7:53 am S&P futures vs fair value: -6.30. Nasdaq futures vs fair value: -3.40. (:WRAPX) :

U.S. equity futures hold modest pre-market losses amid defensive action overseas. The S&P 500 futures hover six points below fair value after sliding from highs shortly before the start of the European session.

Meanwhile, Treasuries hold gains with the 10-yr yield down two basis points at 2.21%.

On the economic front, August PPI (Briefing.com consensus -0.1%) will be reported at 8:30 ET while the preliminary reading of the Michigan Sentiment survey (consensus 91.5) will be released at 10:00 ET. The day's data will be topped off with the 14:00 ET release of the Treasury Budget for August.

In U.S. corporate news of note:

• Finisar (FNSR 12.51, -2.40): -16.1% after missing estimates and guiding below analyst expectations.
• Marvell (MRVL 9.50, -1.05): -10.0% after missing revenue estimates and announcing that the Audit Committee will continue an independent investigation of the company's accounting.

Reviewing overnight developments:

• Asian markets ended mostly lower. Hong Kong's Hang Seng -0.3%, Japan's Nikkei -0.2%, and China's Shanghai Composite +0.1%
  • In economic data:
    • China's August New Loans CNY809.60 bln (expected CNY850.00 bln; prior CNY1.48 tln) and August M2 Money Supply +13.3% year-over-year (prior +13.3%)
    • Japan's Q3 BSI Large Manufacturing Conditions 11.0 (prior -6.0)
  • In news:
    • The Bank of Korea left its key lending rate unchanged at 1.50%, as expected

• Major European indices trade lower across the board. UK's FTSE -0.4%, France's CAC -0.7%, and Germany's DAX -0.7%. Elsewhere, Italy's MIB -0.2% and Spain's IBEX -1.1%
  • Investors received several data points:
    • Germany's August CPI 0.0% month-over-month, as expected; +0.2% year-over-year, as expected. Also of note, August Wholesale Price Index -0.8% month-over-month (expected 0.2%; prior 0.1%)
    • France's July Current Account swung from a surplus of EUR800 million to a deficit of EUR400 million (expected surplus of EUR600 million)
    • Spain's August CPI -0.3% month-over-month, as expected; -0.4% year-over-year, as expected
    • Italy's July Industrial Production +1.1% month-over-month (expected 0.5%; prior -1.0%); +2.7% year-over-year (consensus 0.9%; last -0.3%)
  • Among news of note:
    • European Central Bank member Benoit Coeure commented on the central bank's QE program, saying it will continue until growth is strong enough to create a sufficient number of jobs

7:48 am Energy Focus prices its follow-on offering of 3 mln shares of its common stock by it and certain of its stockholders at $17.00/share (EFOI) : The Company is offering 1,500,000 shares of its common stock and the Selling Stockholders are offering an additional 1,500,000 shares of their common stock on the same terms and conditions.

7:47 am Diana Containerships announces the delivery of a post-panamax container vessel, the M/V Rotterdam (DCIX) :

• Co announced that yesterday, through a separate wholly-owned subsidiary, it took delivery of the m/v Rotterdam. As previously announced, "Rotterdam" is a 2008-built Post-Panamax container vessel of ~6,500 TEU capacity that the co entered into an agreement to purchase on July 29, 2015.
• Including the newly delivered "Rotterdam", Diana Containerships Inc.'s fleet currently consists of 14 container vessels (5 Post-Panamax and 9 Panamax).
• The co also expects to take delivery of one Post-Panamax container vessel by the end of November 2015.

7:42 am Healthsouth announces an offering of $300 million in senior notes due 2025 (HLS) : Co intends to use the net proceeds from this private offering to fund a portion of its previously announced acquisition of the operations of Reliant Hospital Partners,, which is expected to close in the fourth quarter of 2015

7:40 am Mattress Firm misses by $0.05, reports revs in-line; lowers FY16 EPS, raises rev (MFRM) :

• Reports Q2 (Jul) earnings of $0.67 per share, excluding non-recurring items, $0.05 worse than the Capital IQ Consensus of $0.72; revenues rose 61.2% year/year to $661.1 mln vs the $663.58 mln consensus, incremental sales from acquired and new stores, and comparable-store sales growth of 2.8%.
• Co issues guidance for FY16, lowers EPS to $2.30-2.45, excluding non-recurring items, from $2.50-2.70 vs. $2.59 Capital IQ Consensus; raises FY16 revs to $2.53-2.55 bln from $2.485-2.535 bln vs. $2.5 bln Capital IQ Consensus; reaffirms comps up low single digits.
  • The Company is increasing the midpoint of its sales guidance range by $30 million primarily as a result of the anticipation of 30 incremental net new stores and the outperformance at the Sleep Train brand.
  • The Company is revising its Adjusted EPS financial guidance for the full fiscal year (52 weeks) ending February 2, 2016 ("fiscal 2015") based on year-to-date results, continued volatility inside oil-affected markets, and the discontinuation of the Mattress Pro concept. 

7:31 am Arrowhead Research nominates ARC-HIF2 as its first therapeutic candidate delivered using a new Dynamic Polyconjugate designed to target tissues outside of the liver (ARWR) :

Arrowhead believes that ARC-HIF2, which uses RNA interference to silence transcription factor hypoxia-inducible factor 2a, is a promising new candidate for the treatment of clear cell renal cell carcinoma. The company will present preclinical data at the European Cancer Congress 2015 in Vienna on September 27 in a session starting at 16:45 CEST. In a poster titled "HIF-2a targeting with a novel RNAi delivery platform as therapy for renal cell carcinoma," Arrowhead scientists will show data suggesting that HIF-2a inhibition through RNA interference may significantly impact late stage ccRCC progression.

• The company says it is in the process of manufacturing scale up to allow for initiation of IND-enabling studies. Timing for anticipated regulatory submission will be announced in the future.

7:29 am On the Wires (:WIRES) :

• NxStage Medical (NXTM) and Spindial S.p.A. announced their new partnership with the Niguarda-Ca' Granda hospital in Milan, Italy to help assist hemodialysis patients, including both current NxStage patients and non-NxStage patients, who wish to travel to Milan. Through this partnership in-center hemodialysis patients may have the opportunity to travel to Milan and access therapy using the NxStage System One at the Milan hospital
• Ixonos PLC announced a global services partnership with Brightcove (BCOV) designed to deliver innovative apps that leverage the power of online video to engage audiences and move businesses.
• SunEdison, Inc (SUNE) announced that Columbia, Md. now sources 75 percent of its energy from wind renewable energy credits, and 25 percent from a newly completed two megawatt MW DC solar farm in SunEdison and Bithenergy's Nixon Farm solar project

7:07 am Avid Tech names Rashid Desai as Chief Technology Officer (AVID) : Desai joins Avid from Barclaycard, where he held Managing Director, Chief Information Officer and Chief Technology Officer roles.

7:02 am ISIS Pharm announces that its collaboration with AstraZeneca (AZN) to discover and develop antisense drugs, has received HSR clearance (ISIS) : As such, AstraZeneca (AZN) will pay Isis a $65 million up-front payment. Isis is eligible to receive development and regulatory milestones for each program that AstraZeneca advances to clinical development. Isis Pharmaceuticals is also eligible to earn tiered double-digit royalties on annual net sales for each program.

7:01 am Biogen prices $6 bln in senior unsecured notes (BIIB) :

The notes will mature as follows:

• $1.50 billion will mature on September 15, 2020 and will bear interest at an annual rate of 2.900%
• $1.00 billion will mature on September 15, 2022 and will bear interest at an annual rate of 3.625%
• $1.75 billion will mature on September 15, 2025 and will bear interest at an annual rate of 4.050%
• $1.75 billion will mature on September 15, 2045 and will bear interest at an annual rate of 5.200% 

Biogen intends to use the net proceeds from this offering, together with cash on hand, to fund share repurchases of its common stock under the company's previously authorized $5.0 billion share repurchase program, for working capital and other general corporate purposes.

6:53 am Asian Markets Close: Japan's Nikkei -0.2%; Hong Kong's Hang Seng -0.3%; China's Shanghai Composite +0.1% (:SUMRX) :

Most markets in the Asia-Pacific region closed Friday on a generally weaker note as buyers backed away ahead of China's economic releases over the weekend, which will include the latest reports for retail sales, fixed asset investment, and industrial production. China itself bucked the broader trend and eked out a small gain on Friday, aided by yet another spike of buying interest in the final hour of trading.

Economic data

• China
  • August New Loans CNY 809.6 bln (expected CNY 850.0 bln; prior CNY 1.48 tln)
  • August M2 Money Supply +13.3% year-over-year (prior +13.3%)
• Japan
  • Q3 BSI Large Manufacturing Conditions 11.0 (prior -6.0)
• South Korea
  • Bank of Korea leaves key lending rate unchanged at 1.50% as expected (prior 1.50%)

Equity Markets

• Japan's Nikkei declined 0.2% in a relatively subdued day of trading. Weakness in the industrials (-1.6%), materials (-1.1%), and technology (-0.8%) sectors pressured the market. Fujikura (-4.4%), Nitto Denko (-4.0%), and Mitsubishi Electric (-4.0%) led individual decliners while Daiwa House Industry (+3.8%), UNY Group Holdings (+3.0%) and Konami Corp (+2.9%) paced the winners. Out of the 225 index members, 101 ended higher, 119 finished lower, and 3 were unchanged. For the week, the Nikkei increased 2.7%.
• Hong Kong's Hang Seng declined 0.3% amid steady selling pressure that kicked in following an early 1.6% gain. China Shenhua Energy (-5.1%), PetroChina (-3.9%), and China Life Insurance Co (-3.0%) were the biggest laggards. China Resources Power Holdings (+3.9%), Sun Hung Kai Properties (+3.9%), and Cheung Kong Property Holdings (+3.0%) topped the list of winners. Out of the 50 index members, 23 ended higher, 26 finished lower, and 1 was unchanged. For the week, the Hang Seng increased 3.2%.
• China's Shanghai Composite increased 0.1%, aided by a last hour spurt of buying interest that brought the Composite back from a 1.0% decline. Earlier in the day it was reported that new loans in August were weaker than expected. Over the weekend, China will be releasing closely-watched data for retail sales, fixed asset investment, and industrial production. For the week, the Shanghai Composite increased 1.3%.
• India's Sensex declined 0.1% on steady selling pressure that emerged following an opening 1.0% gain. Weakness in the materials (-2.5%), industrials (-1.4%), and energy (-0.7%) sectors offset strength in the financials (+0.6%), technology (+0.4%), and health care (+0.4%) sectors. Bharat Heavy Electricals (-3.1%), Tata Steel (-3.0%), and Tata Motors (-3.0%) were the worst-performing issues. State Bank of India (+1.3%), Wipro (+1.3%), and Housing Development Finance (+1.2%) led the gainers. Out of the 30 index members, 13 ended higher and 17 finished lower. For the week, the Sensex increased 1.6%.
• Australia's S&P/ASX 200 declined 0.5%, led lower by weakness in the energy (-1.6%), gold (-1.3%), and telecom services (-1.2%) sectors. Out of the 200 index members, 80 ended higher, 96 finished lower, and 24 were unchanged. For the week, the S&P/ASX 200 increased 0.6%.
• Regional advancers: Taiwan +0.5%, Indonesia +0.4%, Philippines +0.3%
• Regional decliners: South Korea -1.1%, Malaysia -0.7%, Thailand -1.2%, Vietnam -0.9%
• Closed for holiday: Singapore (elections)

FX

• USD/CNY -0.04% at 6.3749
• USD/INR +0.2% at 66.5412
• USD/JPY +0.02% at 120.64

6:42 am On The Wires (:WIRES) :

• Merck KGaA (MKGAY) announced that it intends to submit its investigational treatment Cladribine Tablets for the treatment of relapsing multiple sclerosis for registration in Europe. The decision follows the company's evaluation of new data and additional analyses of the compound's benefit-risk profile.
• Sky News (SKYAY) and Microsoft's (MSFT) Bing Pulse have announced they will continue to work together to provide audience feedback and sentiment tracking around key debates and events in the future.
• SeaChange (SEAC) and Imagine Communications have signed a reseller agreement in pursuit of the global market for multiscreen television and advertising. The companies will jointly offer a range of solutions comprised of category-leading platforms for premium video networking, management, streaming, analytics and monetization.
• AK Steel (AKS) said that the U.S. International Trade Commission has made a preliminary determination that cold-rolled steel produced in seven foreign countries is causing or threatening to cause injury to AK Steel and the domestic steel industry. The preliminary injury determination means that cases against cold-rolled steel producers in these seven countries will proceed. The ITC also determined that imports of cold-rolled steel from the Netherlands are not causing or threatening to cause injury to the domestic industry because the quantity of imports from the Netherlands was "negligible," such that the imports comprised less than three percent of total imports of cold-rolled steel during the 12 months preceding the filing of the petition. (X)
• Volvo Group (VOLVY) Executive Team member Torbjrn Holmstrm has announced his intention to step down from his position as Volvo Group Chief Technology Officer and Executive Vice President Group Trucks Technology. A global search will be conducted during autumn 2015 to identify his successor.
  

6:22 am Clean Energy Fuels Co-Founder Boone Pickens to sell up to 3 mln shares (CLNE) :

President and CEO Andrew J. Littlefair detailed that:

• "My co-founder, Boone Pickens, let me know that he has filed a Form 144 to sell a small portion of his overall holdings in Clean Energy, up to 3 million shares. He emphasized that he still remains as bullish as ever on the company's future and the benefits of natural gas as a transportation fuel, validated by the growing number of vehicle fleets fueling at Clean Energy stations. Boone will continue to be our largest shareholder, an active member of the company's board of directors and a valuable energy expert for us to tap into."

6:16 am Seattle Genetics prices its upsized underwritten public offering of 11,707,318 shares of its common stock at a price to the public of $41/share (SGEN) : The gross proceeds to Seattle Genetics from the offering, before deducting the underwriting discounts and commissions and other offering expenses, are expected to be approximately $480 million. The offering was upsized by 20 percent from the originally anticipated gross offering amount of $400 million.

6:10 am On The Wires (:WIRES) :

• Avid (AVID) made several key announcements around the Avid MediaCentral Platform and its associated modular application suites, further delivering on the promises of Avid Everywhere. These innovations solve the media industry's most critical challenges, so that everyone, from individual artists and creative teams to the world's largest media enterprises, can create, distribute, and manage content in a way that helps them get more value from their media assets. 
• Starting on September 25, qualified Sprint (S) customers can get Apple's (AAPL) iPhone 6s for $15 per month and iPhone 6s Plus for $19 per month, making it the most affordable way to get the new iPhones on Sprint. Customers who choose not to trade in an existing smartphone at time of purchase can get iPhone 6s for $22 per month and iPhone 6s Plus for $26 per month.
  

5:59 am S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: -3.30. :

5:59 am European Markets : FTSE...6134.64...-21.20...-0.30%.  DAX...10108.22...-102.20...-1.00%.

5:59 am Asian Markets : Nikkei...18264.22...-35.40...-0.20%.  Hang Seng...21504.37...-58.10...-0.30%.

4:18 am On The Wires (:WIRES) :

• Celeno Communications, a leading provider of high-performance Wi-Fi chips and software for demanding home networking applications, today announced a reference design developed together with STMicroelectronics (STM), where Celeno's Wi-Fi 802.11ac and 802.11n chips are fully integrated with ST's Alicante DOCSIS 3.0 CableLabs certified chip.
• Concurrent (CCUR) announced a new major release of its Unified Content Delivery Solution that includes enhanced support for Cloud DVR and 4K streaming services.
• ARRIS Group (ARRS) announced that Telefonica (TEF) selected its VIP1113 set-top to deliver next-generation IPTV services-including HDTV, TV everywhere, on-demand, and OTT services-to its Movistar+ TV customers.
• Toshiba Corporation's (TOSBF) Semiconductor & Storage Products Company announced the launch of optical coupled isolation amplifiers with a delta-sigma AD converter that can detect infinitesimal electric current and voltage fluctuation with high-precision, for use in industrial equipment applications. 
• Ericsson (ERIC) announced the commercial availability of Ericsson MediaFirst, a next-generation Pay TV platform that transforms TV and video entertainment.
  

4:03 am Telenor and TeliaSonera (TLSNY) withdraw from merger proposal (TELNY) :

Telenor and TeliaSonera announce the withdrawal of the proposed merger of their respective business units in Denmark. The companies have not been able to agree with the European Commission on acceptable conditions to go ahead with their plan to create a robust mobile operator.

• Telenor and TeliaSonera now continue to review the strategic options in the Danish market.

4:01 am NextEra Energy Partners prices offering of 8,000,000 common units at $26.00 per common unit (NEP) :  

4:00 am Danaher prices ~$2 bln in senior notes (DHR) :

Co announced that it has priced a public offering of:

• $500 mln of 1.650% senior notes due 2018
• $500 mln of 2.400% senior notes due 2020
• $500 mln of 3.350% senior notes due 2025
• $500 mln of 4.375% senior notes due 2045

4:00 am Globe Specialty Metals amends its business combination agreement with FerroAtlantica; $32.5 mln cash payment to shareholders (GSM) :

Globe Specialty Metals announced that it has amended its business combination agreement with Grupo FerroAtlntica to, among other things, provide additional governance provisions for the benefit of the Globe shareholders.

• Globe also announced that, subject to certain conditions, a $32.5 million aggregate cash payment would be made by the combined companies for the benefit of the Globe shareholders after completion of the business combination.
• The amendments to the business combination agreement and the cash payment to the Globe shareholders are made pursuant to a memorandum of understanding that outlines the terms of an agreement in principle to settle the pending legal action regarding the business combination.
• Globe will adjourn to September 22, 2015 its special meeting of shareholders called to approve the business combination in order to provide additional time for shareholders to consider these matters.

3:59 am William Lyon Homes prices offering of $50 million in aggregate principal amount of 7.00% senior notes due 2022 (WLH) :  

3:58 am CenturyLink unit Qwest sells $400 million aggregate principal amount of 6.625% Notes due 2055 (CTL) :  

3:48 am On The Wires (:WIRES) :

• Nordea has selected Accenture (ACN) and Temenos to help the bank replace its core banking systems across the Nordics as part of its broader "simplification" program. Accenture will help implement the new core banking platform, which will be based on Temenos' core banking software.
• DBV Technologies (DBVT) announced that following the review of the Euronext Paris Stock Exchange Indices on September 10, 2015, the "Conseil Scientifique des Indices", Euronext's steering committee, has admitted DBV to the SBF 120 Index.
• TiVo (TIVO) announced it will unveil its latest advanced TV offerings for cable operators. In addition to demonstrating enhancements to TiVo's acclaimed Gateway PVR, multi-room and multi-screen solutions, TiVo will be showcasing comprehensive offerings combining technologies from portfolio companies Digitalsmiths and Cubiware.
• MaxLinear (MXL) announced it will demonstrate a scalable multi-channel satellite UHD set-top box and media server reference design with STMicroelectronics (STM) and Quantenna