4:15 pm Clayton Williams has sold ~3,700 net acres in Burleson County, Texas for cash consideration of $22.1 mln; also announces it plans to resume drilling operations in the third quarter 2015

• Carmax (KMX 70.50, -1.46): -2.0% in reaction to a one-cent beat on light revenue. 
• Red Hat (RHT 77.48, -1.01): -1.3% after beating estimates and guiding below analyst estimates. 
• Smith & Wesson Holding (SWHC 15.80, -0.30): -1.9% after below-consensus guidance overshadowed better than expected results.

• Asian markets ended mixed. China's Shanghai Composite -6.4%, Hong Kong's Hang Seng +0.3%, and Japan's Nikkei +0.9% 
  • In economic data: 
    • Japan's All Industries Activity Index +0.1% month-over-month (expected +0.3%; prior -1.4%) and Leading Index 106.4 (expected 107.2; prior 107.2) 
    • South Korea's May PPI +0.1% month-over-month (prior 0.0%); -3.5% year-over-year (prior -3.6%) 
  • In news: 
    • China's Shanghai Composite plunged as a flood of new listings pulled liquidity away from other issues 
    • The Bank of Japan left its key lending rate unchanged at 0.1%, as expected

• Major European indices trade higher across the board. UK's FTSE +0.5%, Germany's DAX +0.6%, and France's CAC +1.0%. Elsewhere, Italy's MIB +1.0% and Spain's IBEX +1.0% 
  • Economic data was limited: 
    • Eurozone April Current Account EUR22.30 billion (expected EUR18.10 billion; prior EUR18.00 billion) 
    • Germany's May PPI 0.0% month-over-month (expected 0.2%; prior 0.1%); -1.3% year-over-year (consensus -1.1%; last -1.5%) 
    • UK's May Public Sector Net Borrowing GBP9.35 billion (consensus GBP10.05 billion; prior GBP5.46 billion) 
  • Among news of note: 
    • The weekend is set to begin without a deal between Greece and its creditors. As a result of the surrounding uncertainty, outflows from the Greek banking system have reportedly reached EUR3.00 billion this week

7:48 am Ceres will restructure its Brazilian seed operations, and is in discussions to commercialize its Brazilian technology (CERE) : As part of the realignment, the company will restructure its Brazilian seed operations and is exploring discussions with additional local partners and collaborators to support the continued development and commercialization of its technology in Brazil. Co indicated that its Brazilian operations after implementation of the restructuring plan would be focused primarily on sorghum breeding and sugarcane.

• In particular, the company plans to expand its sugarcane trait development activities for the Brazilian sugarcane market, which Ceres expects to fund, in part, under a grant available from the Brazilian government. The realignment plan, which is expected to be substantially completed by October 31, 2015, includes, among other actions, a workforce reduction that will impact 14 positions in Brazil primarily related to administration, operations and manufacturing as well as 2 support positions in the United States. 
• Ceres estimates that it will incur total charges of approximately $0.6 million over the next five months with respect to these workforce reductions in Brazil and the U.S., including $0.1 million in continuation of salary and benefits of certain employees until their work is completed and their positions are eliminated, and $0.5 million of one-time severance and other costs, all of which will be cash expenditures. 
• The company expects to achieve additional cost reductions as part of the realignment, which may include additional workforce reductions. Once fully implemented, the company's realignment plan is expected to deliver cash savings of up to approximately $6.0 to $8.0 million in fiscal year 2016.
  

7:38 am CarMax beats by $0.01, misses on revs (KMX) : Reports Q1 (May) earnings of $0.86 per share, $0.01 better than the Capital IQ Consensus of $0.85; revenues rose 7.1% year/year to $4.01 bln vs the $4.16 bln consensus. 

• Total used vehicle unit sales grew 9.3% and comparable store used unit sales increased 4.9% YoY vs. estimates near +5.5%. 
• Comparable store used unit sales benefited from a combination of factors, including improved conversion and continued growth in customer traffic. 
• Wholesale vehicle unit sales grew 4.7% versus the first quarter of fiscal 2015. 
• Wholesale unit sales benefited from the growth of our store base, partially offset by a decline in our vehicle buy rate.

7:36 am Qihoo 360 Tech. forms a special committee to consider its proposed 'going private' proposal (QIHU) : Co announced that its board of directors has formed a special committee consisting of three independent, disinterested directors, Dr. Eric Chen, Dr. Jianwen Liao and Dr. Ming Huang, to consider the previously announced non-binding "going private" proposal.

• Dr. Eric Chen will chair the special committee. The special committee has retained Skadden, Arps, Slate, Meagher & Flom as its U.S. legal counsel, and intends to retain an independent financial advisor in due course, to assist it in this process. 
• The Board has not had an opportunity to carefully review and evaluate the proposal or make any decision with respect to the Company's response to the proposal.
  

7:35 am Overnight Treasury Summary (BONDX) : Treasuries Rally, Curve Flattens

• U.S. government debt traded higher overnight with no obvious catalyst. Greece seems ever closer to its end-game, but global equities (ex-China) were buoyant. European sovereign debt traded higher with the 10-year German Bund yield falling to 0.76%
• Yield Check:
• 2-yr: unch at 0.64%
• 5-yr: -2 bps to 1.61%
• 10-yr: -3 bps to 2.30%
• 30-yr: -3 bps to 3.10%

• International News:
• The Shanghai Composite fell 6.42%, putting the index down 13.5% from its 52-week high, reached earlier in June. Chinese equities are widely believed to be in bubble territory 
• Last week, Chinese regulators capped the leverage ratio for margin trading at 4:1
• There were 25 IPO's this week as companies rushed to market to take advantage of high valuations
• The Bank of Japan met and maintained its $650 bln/year stimulus program
• The BoJ's statement said that prices "appear to be rising on the whole from a somewhat longer term perspective
• Many market observers believes that the upward price pressures resulting from the weaker yen (imported inflation) will subside later in 2015 and compel the BoJ to add more stimulus
• The BoJ is also reducing the number of monetary policy meetings to 8/year from the current 14/year
• The central bank will also publish the individual economic forecasts of each of the 9 members of the policy board
• Germany's Producer Price Index was flat m/m in May, falling short of both expectations and the 0.1% growth in April
• The Eurogroup of the 19 eurozone finance ministers will meet on Monday to work on Greece's situation
• Greece's 10-year note yield is down 26 bps overnight to 12.39%
• Spanish 10-yr Bonos are yielding 146 bps more than 10-year Bunds

• Today's Fed Speakers:
• San Francisco Fed President Williams (FOMC voter) gives policy speech (11:40 ET)
• Cleveland Fed President Mester (non-FOMC voter) speaks on "Community Development and the Federal Reserve" (12:45 ET)

7:35 am Cytokinetics: CK-2127107 treatment with the fast skeletal muscle activator in healthy humans increased muscle force produced by the tibialis anterior muscle in response to nerve stimulation (CYTK) : Results from three double-blind, randomized, placebo-controlled Phase I studies of CK-2127107 in healthy volunteers were presented in a poster at the 19th International SMA (Spinal Muscular Atrophy) Researcher Meeting held during the 2015 Annual SMA Conference at the Westin Crown Center in Kansas City, MO. In a pharmacodynamic study that was designed to assess the translation of the mechanism of CK-2127107 to humans, treatment with the fast skeletal muscle activator increased muscle force produced by the tibialis anterior muscle in response to nerve stimulation. Cytokinetics is developing CK-2127107 in collaboration with Astellas Pharma (ALPMY).

7:31 am Medivation announces a redemption notice for its 2.625% Convertible Notes due 2017 (MDVN) : Co has issued a notice of redemption to redeem on July 24, 2015 all of its outstanding 2.625% Convertible Notes due 2017 (the "Notes"). Co currently has $167.7 million of the Notes outstanding. 

7:31 am Enbridge reaches agreement to transfer Canadian liquids pipelines business and renewable energy assets to Enbridge income fund for $30.4 bln plus incentive/performance rights (ENB) : Co has reached agreement with Enbridge Income Fund (the Fund) to transfer its Canadian Liquids Pipelines Business, held by Enbridge Pipelines Inc. (EPI) and Enbridge Pipelines Athabasca Inc. (:EPA), and certain Canadian renewable energy assets to the Fund for consideration payable at closing valued at $30.4 billion (the Transaction). The Transaction is subject to customary regulatory approvals and closing conditions, as well as a vote of the public shareholders of Enbridge Income Fund Holdings, which is expected to occur in August 2015.

In conjunction with the execution of the Transaction, Enbridge will commence employing supplemental cash flow metrics as part of its normal course quarterly reporting of financial performance and in its guidance. Available cash flow from operations is currently expected to grow at a compound average annual rate of ~18% from 2014 to 2018 (the Company's current long-range planning horizon), inclusive of the impacts of the Transaction. Going forward, the Company will express its dividend payout range as a percentage of ACFFO rather than adjusted earnings. The target dividend payout policy range will be 40 to 50 percent of ACFFO, which is approximately equivalent to the previous payout range of 75-85% of adjusted earnings.

Financial Outlook:
The Transaction is expected to be accretive to adjusted earnings per share (EPS) by ~2%. The expected accretion reflects the benefits of growing incentive fees to Enbridge and reduced equity funding requirements at Enbridge of ~$3 billion, the amount of external equity capital expected to be raised by ENF through 2018. The impact of the Transaction on adjusted EPS is lower than the 10 percent accretion previously announced

7:30 am Magnum Hunter Resources has received an extension on its senior secured revolving credit facility, with regards to its minimum capital raising obligation (MHR) : The timeline for satisfying the capital raising obligation has now been extended from June 19, 2015 to July 10, 2015. The capital raising obligation, which requires the Company to raise $65 million of aggregate net cash proceeds from certain specified transactions, arose pursuant to a previous amendment to the Company's senior secured revolving credit facility.

• To date, a total of $55.6 million has already been raised. Magnum Hunter continues to work on other potential liquidity enhancing transactions in order to satisfy capital raising obligations and to increase the Company's overall liquidity position.
  

7:27 am On the Wires (:WIRES) :

• GE Capital Aviation Services, the aviation leasing and financing arm of GE (GE) announced the launch of its 737-800NG passenger-to-freighter conversion program. GE plans to convert up to 20 of its Boeing 737-800NG passenger aircraft to freighters. AEI Aeronautical Engineers will perform the conversions at its facilities in the U.S. and China. The first aircraft is scheduled for conversion starting in 2016 in order to earn FAA supplemental type certification (STC) in 2017 and subsequently enter service as a leased freighter.
  
• Embraer (ERJ) and the Ministry of Defence of the Republic of Ghana have signed a contract for the acquisition of five A-29 Super Tucano light attack and advanced training turboprops. The contract includes logistic support for the operation of these aircraft as well as the set-up of a training system for pilots and mechanics in Ghana that will provide the autonomy of the Ghana Air Force in preparing qualified personnel. The contract will come into effect once certain conditions have been fulfilled. These conditions are expected to be fulfilled during the second half of 2015.
  

7:18 am China's Shanghai Composite falls 6.4% amid new share listings, other factors (FXI) : Chinese equity markets were hit hard last night, with the Shanghai and Shenzhen Composites finishing more than 6% lower on the day. That put the Shanghai back into correction territory, after closing the week down over 13%.

There were a few negative items contributing to the weakness:

1. Most of the week's 25 IPOs hit the markets today, potentially pulling liquidity out of existing issues and into the new issues. 
   
2. Local reports the China Securities Regulatory Commission is planning to tighten regulation on brokerage firms to institute more stringent risk management rules to clients.
   
3. An article suggesting the PBOC may be concerned about excess liquidity in the markets.
   
4. Finally, continued cautious analyst comments regarding valuation; Credit Suisse reiterated their negative view on the Chinese equity market valuation.
   

7:12 am Summit Therapeutics presents new preclinical data on its Utrophin Modulator program (SMMT) : Co announced new preclinical data on its lead utrophin modulator SMT C1100 and second generation compound SMT022357, which are in development for the treatment of all patients with DMD. The data are being reported at the annual Parent Project Muscular Dystrophy Connect.

• Studies conducted in an in vivo model of DMD showed that after daily oral treatment with either SMT C1100 or SMT022357, utrophin was localized along the entire length of muscle fiber membrane (sarcolemma). The data are supportive of the utrophin modulation mechanism as they suggest that the small molecule compounds are increasing utrophin transcription in myonuclei along the entire length of muscle fibers. 
• The studies also showed that the dystrophin associated protein complex was restored with -dystroglycan and -dystrobrevin, both members of the DAPC, being expressed at the membrane of all fibers. The DAPC plays a structural role in muscle fibers and it is significantly reduced in membranes of muscle fibers in boys with DMD.
  

7:12 am Airmedia receives going private offer from group including Chairman and CEO for $6.00/share (shares halted) (AMCN) : The co announced that its Board has received a non-binding proposal letter from Herman Man Guo, Chairman of the Board and Chief Executive Officer of the Company, on behalf of himself and management of the Company, proposing a "going-private" transaction to acquire all of the outstanding ordinary shares of AirMedia not already owned by the Buyer Group for $6.00 in cash per ADS, which represents a premium of 70.5% to the closing trading price of the Company's ADS on June 18, 2015, the last trading day prior to the date hereof. The Buyer Group beneficially owns an aggregate of approximately 38% of all of the Company's issued and outstanding ordinary shares

• According to the proposal letter, the Buyer Group intends to fund the consideration payable in the Transaction with a combination of debt and/or equity capital, and rollover equity in the Company. 
• The Board has formed a special committee comprised of three independent and disinterested directors, Messrs. Conor Chia-hung Yang, Shichong Shan and Songzuo Xiang. The special committee ?plans to retain legal and financial advisors to assist it in evaluating the Transaction.

7:03 am Incyte announces various organizational and management changes; Jim Daly, EVP and Chief Commercial Officer, to leave Incyte at end of June (INCY) : The co announced that it has created two new units to better position the organization for future growth in the U.S. and internationally. One of these is a U.S. country organization that will lead commercial and medical affairs in the United States. In the future, the company expects to establish other similar country- or regionally-based organizations. The other new unit is a Global Product Strategy and Business Development & Licensing unit that will lead global competitive strategies for Incyte's expanding portfolio beyond Jakafi, as well as review business development opportunities. Jim Daly, EVP and Chief Commercial Officer has indicated he will leave Incyte later this month. Barry Flannelly, Pharm. D., has been appointed to the newly created position of Executive Vice President and General Manager U.S., effective immediately.

7:01 am Merge Healthcare announces holders of its Series A Convertible Preferred Stock, have waived their right to redeem their shares prior to August 25, 2015 (MRGE) :  

7:01 am Ophthalix signs a definitive agreement to acquire Improved Vision Systems, in a stock-for-stock transaction (OPLI) : I.V.S. develops breakthrough medical device technologies to improve sight, diagnose and offer therapy for a variety of ocular diseases including glaucoma, age related macular degeneration (AMD), diabetic retinopathy and oculo-motor pathologies.

• Under the terms of the agreement, in exchange for I.V.S. becoming a wholly-owned subsidiary of OphthaliX, OphthaliX will issue to the sellers and option holders of I.V.S. at the initial closing such number of shares of OphthaliX common stock and OphthaliX options equal to an aggregate of approximately 14% of the issued and outstanding capital stock of OphthaliX on a fully diluted basis immediately following the initial closing. 
• In addition, OphthaliX has agreed to issue to the sellers and option holders of I.V.S. such number of shares of OphthaliX common stock and OphthaliX options equal to an aggregate of approximately 11% of the issued and outstanding capital stock of OphthaliX on a fully diluted basis upon the attainment of certain milestones
  

7:00 am Canadian Solar signs a finance agreement for a C$71.6 mln non-recourse, short-term construction loan (CSIQ) : Co announced that it has signed a financing agreement pursuant to which Deutsche Bank has agreed to provide C$71.6 Million in non-recourse, short-term construction financing to Canadian Solar for the construction of two solar power projects in Ontario, Canada. The two power plants, both 10 MW AC each, have been awarded a 20-year power purchase contract by the Independent Electricity System Operator under Ontario's Feed-in-Tariff Program.

6:48 am Asian Markets Close: Japan's Nikkei +0.9%; Hong Kong's Hang Seng +0.3%; China's Shanghai Composite -6.4% (:SUMRX) : Friday was a good day for most markets in the Asia-Pacific region, which followed Wall Street's lead from Thursday. There was one, glaring exception and that was China's Shanghai Composite, which dropped 6.4% as a flood of new listings sucked liquidity away from other issues. For the week, the Shanghai Composite plunged 13.3%.

Economic data

• Japan
• Bank of Japan leaves key lending rate unchanged at 0.10% as expected
• All Industries Activity Index +0.1% month-over-month (expected +0.3%; prior -1.4%)
• Leading Index 106.4 (expected 107.2; prior 107.2)
• South Korea
• May PPI +0.1% month-over-month (prior 0.0%); -3.5% year-over-year (prior -3.6%)

• Japan's Nikkei increased 0.9% and finished near its highs for the session after the Bank of Japan held its key lending rate and asset purchase program unchanged. The gains were led by the technology (+1.7%), basic materials (+1.4%), and industrial (+1.2%) sectors. Topping the list of individual winners were Furukawa (+6.5%), Teijin (+5.2%), and NH Foods (+5.0%). Tokyo Gas Co (-2.3%) and Toho Zinc Co (-2.0%) were the worst-performing issues. Out of the 225 index members, 161 ended higher, 55 finished lower, and 9 were unchanged. For the week, the Nikkei declined 1.1%.
• Hong Kong's Hang Seng increased 0.3%, but finished the session on a weak note as losses in mainland shares accelerated. The technology (+1.6%) and utilities (+1.2%) sectors were the standout sectors while the financial sector (+0.2%) offered some additional support. CK Hutchison Holdings (+2.5%), Sun Hung Kai Properties (+2.0%), and CLP Holdings (+1.8%) paced the gainers while China Resources Enterprise (-3.3%) and China Resources Power Holdings (-2.9%) led the decliners. Out of the 50 index members, 27 ended higher, 21 finished lower, and 2 were unchanged. For the week, the Hang Seng declined 1.9%.
• China's Shanghai Composite plunged 6.4% as a rash of new share listings drained liquidity from other stocks. The market started the session on a lower note, but selling efforts intensified in the final hour when the Shanghai Composite lost 3.7% alone. Losses were significant across all sectors. The technology sector (-3.6%) was the "best-performing" area in the Chinese market on Friday. For the week, the Shanghai Composite declined 13.3%.
• India's Sensex increased 0.8%, bolstered by gains in the communications (+1.8%), consumer cyclical (+1.5%), and energy (+1.4%) sectors. Mahindra & Mahindra (+4.4%), Oil & Natural Gas Corp (+2.0%), and Reliance Industries (+1.9%) topped the list of individual standouts. Tata Motors (-2.8%), Sun Pharmaceutical (-1.3%), and GAIL India (-1.3%) slipped to the bottom of the Sensex pack. Out of the 30 members, 20 ended higher and 10 finished lower. For the week, the Sensex increased 3.4%.
• Australia's S&P/ASX 200 jumped 1.3%, reclaiming everything it lost in Thursday's trade. Gains were paced by the REIT (+2.6%), industrial (+1.7%), and health care (+1.5%) sectors. Village Roadshow (+9.1%), Sundance Energy Australia (+8.0%), and Arrium (+7.4%) were the best-performing issues. Bradken (-3.5%) and South32 (-3.5%) led a small pack of stocks lower. Out of the 200 index members, 166 ended higher, 28 finished lower, and 6 were unchanged. For the week, the S&P/ASX 200 increased 0.9%.
• Regional advancers: South Korea +0.3%, Malaysia +0.2%, Indonesia +0.8%, Singapore +0.02%, Vietnam +0.8%
• Regional decliners: Thailand -1.3%, Philippines -0.1%
• Closed for holiday: Taiwan (Make-Up Holiday)

• USD/CNY +0.03% at 6.2095
• USD/INR -0.04% at 63.551
• USD/JPY +0.2% at 123.14
  

6:43 am Celyad SA (Nasdaq: CYAD) priced its 1.168 mln ADS IPO at $68.56/share (CYAD) : Celyad SA announced the pricing of its global offering totaling $100.1 million gross proceeds of 1,460,000 new ordinary shares, consisting of 1,168,000 American Depositary Shares ("ADSs") at $68.56 per ADS, and 292,000 ordinary shares at a price of EUR 60.25 per share, both before underwriting discounts. These shares were placed in a concurrent public offering in the United States and private placement in Europe. The price per ADS was based on EUR 60.25 per ordinary share at an exchange rate of $ 1.1380 per Euro. Original plans called for the company to offer 1.4 mln ordinary shares, consisting of 1.12 mln ADSs and 280k ordinary shares in Europe, with an expected US priced of $70.98

6:31 am On the Wires (:WIRES) :

• MOKO Social Media Limited (MOKO) says it has raised $6.8m from the exercise of its listed options since the Company's last quarterly cashflow report.
  
• Baker Hughes (BHI) issued an update on its pending acquisition by Halliburton (HAL): "Halliburton and Baker Hughes are in the midst of planning the integration of the two companies across our product lines, regions of operation, and functional support areas. The actual close of the transaction is expected to occur late in the second half of 2015."
  

6:10 am Prana Biotech receives a $6.8 mln cash refund under the Australian Government's R&D Tax Incentive Scheme (PRAN) : The refund relates to the cost of eligible research and development activities conducted during the 2014 financial year. These funds will be used to further Prana's development of PBT2 for the treatment of Huntington's Disease.

6:02 am Cenovus Energy continues to progress on plans to potentially sell its royalty interest and mineral fee title lands; confirms is in discussion with a counterparty for a potential sale (CVE) :  (see 16:03 for color)

5:59 am S&P futures vs fair value: +3.50. Nasdaq futures vs fair value: +12.20. :

5:59 am European Markets : FTSE...6753.15...+45.30...+0.70%.  DAX...11215.89...+115.60...+1.00%.

5:59 am Asian Markets : Nikkei...20174.24...+183.40...+0.90%.  Hang Seng...26760.53...+65.90...+0.30%.

5:50 am Fogo de Chao (Nasdaq: FOGO) priced its ~4.41 mln share IPO at $20/share, above the expected $16.00-$18.00 range (FOGO) : Jefferies LLC and J.P. Morgan Securities LLC are acting as joint book-running managers in the proposed offering.

5:36 am On The Wires (:WIRES) :

• Hanwha Q CELLS (HQCL) and the ISM Group started up one of the largest solar power plants in the Bitterfeld Region on Friday, June 19, 2015. The "Alte Kaserne Bitterfeld-Wolfen" photovoltaic farm achieves a total output of 10 megawatts and thus generates enough power to supply around 2,500 regional households with clean energy. 
• The National Association of Software and Services Companies (:NASSCOM) and Symantec (SYMC) signed a Memorandum of Understanding for "Building Cyber Security Skills", an initiative to develop world-class skilled and certified professionals. 
  

5:35 am Total sells its interest in the Schwedt Refinery to Rosneft (OJSCY) for $300 mln (TOT) : Total (TOT) has signed an agreement to sell its 16.67% interest in the Schwedt refinery in northeastern Germany to Rosneft (OJSCY), which already holds indirectly an 18.75% stake in the facility. The transaction is valued at $300 million excluding working capital.

• Located in northeastern Germany, the Schwedt Refinery has a capacity of 12 million tons per year (Mt/y). 
• The refinery is owned by Shell (RDS.A 37.5%) and indirectly by Rosneft (18.75%), BP (18.75%), Total (16.67%) and ENI (E 8.33%).
  
  

5:05 am On The Wires (:WIRES) :

• Mirth, a wholly owned subsidiary of Quality Systems (QSII) announced that HealthShare Exchange of Southeastern Pennsylvania, a non-profit health information exchange organization, will deploy various Mirth Solutions to enable the secure electronic exchange of patient health records and claims data throughout Southeastern Pennsylvania.
• Astro-Med (ALOT) announced that its ToughWriter 5 Wi-Fi printer has been AirPrint certified by Apple (AAPL). With this certification, pilots can print approach plates, weather maps and other graphics wirelessly from iPads and other iOS devices.

4:31 am Boeing and Enter Air announce order for Four 737s (BA) : Boeing and Enter Air have announced an order for two 737 MAX 8s and two Next-Generation 737-800s. The order, worth more than $400 million at current list prices and previously attributed to an unidentified customer, is the first direct order for Boeing from the Polish charter carrier.

4:05 am Bombardier's newly-established Chinese JV wins first contract for an INNOVIA automated people mover system (BDRBF) : Rail technology leader Bombardier Transportation announced today that in consortium with its joint venture, CSR Puzhen Bombardier Transportation Systems Ltd., it has received an order from the Shanghai Shentong Metro Co. Ltd for a turnkey BOMBARDIER INNOVIA APM 300 automated people mover system, including 44 INNOVIA APM 300 automated people mover vehicles.

• The total value of the contract with Shanghai Shentong Metro is CNY808 million ($130 million) with Bombardier Transportation's direct share valued at ~CNY89 million ($14 million). 
• Bombardier Transportation owns 50% of the shares in CSR Puzhen Bombardier Transportation Systems Ltd. and the joint venture is controlled by Bombardier Transportation's partner CSR Nanjing Puzhen Co.
  

3:16 am Koninklijke DSM repurchased 223,561 of its own shares in the period from June 12-18 at an average price of EUR52.87 (RDSMY) :  

2:35 am On The Wires (:WIRES) :

• Sify Technologies (SIFY) announced that the Board approved dividend payment of 10% on the Equity Shares and American Depository Shares for the year 2014-15. Dividend will be paid earliest by Monday, June 22, 2015 to those shareholders whose names appear in the Register of Members of the Company (for India) and Citibank ADRs on the Record Date, May 18, 2015. 
• JD.com (JD) announced record-breaking one-day results from its June 18 anniversary sale.During the annual 24-hour event, which began at midnight on June 18, the company set numerous sales records, including number of orders placed, which grew by more than 100% from last year to 15 million.

1:42 am On The Wires (:WIRES) :

• City Office REIT (CIO) announced that it has completed two leasing transactions at its Washington Group Plaza property in Boise, Idaho and its Corporate Parkway property in Allentown, Pennsylvania. These leases, in addition to improving the long term value of the properties, extend the average remaining lease term of the City Office portfolio from 4.6 years reported on March 31, 2015 to 6.1 years, assuming the leases were in-place at that time. 
• Technip (TKPPY) has been awarded a engineering, procurement, construction and commissioning contract by PetroVietnam Fertilizer and Chemicals Corporation. The project covers the revamping of the ammonia plant at the existing Phu My Fertilizer Complex, located in southern Ba Ria-Vung Tau Province, Vietnam.
  

1:30 am Energy Transfer prices $3.0 bln of Senior Notes (ETP) : Co announces pricing of an aggregate of $3.0 bln of Senior Notes:

• $650 million of 2.500% senior notes due 2018
• $350 million of 4.150% senior notes due 2020
• $1.0 billion of 4.750% senior notes due 2026 
• $1.0 billion of 6.125% senior notes due 2045
  

1:24 am Digital Realty Trust prices $500 million of 3.950% Notes due 2022 (DLR) :  

1:21 am TerraForm Power prices offering of 15,750,000 shares of common stock at $38.00 per share (TERP) :  

1:18 am Hologic prices $1.0 bln of 5.250% Senior Notes due 2022 (HOLX) :  

1:16 am Saratoga Resources files voluntary Chapter 11 protection; operations to continue during reorganization (SARA) : Co announced the filing of voluntary Chapter 11 petitions for itself and certain operating subsidiaries in the U.S. Bankruptcy Court for the Western District of Louisiana in Lafayette.

• Saratoga intends to continue to operate its business and manage its properties as debtors in possession. At this time, Saratoga believes it has sufficient cash to operate its businesses in the immediate term without need for debtor-in-possession financing. 
• Today's bankruptcy filing follows earlier challenges relating to the Company's field operations coupled with the precipitous decline in oil and gas prices which resulted in lower than projected revenues and profitability and an unexpected arbitration award against the Company. 
• Production optimization initiatives and infrastructure improvements undertaken during the last twelve months have addressed the principal causes of decreased run times, gas lift gas shortages, mechanical issues and flow line capacity constraints. 

1:11 am Williams Partners reports its Geismar olefins plant hits 87% of full production rate at 4.63 million pounds per day (WPZ) : It should also be noted that the plant is now maximizing propylene production. With the repairs made after a local electrical outage, an expansion plant transformer re-installed and the expansion equipment now online, the plant continues to make progress each day toward its full expanded production rate.

• The expanded ethylene production capacity at the plant is 1.95 billion pounds per year. Williams Partners' share of the total capacity of the expanded plant is approximately 1.7 billion pounds per year.