1:49 pm All 10 SPX sector ETFs now advance approaching afternoon trading with leadership seen in Tech.- XLK, Consumer Discretionary- XLY, Telecom- IYZ, & Pharma- XLV (SPY) :

• SPX now +22
  
  
• DJI now +185
  
  
• COMPQ now +65

1:38 pm Fed Chair Janet Yellen kept her message consistent as she continues to see a rate hike in 2015 as appropriate; Ms. Yellen attempted to down play the impact a hike would have on the economy and reiterates any further moves would be gradual (:ECONX) : Markets were trading near highs ahead of the speech. Ms. Yellen's tone was slightly more hawkish than expected which is leading to a pause in the market move just underneath session highs.

1:11 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

• NVO (57.62 +5.20%): Announced Phase 3a trial of semaglutide for the treatment of type 2 diabetes met the primary objective of demonstrating an improvement in levels of HbA(1c)
• BUD (126.21 +4.82%): Moody's assigned an A2 rating to co's bonds and has a positive outlook
• UN (43.66 +4.62%): Upgraded to Hold from Underperform at Jefferies

Large Cap Losers

• BIIB (385.64 -3.42%): Douglas Williams, Exective Vice President - Research and Development, to leave company at the end of July; Cowen issued note discussing upcoming presentation of additional Phase 3 data of aducanumab for the treatment Alzheimer's Disease, said it is a binary event that will move the stock +/- $50
• COTY (29.05 -3.30%): Downgraded to Market Perform from Outperform at Wells Fargo
• DOV (65.65 -2.36%): Sees FY15 revs of -8% to -9% (~$7.05-7.13 bln, lowered from -4% to -6%) vs $7.26 bln Capital IQ Consensus Estimate, adjusted EPS of $3.75-3.90 (lowered from $4.20-4.40) vs $4.16 Capital IQ Consensus Estimate; target lowered to $67 from $70 at UBS

Mid Cap Gainers

• NBG (1.27 +16.51%): Renewed strength on optimism that newly submitted proposal is the correct path towards resolving current debt crisis
• CVC (26.73 +7.57%): Hearing initiated with an Outperform at FBN Securities; Shapiro Capital Management disclosed a 4.83% passive stake in a 13G filing
• ALK (70.46 +5.89%): Disclosed its Air Group reported a 6.9% increase in traffic on a 7.2% increase in capacity in June 2015 compared to June 2014

Mid Cap Losers

• CUDA (31.79 -18.74%): Reported Q1 EPS of $0.09 ex items vs $0.08 estimate, revs rose 17.8% yoy to $78 mln vs $77.24 mln estimate; Q1 gross billings rose 8% yoy to $94.3 mln vs estimate of ~$103 mln; sees Q2 revs of $78-79 mln vs $80.2 mln estimate, EPS of ~$0.09 ex items vs $0.09 estimate; reaffirmed guidance for FY16 revs of $325-330 mln vs $327 mln estimate, EPS of $0.36-0.41 ex items vs $0.39 estimate; target lowered to $47 from $52 at Imperial Capital
• HELE (88.11 -9.24%): Reported Q1 EPS of $1.06 ex items vs $0.84 estimate, revs rose 10.7% yoy to $345.3 mln vs $337.69 mln estimate; reaffirmed guidance for FY16 GAAP EPS of $4.33-4.73 vs $4.64 estimate, revs of $1.49-1.54 vs $1.5 bln estimate
• Z (80.04 -6.12%): Announced CFO Chad Cohen will resign, effective August 7, 2015

1:01 pm Baker Hughes total U.S. rig count increases 1 to 863 (BHI) :  

12:56 pm PartnerRe: EXOR (EXOSF) remains committed to PartnerRe (PRE) deal (PRE) :

• EXOR notes that PartnerRe has acknowledged the superiority of EXOR's Binding Offer by questioning the terms of its own amalgamation agreement with AXIS Capital (AXS). By postponing its own shareholder meeting, PartnerRe continues its attempts to rescue an inferior transaction that is the result of a flawed process. EXOR remains committed to bringing its offer to fruition for the benefit of all PartnerRe shareholders. 
• EXOR therefore continues to urge PartnerRe shareholders to vote against all three proposals related to the AXIS transaction
  

12:55 pm Midday Market Summary: Stocks Near Highs (:WRAPX) : The major averages hold solid midday gains with the Nasdaq Composite (+1.4%) trading just ahead of the S&P 500 (+1.3%).

Equity indices spiked at the open in response to overnight strength in the futures market after it was reported that Greek officials sent a bailout request to the country's creditors, seeking EUR53.50 billion to cover loan obligations until June 2018. However, the proposal bears striking resemblance to the one that was rejected by 61.3% of voters in the Greek referendum on July 5. Furthermore, the Eurogroup has yet to opine on today's developments.

That being said, global investors have rushed into risk assets at the first sign of movement between the two sides. Equity markets across Europe finished with broad gains with France's CAC spiking more than 3.0% to lead the region higher. An exodus from Germany's 10-yr bund sent its yield higher by 17 basis points to 0.89% while U.S. Treasuries have also retreated with the 10-yr yield up six basis points at 2.38%.

All ten sectors hold midday gains with eight groups up 1.0% or more. The top-weighted technology sector (+1.5%) sits in the lead with high-beta chipmakers rebounding from this week's underperformance. The PHLX Semiconductor Index trades higher by 1.4% today, but remains down 4.4% for the week. As for large cap tech names, the likes of Apple (AAPL 122.77, +2.70), Google (GOOGL 558.37, +13.72), and Qualcomm (QCOM 62.83, +0.97) show gains between 1.6% and 2.5%. On the earnings front, Barracuda Networks (CUDA 31.01, -8.11) has tumbled 20.7% after the company's below-consensus gross billings overshadowed a one-cent beat.

Elsewhere among cyclical groups, the consumer discretionary space (+1.3%) outperforms today and is on track to end the week ahead of other growth-sensitive sectors (+0.4% week-to-date). Retail stocks have contributed to today's strength with the SPDR S&P Retail ETF (XRT 99.81, +0.90) trading higher by 0.9%.

Also of note, the energy sector (+0.7%) trades behind the remaining nine groups amid weakness in crude oil. The energy component currently sits just below its flat line at $52.75/bbl after clawing its way back to the middle of today's trading range.

Economic data was limited to the Wholesale Inventories report for May, which showed an increase of 0.8% while the Briefing.com consensus expected an uptick of 0.3%. Wholesale sales increased 0.3% in May, down from a 1.7% increase in April. Meanwhile, durable goods sales declined 0.1% in May while nondurable goods sales increased 0.7%.

12:31 pm Fed Chair Janet Yellen reiterates that it will be appropriate to raise rates this year (:ECONX) :  

12:28 pm Magellan Petroleum announces 1-for-8 reverse stock split (MPET) : The 1-for-8 reverse stock split will be effective as of the close of business on July 10, 2015, and the Company's common stock will begin trading on a split-adjusted basis on Monday, July 13, 2015.

12:19 pm Currency Commentary: Markets Await Yellen (:SUMRX) :

• The Dollar Index has dipped back below the 96 level as markets are seeing risk on trade. News that Greece and its EU partners are close to a deal, coupled with the second day in a row of Chinese markets on the rise have helped cool some market fears. Participants focus will move towards Fed Chair Janet Yellen's speech at 12:30pm ET. Following a dovish set of minutes, markets will be looking for Ms. Yellen to follow suit. 
• The euro has rallied back to test the 1.12 level for resistance. The single currency has moved higher on signs that a deal between Greece and the EU is on the table and nearly complete. Greek parliament is set to take a crucial vote on the bailout package in a few hours. This will set the stage for the Sunday meeting with EU members. All 18 parliaments need to approve the deal before it goes into affect.
• Sterling has continued to move higher as some of the contagion effects from Europe lessen. The pound has pushed back to the 1.55 level as it extends through its 200 sma (1.5431). 
• The yen is slipping back from the 121 resistance as risk on trade permeates the market. The yen is now trading at 122.74 and sliding towards the week lows (FOREX, BONDX).
  

12:16 pm Novo Nordisk A/S completes first phase 3a trial with semaglutide in people with type 2 diabetes; trial achieved its primary objective (NVO) : The trial achieved its primary objective by demonstrating that from a mean baseline HbA(1c) of 8.1%, people treated with doses of 0.5 mg and 1.0 mg semaglutide, achieved superior improvements in HbA(1c) of 1.5% and 1.6%, respectively, compared to no change in HbA(1c) in the placebo group. In the trial, semaglutide appeared to have a safe and well-tolerated profile. The most common adverse events were related to the gastrointestinal system, primarily nausea, were comparable to Victoza() in similar trials and diminished over time.

11:51 am Stocks/ETFs that traded to new 52 week highs/lows this session - New lows (103) outpacing new highs (96) (:SCANX) : Stocks that traded to 52 week highs: ABCO, ACGL, ADPT, AFMD, AFSI, AIZ, ANAC, ANSS, ASBI, BF.B, BHBK, BMRN, BNCN, BOFI, BOOT, BSET, BYD, CASY, CFNL, CHCO, CHRS, CLGX, CNOB, COKE, CRTO, CVC, CVS, DBVT, DEPO, DIS, DPLO, DPZ, DST, DVAX, DY, EA, EGBN, ELLI, EROS, ESNT, EVI, FAF, FRME, GKOS, GME, GNCMA, HF, HIHO, HZNP, ICCC, IMPV, ITCI, LBAI, LEG, LEN.B, MATW, MDCO, MHLD, MKL, MKTX, MORN, MRH, NEO, NGHC, NTT, NVAX, NVR, NWL, ORLY, PBIP, PGR, PRAH, PZN, Q, RARE, RDUS, RE, RLH, ROCK, RRGB, RYAAY, SREV, SSB, STRS, THG, TISI, TLMR, TPX, TREC, TSO, TSYS, TTPH, TYL, WBA, WING, WOOF

Stocks that traded to 52 week lows: ACI, ADAT, AIXG, ALLT, APA, AQXP, AR, ARCW, ASTI, ATL, AUY, AVP, BRS, BWEN, BWP, CC, CCJ, CECE, CNX, COH, CSTM, CTRL, CVE, DCI, DFRG, DNN, DOV, DSCO, ECA, EGO, ELON, EMR, EOX, ESSX, FLR, FLS, GMCR, GRVY, GULTU, HMY, IRWD, JOY, LINC, LINE, LODE, LTBR, MARPS, MDSY, MEIL, MELA, MGCD, MHI, MUR, MUX, NCQ, NFEC, NOR, NTL, NTN, OII, ONVI, ORC, PAAS, PBM, PERI, PGH, PHIIK, PKX, PNX, POWI, PSAU, PTXP, PVA, PVCT, QUIK, RNN, ROYL, RYAM, S, SAFM, SGI, SHLD, SLW, SNDK, SPNE, SPW, STRI, STX, SU, SWSH, SYNC, TGD, TGP, TMST, TRUE, UPL, URRE, USAP, VET, VII, WDC, XRA, Z

ETFs that traded to 52 week highs: none

ETFs that traded to 52 week lows: none

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

• UK's FTSE:+1.4%
• Germany's DAX:+2.9%
• France's CAC:+3.1%
• Spain's IBEX:+3.3%
• Portugal's PSI:+3.0%
• Italy's MIB Index:+3.0%
• Irish Ovrl Index:+1.6%
• Greece ASE General Index: CLOSED

11:50 am Market View: Fresh push to session highs for SPY, DIA, QQQ, & IWM in recent late-morning trade (:TECHX) :

• SPX +27
  
  
• DJI +231
  
  
• COMPQ +75

11:44 am Biogen: Douglas Williams, Exective Vice President - Research and Development, to leave company at the end of July (BIIB) : Responsibility for Biogen Research and Development will be assumed by Alfred Sandrock, M.D., Ph.D., senior vice president and Chief Medical Officer, and Spyros Artavanis-Tsakonas, Ph.D., senior vice president and Chief Scientific Officer.

11:20 am Ur-Energy reports Q2 operational results; showing contract and spot sales from U3O8 produced at Lost Creek totaled 204K lbs at an average price of $31.21/lb (URG) : Co reported:

• Lost Creek Uranium Production and Sales: together, contract and spot sales from U3O8 produced at Lost Creek totaled 204,000 pounds at an average price of $31.21 per pound for sales revenues of $6.37 million. The Company also accelerated, from September to April, the delivery of 200,000 pounds at a price of $59.94. To fulfill the delivery, we purchased 200,000 pounds from a trader at the then-current spot price, which generated net cash proceeds of approximately $4.0 million. 
• In total, product sales for the quarter totaled 404,000 pounds at an average sales price of $45.08 per pound. 
• For the quarter, 207,269 pounds of U3O8 were captured within the Lost Creek plant; 183,858 pounds of U3O8 were packaged in drums; and 179,672 pounds of U3O8 of drummed inventory were shipped from the Lost Creek processing plant to the converter. 
• Continuing 2015 Guidance: The Q3 2015 production target for Lost Creek is 210,000 pounds of U3O8 dried and drummed
  

11:20 am S&P 500 sector leadership into mid-morning trade seen in Tech.- XLK, Telecom- IYZ, Consumer Staples- XLP, & Utils.- XLU (SPY) :

• SPX now +23

11:17 am Intricon announces it has signed a two-year manufacturing agreement with AudioNova International B.V. for their smartsound brand of listening devices (IIN) :  

10:28 am Market View: 1st hour sector ETF out-performance seen in Solar- TAN, Airlines & Transportation- JETS, IYT, Steel- SLX, Telecom- IYZ, & Semis- SOXX, SMH (:TECHX) :

• SPX +19
  
  
• DJI +158
  
  
• COMPQ +53

10:13 am Marathon Patent Group subsidiary Signal IP files a patent infringement lawsuit against Toyota Motor (TM) and Hyundai Motor America (MARA) : Co is asserting infringement related to U.S. Patent numbers 5,714,927 "Method of Improving Zone of Coverage Response of Automotive Radar";  5,732,375 "Method of Inhibiting or Allowing Airbag Deployment";  6,434,486 "Technique for Limiting the Range of an Object Sensing System in a Vehicle" and 6,012,007 "Occupant detection method and apparatus for air bag system" against Toyota.

•  It is also asserting infringement related to U.S. Patent numbers  5,714,927 "Method of Improving Zone of Coverage Response of Automotive Radar";  6,434,486 "Technique for Limiting the Range of an Object Sensing System in a Vehicle" and  6,012,007 "Occupant detection method and apparatus for air bag system" against Hyundai.
  

10:04 am Wingstop (+5%) extends recent strength to new highs (WING) : WING up ~24% since brokers initiated coverage with an overall mixed view on Tuesday morning:

• Barlcays Equal Weight; Wells Fargo Mkt Perform; Baird Outperform; Jefferies Buy; Morgan Stanley Overweight; Goldman Neutral

9:54 am TrueCar (+11.5%) surges to just above where it was yesterday afternoon when news broke that it was cutting ties with AutoNation (AN) (TRUE) : RBC defended the stock this morning.

9:53 am Fifth Street Finance and Fifth Street Senior Floating Rate Corp appoint Steven Noreika as CFO, to replace Richard Petrocelli, who will leave the co immediately (FSC) : Cos have promoted Steven M. Noreika to Chief Financial Officer, replacing Richard A. Petrocelli, who will be leaving Fifth Street to pursue other opportunities effective July 10, 2015.Prior to his promotion, Noreika has been serving as the Chief Accounting Officer of Fifth Street Asset Management

9:41 am Opening Market Summary: Influential Sectors Pace Opening Advance (:WRAPX) : As expected, the major averages have rallied out of the gate. The S&P 500 trades higher by 1.2% with the opening advance helping the index return to unchanged for the week.

All ten sectors display opening gains with top-weighted technology (+1.4%) and financials (+1.4%) setting the pace. Meanwhile, other heavily-weighted sectors like consumer discretionary (+1.2%), health care (+1.1%), and industrials (+1.3%) trade not far behind.

Elsewhere, Treasuries have extended their losses with the 10-yr yield up seven basis points at 2.39%.

The Wholesale Inventories report for May will be released at 10:00 ET (Briefing.com consensus 0.3%).

9:36 am Biogen showing notable weakness on the open, currently down ~3.3% (BIIB) :  

9:32 am Firm start for the index as both SPX & SPY reclaim the widely watched 200d moving avg. after closing below it for 2 consecutive sessions (SPY) :

• SPX now +21 in early trading here.

9:29 am On the Wires (:WIRES) :

• NRG Renew, a subsidiary of NRG Energy (NRG) and Lucid announced a channel partnership to accelerate the adoption of Lucid's Building OS platform among NRG Renew's client base. Lucid will onboard 2,500 buildings by the end of 2015 for select NRG clients
  
• The U.S. Army has selected Lockheed Martin (LMT) as a prime contractor eligible to bid on task orders soon to be released for a range of support services for armored vehicles, machines and systems operated by the Tank Automotive and Armaments Command. Co now has the opportunity to compete against 20 other finalists for potentially $1.1 billion worth of work over a five-year period of performance
  
• Meritor (MTOR) has purchased the majority of the assets at the Sypris Solutions, Inc. manufacturing facility in Morganton, North Carolina. No financials details provided.
  
• i-Virtualize, a provider of cloud and on-premises computing solutions, has selected the VersaStack Solution by Cisco (CSCO) and IBM (IBM) to help its customers accelerate the installation of a system of infrastructure for Big Data and Analytics, cloud and mobile computing.
  
• OPKO Health (OPK) has completed enrollment in the single pivotal Phase 3 trial of its long acting human growth hormone in growth hormone deficient adults. The study is expected to end toward the second half of 2016
  

9:23 am IEC Electronics divests of its Southern California Braiding business to DCX-CHOL Enterprises for ~$2.5 mln (IEC) :  

9:21 am PartnerRe and Axis Capital Holdings (AXS) announce they are jointly exploring enhancements to the terms of their amalgamation agreement. (PRE) : As a result, the special meetings of PartnerRe and AXIS Capital (AXS) shareholders to approve the amalgamation agreement will now take place on August 7, 2015

9:16 am Orchid Island Capital announces a July monthly dividend of $0.14/share, down from $0.18/share prior (ORC) : Co stated: "The reduction was the result of elevated prepayment speeds on mortgages underlying our portfolio. The Company's portfolio is weighted towards premium coupon pass-through, interest only and inverse interest only RMBS, which are highly sensitive to prepayment rates."

9:14 am WTI crude oil futures are modestly higher in morning trade after sliding lower off of overnight highs; dollar index is down 1% at 95.61 (:COMDX) :

• Aug WTI crude oil futures rose as high as $53.89/barrel in overnight trade
  
• In recent trade, Aug crude fell into the red for the first time today
• The move was brief and Aug crude is now back in positive territory, currently +0.4% at $52.97/barrel

9:14 am S&P futures vs fair value: +24.90. Nasdaq futures vs fair value: +56.60. (:WRAPX) : The stock market is on track for a sharply higher open as futures on the S&P 500 trade 25 points above fair value.

Index futures spiked last evening after Greek officials sent a bailout request to the country's creditors, seeking EUR53.50 billion to cover loan obligations until June 2018, but the proposal bears striking resemblance to the one that was rejected by 61.3% of voters in the Greek referendum on July 5. Eurogroup Chief Jeroen Dijsselbloem said he expects the creditors to respond to the Greek proposal later today, but it is worth noting that Germany's Chancellor Angela Merkel and Finance Minister Wolfgang Schaeuble both voiced opposition to debt restructuring as recently as yesterday.

The overnight developments have weighed on Treasuries, sending the 10-yr yield higher by seven basis points to 2.39%. For the week, the benchmark yield is on track to end flat after testing its 50-day moving average (2.28%).

This morning has been very quiet on the corporate front, but Cablevision (CVC 26.50, +1.65) has spiked 6.6% after the Wall Street Journal reported French investor Patrick Drahi may be interested in acquiring a cable provider.

Today's economic data will be limited to the Wholesale Inventories report for May, which will be released at 10:00 ET (Briefing.com consensus 0.3%).

9:05 am Seritage Growth Properties has hired Brian Dickman as EVP and CFO (SRG) : Mr. Dickman was formerly Chief Financial Officer at Agree Realty (ADC), where he was responsible for all corporate finance, accounting, financial reporting, treasury, capital markets and investor relations activities.

9:01 am Buenaventura SA reports Q2 gold production; guides 2015 production for its gold, silver, zinc and copper segments (BVN) : Gold expectations are as follows:

• Orcopampa: sees 2015 gold production at 190-205K (vs. 203,226 in 2014)
• La Zanja: sees 138-142K in 2015 (vs. 143,724 in 2014)
• Tantahuatay: sees 138-142K in 2015 (vs. 143,643 in 2014)
• Yanacocha: sees 880-940K in 2015 (vs. 969,944 in 2014)
  

9:01 am Agree Realty announces resignation of CFO; co appoints Kenneth Howe as Interim CFO (ADC) : Co announced that Mr. Brian Dickman has resigned as Chief Financial Officer and Secretary to pursue another business opportunity. The resignation will take effect after a transition period which is expected to end on or around August 4, 2015.

• Mr. Kenneth Howe, former Chief Financial Officer of the Company, has been appointed to serve as interim Chief Financial Officer upon Mr. Dickman's departure. 
• The company has commenced a search for Mr. Dickman's permanent replacement.
  

9:01 am GigaMedia receives an additional 180-day grace period from Nasdaq, to meet the $1 minimum price rule; period to end on January 11, 2016 (GIGM) :  

9:00 am VeriSign announces extension of its offer to exchange all of its outstanding 5.25% Senior Notes due April 1, 2025 (VRSN) : Based on information provided by U.S. Bank, the exchange agent for the exchange offer, as of July 9, 2015, at 5:08 p.m., $499,800,000 aggregate principal amount of the outstanding Original Notes had been validly tendered for exchange and not validly withdrawn, representing ~99.96% of the outstanding Original Notes.

8:54 am S&P futures vs fair value: +24.60. Nasdaq futures vs fair value: +56.40. (:WRAPX) : The S&P 500 futures trade 25 points above fair value.

Markets across Asia ended the week on a higher note amid optimism surrounding Greece's bailout request that was sent to eurozone creditors last evening. Chinese authorities continued introducing steps aimed at halting the recent slide in equities with China Securities Regulatory Commission issuing a request for companies to consider stock buybacks and employee shareholder programs, among other measures. China's Shanghai Composite spiked 4.5% to end the week higher by 5.2% after logging three consecutive weekly declines that totaled more than 28.0%.

• In economic data: 
  • Japan's June Corporate Goods Price Index -0.2% month-over-month (expected 0.1%; prior 0.3%); -2.4% year-over-year (consensus -2.3%; last -2.1%). Separately, Household Confidence ticked up to 41.7 from 41.4 (expected 41.9) 
  • Australia's May Home Loans -6.1% month-over-month (expected -3.5%; prior 0.7%) 

------

• Japan's Nikkei fell 0.4% on the day. Fast Retailing, Toshiba, and TDK lost between 2.4% and 6.0%. On the upside, Casio, Sharp, and Suzuki Motor gained between 2.6% and 4.1% 
• China's Shanghai Composite finished the day higher by 4.5%, extending its weekly gain to 5.2%. Among the heavyweights, Everbright and Bank of Communications both gained near 1.6%. 
• Hong Kong's Hang Seng piggy-backed the Shanghai Composite, gaining 2.1%. Among the notable movers, Galaxy Entertainment, China Mobile, Ping An Insurance and Citic Pacific gained between 3.0% and 9.2%. 

Major European indices trade higher across the board with France's CAC (+3.4%) in the lead after Greek officials sent a bailout request to the country's creditors, seeking EUR53.50 billion to cover loan obligations until June 2018, but the proposal bears striking resemblance to the one that was rejected by 61.3% of voters in the Greek referendum on July 5. Eurogroup Chief Jeroen Dijsselbloem said he expects the creditors to respond to the Greek proposal later today, but it is worth noting that Germany's Chancellor Angela Merkel and Finance Minister Wolfgang Schaeuble both voiced opposition to debt restructuring as recently as yesterday.

• Investors received several data points: 
  • Germany's June Wholesale Price Index -0.2% month-over-month (prior 0.5%); -0.5% year-over-year (last -0.4%) 
  • UK's May Trade deficit narrowed to GBP8.00 billion from GBP9.39 billion (expected deficit of GBP9.70 billion) 
  • France's May Industrial Production +0.4% month-over-month (expected 0.4%; prior -0.8%) 
  • Italy's May Industrial Production +0.9% month-over-month (consensus 0.3%; prior -0.3%); +3.0% year-over-year (last 1.2%; prior 0.1%) 

------

• UK's FTSE trades higher by 1.6% with financials in the lead. Aberdeen Asset Management, Standard Life, and London Stock Exchange are up between 3.2% and 4.3%. On the downside, ARM Holdings and Weir Group are the only two decliners, down 1.5% and 0.4%, respectively. 
• Germany's DAX has jumped 2.5% with 29 of its 30 components showing gains. Allianz, Commerzbank, and Deutsche Bank are up between 3.2% and 4.2% while Volkswagen lags, trading lower by 0.1%. 
• In France, the CAC trades up 3.4% with all 40 components in the green. Unsurprisingly, bank shares trade ahead of other names with BNP Paribas, Credit Agricole, and Societe Generale up between 3.9% and 5.4%.

8:38 am European Markets Update: FTSE +1.5%, DAX +2.4%, CAC +3.4% (:SUMRX) : Major European indices trade higher across the board with France's CAC (+3.4%) in the lead after Greek officials sent a bailout request to the country's creditors, seeking EUR53.50 billion to cover loan obligations until June 2018, but the proposal bears striking resemblance to the one that was rejected by 61.3% of voters in the Greek referendum on July 5. Eurogroup Chief Jeroen Dijsselbloem said he expects the creditors to respond to the Greek proposal later today, but it is worth noting that Germany's Chancellor Angela Merkel and Finance Minister Wolfgang Schaeuble both voiced opposition to debt restructuring as recently as yesterday.

• Investors received several data points: 
• Germany's June Wholesale Price Index -0.2% month-over-month (prior 0.5%); -0.5% year-over-year (last -0.4%) 
• UK's May Trade deficit narrowed to GBP8.00 billion from GBP9.39 billion (expected deficit of GBP9.70 billion) 
• France's May Industrial Production +0.4% month-over-month (expected 0.4%; prior -0.8%) 
• Italy's May Industrial Production +0.9% month-over-month (consensus 0.3%; prior -0.3%); +3.0% year-over-year (last 1.2%; prior 0.1%) 

------

• UK's FTSE trades higher by 1.5% with financials in the lead. Aberdeen Asset Management, Standard Life, and London Stock Exchange are up between 3.2% and 4.3%. On the downside, ARM Holdings and Weir Group are the only two decliners, down 1.5% and 0.4%, respectively. 
• Germany's DAX has jumped 2.4% with 29 of its 30 components showing gains. Allianz, Commerzbank, and Deutsche Bank are up between 3.2% and 4.2% while Volkswagen lags, trading lower by 0.1%. 
• In France, the CAC trades up 3.4% with all 40 components in the green. Unsurprisingly, bank shares trade ahead of other names with BNP Paribas, Credit Agricole, and Societe Generale up between 3.9% and 5.4%.
  

8:32 am Kingstone entered into various reinsurance agreements with multiple reinsurers for the treaty year beginning July 1, 2015 (KINS) : The new agreements include improved coverage terms providing for better downside protection, increased coverage, and a significant reduction in exposure-adjusted reinsurance costs. Select new treaties highlights: 

• Catastrophe Reinsurance Treaty: $176 mln in coverage was purchased from a panel of 34 individual reinsurers. Co obtained a 10.3% exposure-adj rate reduction vs corresponding premium paid for catastrophe coverage on the expired treaty.
• Personal Lines Quota Share Treaty: Co reduced its ceding percentage from 55% to 40%, as planned.
  

8:32 am Country Style Cooking sees Q2 rev +0.7% to RMB 348 mln (no estimates) (CCSC) : The lower than expected revenue was mainly due to a lower number of store openings and single digit negative same store sales in the second quarter. Country Style Cooking plans to report its second quarter 2015 results in mid August.

• Co opened 5 new restaurants, bringing the total net restaurant count to 346, compared to a total restaurant count of 317 as of June 30, 2014
  

8:31 am TransCanada launched an Open Season to offer additional binding commitments on Keystone Pipeline (TRP) :

• Co launched an Open Season to offer additional binding commitments to interested parties for transportation of crude oil on the Keystone Pipeline System from Hardisty, Alberta to markets on the U.S. Gulf Coast.
• The Keystone Pipeline System, at over 4,200 kilometres (2,600 miles), is one of the most extensive crude oil pipeline systems in North America, currently delivering to key market locations at Wood River and Patoka, Illinois, Cushing, Oklahoma, and Port Arthur, Texas. 
• Interested parties may submit binding bids for transportation capacity during the Open Season that will close on September 2, 2015 at 12 p.m. MDT
  

8:31 am Golub Capital reports $370.5 million in new middle-market investment commitments for Q2 (GBDC) : ~85% of the new middle-market investment commitments were one stop loans, 14% were senior secured loans and 1% were equity securities. Of the new middle-market investment commitments, $345.2 million funded at close.

• In addition, the co invested $30.9 million in Senior Loan Fund LLC, an unconsolidated Delaware limited liability company, that invests in senior secured loans 
• Total investments at fair value are estimated to have increased by $147.6 million
  

8:31 am Eyegate Pharmaceuticals enters into an exclusive, worldwide licensing agreement with a subsidiary of Valeant Pharmaceuticals (VRX) (EYEG) : Co announces it has entered into an exclusive, worldwide licensing agreement with a subsidiary of Valeant Pharmaceuticals International (VRX) through which EyeGate has granted Valeant exclusive, worldwide commercial and manufacturing rights to its EyeGate II Delivery System and EGP-437 combination product in the field of uveitis, as well as a right of last negotiation to license the Product for other indications.

• Under the agreement, EYEG will receive an upfront cash payment, development-based milestone payments related to the completion of development for the indication of anterior uveitis and an approval-based milestone payment upon receipt of FDA approval of the Product. 
• Additionally, Co would receive royalties based on net sales, as well as additional milestone payments based on the achievement of certain cumulative sales milestones. EYEG shall be responsible for the development of the Product in the U.S. for the indication of anterior uveitis, together with the costs associated therewith. VRX has the right to develop the Product in the field outside of the U.S. and has agreed to fund 100% of any costs associated therewith
  

8:30 am S&P futures vs fair value: +22.90. Nasdaq futures vs fair value: +53.10. (:WRAPX) : Equity futures remain near their highs while Treasuries sit in the red with the 10-yr yield up five basis points at 2.37%. Similarly, European bonds have retreated amid optimism surrounding Greece's bailout request that was sent to the country's creditors yesterday evening.

The developments have boosted the euro, sending the single currency higher by 1.2% to 1.1200 against the dollar. That being said, the greenback has made some headway against the yen with the dollar/yen pair trading higher by 0.6% at 122.40; however, that has not stopped the Dollar Index (95.57, -1.02) from retreating 1.1% into the middle of last week's trading range.

8:28 am European Yields (BONDX) : Greece Backs Down, Core/Periphery Spreads Narrow Dramatically

• Thursday evening, Greek Prime Minister Alexis Tsipras sent a proposal to Greece's official creditors that looked very similar to the one Greek voters rejected in the July 5th referendum. It included concessions on VAT, pensions, and corporate tax (rising only to 28%, instead of the 29% that the Greek government had wanted)
• Markets cheered the news but obstacles do remain:
• First, the German Chancellor and Finance Minister said yesterday that they will not accede to debt restructuring in any form and the proposal includes 35 bln euro in debt restructuring combined with growth measures
• Second, the bailout extension would have to be passed by the European national parliaments and some of the poorer ones, like Latvia and Slovakia, are unsympathetic to Greece's woes
• 10-year Bonos/Bunds has narrowed 22 bps to 121 bps. That spread traded as high as 160 bps earlier in the week
• Greece's 10-yr note yield dropped 411 bps (not a typo) from yesterday's close to 13.73%
• Yield Check:
• France, 10-yr OAT: +7 bps to 1.23%
• Germany, 10-yr Bund: +10 bps to 0.83%
• Greece, 10-yr note: -411 bps to 13.73%
• Italy, 10-yr BTP: -11 bps to 2.05%
• Portugal, 10-yr note: -19 bps to 2.71%
• Spain, 10-yr Bono: -12 bps to 2.03%
• U.K., 10-yr Gilt: +7 bps to 2.05%

8:24 am On the Wires (:WIRES) :

• UBIC (UBIC) announced that it has established a review center in Washington, D.C., in order to meet demand for large-scale review projects in the U.S. market
  
• Atlatsa Resources Corporation (ATL) announced its intention to file a Form 25 with the US SEC, to voluntarily withdraw its common shares from listing on the NYSE MKT. The Company expects expects to file the Form 25 on July 20, 2015 and the delisting will be effective ~10 days following the filing of the Form 25.
  
• Ingram Micro Canada, a subsidiary of Ingram Micro (IM) announced a new distribution agreement with Tegile Systems. Under the agreement, Tegile Systems' portfolio of intelligent flash arrays will now be available to Ingram Micro channel partners throughout Canada
  
• Desarrolladora Homex, S.A.B. de C.V. (DHOXQ) announced that the First District Court sitting in Culiacn, Sinaloa, Mxico issued a judgment approving the "Convenios Concursales" resented by Homex. With the resolution, Homex is poised to continue with the reactivation of its operations according to its new business plan
  

8:21 am Gapping down (:SCANX) : Gapping down
In reaction to disappointing earnings/guidance: CUDA -15.3%, ROG -8%, HELE -5.3%, JRJC -4.2%, PTC -1.9%, DOV -1.5%, PSMT -0.5%, (also reports June comps +4% vs. +2.5% Retail Metrics Consensus), VOXX -0.5%, .


Other news: Z -3.5% ( announces CFO Chad Cohen will resign effective Aug. 7, 2015 ), SJM -2.8% (announced offering of ~4.92 mln shares of common stock for a selling shareholder), MIK -2.2% (announced offering of 12.5 mln shares of common stock by selling shareholders), RLJE -1.7% (filed for offering of ~31.05 mln shares of common stock issuable upon the exercise of convertible preferred stock and for offering of ~9.31 mln shares of common stock issuable upon the exercise of warrants), DFRG -1.4% ( reports the resignation of Chief Operating Officer ), PCG -0.9% (still checking), ATRA -0.7% (prices offering of 3,461,538 shares of its common stock at $52.00 per share), .

Analyst comments: IAG -1.6% (downgraded to Underperform from Sector Perform at RBC Capital Mkts)

8:20 am WuXi PharmaTech subsidiary SynTheAll Pharmaceutical enters into a private placement agreement for 7.16 mln shares of STA stock, for $80 mln (WX) : Purchasers in the private placement (comprised of 33 institutional investors in China) have agreed to a lock-up period of 12 months, the same as for STA and WuXi management who purchased shares.

• None of the investors purchasing STA stock in the private placement are affiliated with WuXi. After giving effect to the private placement, WuXi will own 89.1% of STA's shares outstanding. The proceeds of the new private placement will fund capacity expansion and other investments
  

8:17 am Gapping up (:SCANX) : Gapping up
In reaction to strong earnings/guidance: KONE +39.4%, IMOS +0.8% (monthly revs)

Select China related names showing strength with Shanghai +4.5% overnight: SHI +10.4%, TOUR +8.9%, YOKU +6.9%, JKS +6.9%, CMCM +6.7%, JMEI +6.7%, NQ +6.2%, NOAH +5.7%, WB +5.4%, STV +5.1%, QIHU +4.1%, DANG +3.4%, .

Select EU names trading higher with DAX +2%: ING +6.5%, SAN +6.2%, ALU +5.9%, SNY +5.8%, DB +5.7%, UN +5.6%, NOK +5.4%, TOT +5.3%, NVO +4.7%, ASML +4.5%, 

Other news:NBG +14.7% (Greece submits proposal to EU),ICLD +12.2% (awarded a series of contracts from new and existing clients valued at over $1.5 mln; to provide engineering and design services for next gen wireless networks),YGE +9.9% (Reports that it is supplying 240 MW of solar panels for Latin American hybrid solar photovoltaic and concentrated solar power plants),AERI +7.5% (disclosed that Brian Levy, Chief Medical Officer, has left the company, effective July 7, 2015),BUD +5% (Moody's rated Anheuser-Busch InBev bonds at A2; positive outlook),ISNS +2.6% (announced sale of its Automatic Number Plate Recognition business to TagMaster AB for $4.2 mln in cash)CY +1.7% (Soros Fund Management disclosed 5.32% passive stake in 13G filing),UAL +1.6% (still checking),TSM +1.4% (reported June revs),AAL +1.1% (June RPM +2.8%; reaffirms Q2 PRASM, margin guidance)

Analyst comments: UN +5.6% (upgraded to Hold from Underperform at Jefferies),OCAT +4.3% (initiated with an Outperform at Cowen),BHP +3.6% (upgraded to Buy from Neutral at Citigroup ),RIO +3.2% (upgraded to Buy from Neutral at Citigroup ),AMAT +1.8% (upgraded to Neutral from Negative at Susquehanna),COST +1.5% (upgraded to Outperform from Perform at Oppenheimer)

8:05 am Crescent Point Energy files a preliminary short form base shelf prospectus, for the issuance of up to C$2.5 bln in securities (CPG) : Co filed a preliminary short form base shelf prospectus with the securities regulatory authorities in each of the provinces of Canada, and a corresponding registration statement with the US SEC, for an offering not to exceed $2.5 billion.

• Co intends to use the net proceeds from the sale of any of the securities for general corporate purposes, repayment of indebtedness and/or the direct or indirect financing of future growth opportunities, including acquisitions and capital expenditures.
  

8:02 am CB&I is awarded a five-year contract worth $50 mln, to provide maintenance and construction services for a fluid coking unit in Canada (CBI) :  

8:02 am Gain Capital release June metrics; Retail OTC trading volume of $375.7 bln rises 12.2% MoM, +126.2% YoY; Total institutional trading volume of $454.9 bln rises 16.5% MoM, -5.2% YoY (GCAP) : Co reports certain operating metrics for the month of June 2015:

• Retail OTC trading volume1 of $375.7 billion, an increase of 12.2% from May 2015 and 126.2% from June 2014.
• Total institutional trading volume1 of $454.9 billion, an increase of 16.5% from May 2015 and a decrease of 5.2% from June 2014
• Futures contracts of 695,911, an increase of 2.7% from May 2015 and 34.2% from June 2014.
  
• "The integration of City Index is on track, and we expect to achieve the previously disclosed annual run-rate cost savings of $40-$45 million by 2017"

8:01 am Copart announces final tender offer results; acquires ~6.254 mln shares at $36.00/share (CPRT) :

• Co announced the final results of its modified "Dutch Auction" tender offer, which expired at 5:00 p.m., New York City time, on Monday, July 6, 2015. 
• Based on the final count by the depositary for the tender offer, Copart accepted for payment an aggregate of 6,254,061 shares of its common stock at a purchase price of $36.00 per share for a total value of $225.1 million.
• These shares represent approximately 4.9 percent of the shares issued and outstanding. The depositary will promptly pay for the shares accepted for purchase.
  

8:01 am TeleComm Sys awarded contract to provide the State of Maryland Department of Human Resources with statewide Technical Operations Support Services, valued of $11.3 million (TSYS) : Co announces it has been awarded a contract to provide the State of Maryland Department of Human Resources with statewide Technical Operations Support Services. The contract base-award term is three years with two 1-year option terms, which if exercised have a total contract value of $11.3 mln.

8:01 am American Airlines June RPM +2.8%; reaffirms Q2 PRASM, margin guidance (AAL) : Total revenue passenger miles (RPMs) for the month were 20.4 billion, up 2.8 percent versus June 2014. Total capacity was 23.9 billion available seat miles (ASMs), up 2.4 percent versus June 2014. Total passenger load factor was 85.4 percent, up 0.4 percentage points versus June 2014.

• Co continues to expect its second quarter 2015 consolidated passenger revenue per available seat mile (:PRASM) to be down ~ six to eight percent year-over-year. 
• In addition, the Company continues to expect its second quarter pretax margin excluding special items to be between 16 and 18 percent.
  

8:00 am Del Frisco's Restaurant reports the resignation of Chief Operating Officer Jeff Carcara, effective immediately (DFRG) :  

7:58 am S&P futures vs fair value: +22.10. Nasdaq futures vs fair value: +53.70. (:WRAPX) : U.S. equity futures trade sharply higher amid upbeat action overseas. The S&P 500 futures trade 22 points above fair value with the bulk of the gain coming last night after it was widely reported that Greek officials have sent a bailout request to the country's creditors, seeking EUR53.50 billion to cover loan obligations until June 2018. However, the early look at the letter suggests this proposal is not much different from the one that was rejected by 61.3% of voters in the Greek referendum on July 5.

Furthermore, the proposal that will be voted on in the Greek parliament today includes a requirement for the creditors' commitment to restructure long-term debt. However, securing that commitment will be very difficult considering Germany's Finance Minister Wolfgang Schaeuble was quoted yesterday by Reuters as saying debt restructuring is not possible because it would "infringe the system of the European Union."

Treasuries have retreated in reaction to the overnight developments with the 10-yr yield higher by four basis points at 2.36%.

Today's economic data will be limited to the Wholesale Inventories report for May, which will be released at 10:00 ET (Briefing.com consensus 0.3%).

In U.S. corporate news of note:

• Barracuda Networks (CUDA 33.09, -6.03): -15.4% after the company's below-consensus gross billings overshadowed a one-cent beat.

Reviewing overnight developments:

• Asian markets ended mostly higher. China's Shanghai Composite +4.5%, Hong Kong's Hang Seng +2.1%, and Japan's Nikkei -0.4% 
  • In economic data: 
    • Japan's June Corporate Goods Price Index -0.2% month-over-month (expected 0.1%; prior 0.3%); -2.4% year-over-year (consensus -2.3%; last -2.1%). Separately, Household Confidence ticked up to 41.7 from 41.4 (expected 41.9) 
    • Australia's May Home Loans -6.1% month-over-month (expected -3.5%; prior 0.7%) 
  • In news: 
    • Chinese authorities continued introducing steps aimed at halting the recent slide in equities with China Securities Regulatory Commission issuing a request for companies to consider stock buybacks and employee shareholder programs, among other measures. China's Shanghai Composite spiked 4.5% to end the week higher by 5.2% after logging three consecutive weekly declines that totaled more than 28.0%.

• Major European indices trade higher across the board. UK's FTSE +1.4%, Germany's DAX +2.5%, and France's CAC +3.3%. Elsewhere, Italy's MIB +2.9% and Spain's IBEX +3.2% 
  • Investors received several data points: 
    • Germany's June Wholesale Price Index -0.2% month-over-month (prior 0.5%); -0.5% year-over-year (last -0.4%) 
    • UK's May Trade deficit narrowed to GBP8.00 billion from GBP9.39 billion (expected deficit of GBP9.70 billion) 
    • France's May Industrial Production +0.4% month-over-month (expected 0.4%; prior -0.8%) 
    • Italy's May Industrial Production +0.9% month-over-month (consensus 0.3%; prior -0.3%); +3.0% year-over-year (last 1.2%; prior 0.1%) 
  • Among news of note: 
    • Eurogroup Chief Jeroen Dijsselbloem said he expects the creditors to respond to the Greek proposal later today

7:46 am InterCloud Systems is awarded a series of contracts from new and existing clients valued at over $1.5 mln; to provide engineering and design services for next gen wireless networks (ICLD) :  

7:36 am Overnight Treasury Summary (BONDX) : Treasuries Fall on Imminent Greek Deal

• Markets breathed a sigh of relief Thursday evening after Greece submitted a proposal to its creditor institutions that, while likely painful for Greece, also seems likely to appease the creditors. Treasuries declined sharply and global equities rallied. The dollar sold off and is now down 1.02% to 95.62
• Yield Check:
• 2-yr: +4 bps to 0.63%
• 5-yr: +4 bps to 1.63%
• 10-yr: +5 bps to 2.37%
• 30-yr: +5 bps to 3.17%

• International News:
• Greek Prime Minister Alexis Tsipras submitted a proposal to Greece's creditors that has comforted markets
• The plan is basically the one that Greek voters voted "No" on in the July 5th referendum. It will include a VAT of 23%, abolishing the exemption for the Greek Islands (which the junior partner of Syriza's coalition, New Democracy, had said was a red line). It will also raise the retirement age to 67
• The proposal also includes restructuring of debt and growth measures totaling 35 bln euro
  
• Since both the German Chancellor and Finance Minister ruled out debt relief yesterday, any debt relief would have to be disguised as something else to avoid the appearance that they are backing down
• The Greek Parliament is expected to vote on the proposal today
• The deal also would need to be passed by the various national parliaments
• French Industrial Production grew 0.4% m/m in May, in line with expectations and better than the 0.8% decline in April
• Italian Industrial Production grew 0.9% m/m in May, higher than expectations and the 0.3% fall in April
  

• Data out Today:
• May Wholesale Inventories (10:00 ET)
• Fed Speakers:Boston Fed President Eric Rosengren (non-FOMC voter) (11:35 ET)
• Fed Chair Janet Yellen (FOMC voter) (12:00 ET)

7:31 am PMFG Inc reports the expiration of the 'go-shop' period, with regards to its merger agreement with CECO Environmental Corp; co did not receive any proposals during period (PMFG) :  

7:29 am CGI Group reports that it joint venture LTC-Otso Oy, has extended its ITC outsourcing agreement with LhiTapiola Group; new agreement valid until 2021 and valued at EUR 180 mln (GIB) :  

7:11 am AbbVie reports European Commission approval for the marketing authorization of Imbruvica, in the EU to treat Waldenstrom's macroglobulinemia (ABBV) :  

7:08 am Basic Energy Services well servicing rig count remained unchanged at 421 in June (BAS) :

• Basic's well servicing rig count remained unchanged at 421. Well servicing rig hours for the month were 55,800, producing a rig utilization rate of 55%, compared to 50% and 74% in May 2015 and June 2014, respectively. 
• During the month, Basic's fluid service truck count increased by six to 1,012. Fluid service truck hours for the month were 193,200, compared to 189,900 and 205,300 in May 2015 and June 2014, respectively. 
• Drilling rig days for the month were 60, producing a rig utilization of 17% compared to 26% and 88% in May 2015 and June 2014, respectively. 
• "The results from our operating segments in June were consistent with the previous two months of the second quarter."
  

7:04 am Digital Turbine sees Q1 revenue near high end of prior range (APPS) : Co issues upside guidance for Q1 (Jun), sees Q1 (Jun) revs of $18.6-18.7 mln from $17-19 mln vs. $18.45 mln Capital IQ Consensus. 

• "Our preliminary first quarter results demonstrate accelerating sequential revenue growth driven by DT Media's advertising revenue ramp... In addition, we have made meaningful progress with multiple global Tier 1 wireless carriers for deployment of DT Ignite and DT IQ across their subscriber bases and anticipate having multiple announcements over the coming weeks and months. Co will report in early August."
  

7:03 am JDS Uniphase on track to spin-off CCOP business into Lumentum in Q3 (JDSU) : Existing filings with the Securities and Exchange Commission indicate a distribution date of July 26, 2015. JDSU is continuing the customary regulatory process, and is targeting a revised separation date in August. JDSU will confirm definitive separation, record and distribution dates once the regulatory process is completed.

7:01 am Merus Labs reports filing a base shelf prospectus, allowing it to offer up to $250 mln in common shares over a 25 month period (MSLI) : Co has filed a preliminary short form base shelf prospectus with the securities commissions in all provinces in Canada, and a corresponding shelf registration statement with the US SEC.

• The base shelf prospectus and corresponding shelf registration statement, when made final or effective, will allow Merus to offer up to $250,000,000 of common shares, warrants, preferred shares, subscription receipts and units, or any combination thereof, from time to time over a 25-month period
  

7:00 am Henry Schein anounces it has made a 50 percent ownership investment in Maravet; terms not disclosed (HSIC) :

• Co announces that it has made a 50 percent ownership investment in Maravet, a animal health distributor in Romania. 
• The transaction closed in the second quarter of 2015. Financial terms of the transaction were not disclosed.
  

6:59 am Global equity markets markedly higher on Greece proposal; China builds on rebound (SPY) :

• U.S. equity futures jumped in after-hours and have added to those gains overnight after Greece submitted a proposal to creditors. The latest package includes concessions that are expected to increase the chances of Greece staying in the euro. 
• S&P futures are higher by 26 points (+1.3%).
• Major European markets are higher as a result of the Greek proposal; Germany's DAX is +2.0% and France's CAC is +2.9%, while the UK's FTSE is +1.1%.
  
• Chinese stocks built on yesterday's rebound and closed higher by another 4.5%. This led to strength in Hong Kong (+2.1%) while Japan closed modestly lower (-0.4%).
  

6:40 am Orion Marine provided an update on its end markets (ORN) : End Market Update Highlights: Record levels of rainfall and flooding in Texas impacted production on certain jobs in the Texas market. The rainfall and flooding activity should lead to an increased need for dredging in the coming months. In fact, the Company has already received a $2 million change order to an existing contract to perform emergency dredging in Texas.

• Additionally, co believes it should make up the delayed work in the back half of the year. Co saw a healthy level of bid market activity during the second quarter. During the second quarter co bid on ~$376 million worth of opportunities and was successful on ~$100 million. 
• Co currently has ~$350 million worth of bids outstanding; of which the company has been notified it is the apparent low bidder on ~$35 million
  

6:31 am Yingli Green Energy reports that it is supplying 240 MW of solar panels for Latin American hybrid solar photovoltaic and concentrated solar power plants (YGE) : Both projects, located in northern Chile, will also be equipped with 110 MW of CSP and 17.5 hours of thermal storage each. As the power plants' sole PV supplier, Yingli is providing over 780,000 multicrystalline utility-scale YGE 72 Cell solar panels to the projects, which be installed in two phases. The first phase of panel deliveries was recently completed, and the second phase will start in August. The first power plant is expected to be operational by mid-2016.

5:49 am S&P futures vs fair value: +18.70. Nasdaq futures vs fair value: +42.60. :

5:49 am European Markets : FTSE...6660.58...+79.00...+1.20%.  DAX...11232.17...+235.80...+2.10%.

5:49 am Asian Markets : Nikkei...19779.83...-75.70...-0.40%.  Hang Seng...24901.28...+508.50...+2.10%.

5:15 am Intercontinental Hotels Group sells InterContinental Hong Kong for $938 mln (IHG) : Co announces that it has agreed to sell IHG's ownership interest in InterContinental Hong Kong to Supreme Key, a consortium of investors advised and managed by Gaw Capital Partners, for a gross purchase price of $938m. The Buyer has paid a cash deposit to IHG of $94m, with the remaining proceeds payable in cash on completion.

4:48 am On The Wires (:WIRES) :

• GOLDCORP (GG) announced that it has extended the deadline for former shareholders of Probe Mines to file tax election forms to August 31, 2015. 
• North Atlantic Drilling (NADL) has been awarded a contract extension for the semi-submersible rig West Phoenix by Total E&P UK Limited, commencing mid-March 2016 and securing work for the unit through the end of August 2016. The total revenue potential for the contract extension is approximately $62 million. 
• ZTE Corporation (ZTCOF) announced the company signed a memorandum of understanding with SoftBank Corp. to collaborate on research and development on Pre5G mobile communications networks technology.

4:43 am Greece update: Comments from an EU official indicates a decision may come as early as today (GREK) :  

3:20 am Charter Comm prices $15.5 bln in Senior Secured Notes (CHTR) : Co announced that its subsidiary, CCO Safari, LLC, has priced $15.5 bln of senior secured notes due 2020, 2022, 2025, 2035, 2045 and 2055

• Charter intends to use the net proceeds from the sale of the Notes to partially finance Charter's previously announced transactions with Time Warner Cable (TWC) and Bright House Networks
  

2:35 am TrueCar to end partnership with AutoNation (AN) at the end of July (TRUE) : TrueCar (TRUE), the negotiation-free car buying and selling mobile marketplace, is ending its longstanding partnership with AutoNation Inc., effective at the end of July.

• AutoNation represented 3.1% of TrueCar's total revenue in the first quarter of 2015, down from 3.2% in Q1 2014. 
• AutoNation had 279 active franchise dealers using the TrueCar platform at the end of the first quarter, or 3.1% of total active franchise dealers on the TrueCar platform on that date. 
• Users of the TrueCar platform who purchased from an AutoNation dealer represented 4.2% of TrueCar's total units in the first quarter, down from 4.6% in the first quarter of 2014. 
• TrueCar estimates that users of its platform were 7% of AutoNation's Q1 2015 new vehicle sales, up from 6% in the first quarter of 2014. 

2:21 am TherapeuticsMD prices ~3.8 mln shares of its common stock at $7.80 per share (TXMD) :  

2:05 am AEGON N.V. divests Clark Consulting unit for $177.5 mln (AEG) : Co announced it reached an agreement with Greenspoint Capital and The Newport Group to sell Clark Consulting, its Bank-Owned Life Insurance distribution and servicing unit in the US, for $177.5 million (EUR 160 million).

• Aegon aims to enhance its risk-return profile and to improve capital efficiency. This transaction demonstrates the company's ongoing efforts to further reduce the capital deployed to its run-off businesses and increase the return on capital invested.
  

1:11 am Atara Biotherapeutics prices offering of 3,461,538 shares of its common stock at $52.00 per share (ATRA) :  

1:10 am Eco-Stim Energy prices offering of 5,500,000 shares of common stock at $4.75 per share (ESES) :  

1:07 am Retail Properties of America provides update on 2015 goals (RPAI) : Co provided an investor update on the progress towards execution on its 2015 strategic goals.

• During the first half of 2015, the Company continued to aggressively refine its portfolio with total transaction activity of $545.6 million, consisting of $390.5 million of acquisitions and $155.1 million of dispositions. 
• The Company also continued to expand its access to new forms of capital with the issuance of $250.0 million of its investment grade public unsecured notes, demonstrating the strength and flexibility of its balance sheet. 
• Operationally, the Company continues to enhance the dominance of its shopping centers and resiliency of its cash flow stream through its remerchandising initiatives and robust, target market focused operating platform.
  

1:03 am Cameco provides an update on Saskatchewan forest fire situation; operations in the Athabasca Basin has not been interrupted (CCJ) : None of Cameco's operations are directly threatened by the fires which are concentrated in north central Saskatchewan.

1:00 am Ventas prices $500 mln aggregate principal amount of 4.125% Senior Notes due 2026 (VTR) :