information.
• The filing is part of the commission's proceeding regarding the shutdown of the San Onofre nuclear plant. The judge's ruling found that the vast majority of SCE's communications with commission officials complied with the rules, but also found that 10 such communications, while permitted under the rules, should have been reported.
  

2:54 am Novartis acquires all remaining rights to GSK's (GSK) Ofatumumab (NVS) :

Novartis announced today that it has entered into an agreement to acquire all remaining rights to Ofatumumab from GlaxoSmithKline plc (GSK). Ofatumumab, a fully human monoclonal antibody which targets CD20, is being developed for relapsing remitting multiple sclerosis and other autoimmune indications. Novartis previously acquired the rights to Ofatumumab for oncology indications and it is marketed under the brand name Arzerra

• Novartis will be responsible for the worldwide development, regulatory and commercialization activities for Ofatumumab. Under the terms of the agreement,
• Novartis will make an initial upfront payment of $300 million to GSK for the acquisition of the compound and a further payment of $200 million payable following the start of a phase III study in MS by Novartis. Upon completion of pre-determined milestones, contingent payments of up to $534 million may be made.
• Novartis will also pay royalties of up to 12 per cent to GSK on any future net sales of Ofatumumab in auto-immune conditions.

1:51 am On The Wires (:WIRES) :

• Scientific Games (SGMS) announced that the Company has signed a new contract to provide instant games and related services to the Montana Lottery. Awarded through a competitive procurement process, the five-year contract began August 8, 2015 and may be extended by the Lottery for an additional two years.
• eLong (LONG) announced that the special committee of the Company's board of directors has retained Duff & Phelps as its financial advisor and Kirkland & Ellis as its legal counsel in connection with its review and evaluation of the previously-announced non-binding "going private" proposal from Tencent (TCEHY) that the Board received on August 3, 2015.
• FireEye (FEYE) revealed the details of an advanced campaign which appears to target information about ongoing border disputes and other diplomatic matters.

1:41 am Baytex Energy Trust sees 25% reduction in Capex; suspends dividend (BTE) :

Co announces updated guidance for 2015 and enhanced sustainability through a reduced capital program and suspension of the monthly dividend.

• Based on the current outlook, co anticipates an ~25% reduction in capital spending in 2016
• Co is suspending monthly cash dividend after the September 15, 2015 payment previously declared. We believe this is a prudent step to minimize additional bank borrowings during this period of extremely low commodity prices.
  • Co will reinstate the monthly dividend when commodity prices recover to a supportive level.
• Co expects total exploration and development expenditures for 2015 to approximate $500 million, representing the low-end of our guidance range of $500 to $575 million.
• Co is also tightening our production guidance range for 2015 to 84,000 to 86,000 boe/d (previously 84,000 to 88,000 boe/d)

1:39 am Eldorado Gold provides update on Greece unit (EGO) :

Co confirms that Hellas Gold, a Greek subsidiary of the Company, will undertake actions to suspend all its mining and development activities in Halkidiki, northern Greece, commencing the week of August 24, 2015. The suspension, which will affect Hellas Gold's Stratoni Mine as well as the Skouries and Olympias projects, is a direct result of the revocation by Greece's Ministry of Energy of the technical studies of its projects in Halkidik

• Hellas Gold is taking legal action against the decision of the Ministry of Energy, including the filing of an injunction request before the Council of State, Greece's Supreme Court on administrative and environmental matters. At this point, Eldorado is unable to provide guidance with respect to timing of any potential court decision.