1:49 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

• GG (15.06 +1.83%): Outperforming on the heels of strength in gold futures, which are currently up $12.
• SJM (111.31 +2.15%): Upgraded to Outperform from Neutral at Credit Suisse; tgt raised to $125 from $112.
• YUM (85.49 +1.53%): Named Micky Pant the CEO of its China division, replacing Sam Su, who is retiring.

Large Cap Losers

• MRO (16.26 -7.01%): Oil & gas names underperforming, with energy the weakest sector today as crude oil futures fall to further multi-year lows after this mornings inventory report (CLR, PBR, STO, EOG, COP, APA, YPF among many lower).
• VALE (4.83 -4.92%): Under pressure in sympathy following peer Glencore's (GLNCY) weak first half results which reflected declining demand and the impact of slumping commodity prices (RIO also lower)
• TWTR (27.43 -3.07%): Continued weakness, co had an unfavorable mention on Tuesday's Mad Money.

Mid Cap Gainers

• SIG (126.77 +2.13%): Upgraded to Outperform at Exane BNP Paribas.
• CHRW (70.75 +1.43%): Initiated with a Buy at Evercore ISI.
• BWLD (198.58 +1.31%): Upgraded to Outperform from Perform at Oppenheimer; Price tgt $230

Mid Cap Losers

• EGO (3.75 -10.45%): Downgraded at BMO, reports out that Greece has halted mining at one of EGO's sites in Greece alleging it violated terms.
• SM (34.77 -9.34%): Oil & gas under heavy pressure, as mentioned above (WLL, CPG, AR, RSPP, NFX, CHK, ECA among many lower).
• CMCM (19.91 -9.59%): Additional volatility in Chinese internet names as the rollercoaster in Shanghai's exchange continues (SFUN, QUNR, QIHU, ATHM, also lower).

1:48 pm Stock indices edge to new rebound highs as FOMC headlines cross the wires early -- S&P -13, Dow -118, Nasdaq Comp -29 (:TECHX) :  

1:33 pm Metals closing prices (:COMDX) :

• December gold ended today's session $11.00 higher (+1.0%) at $1128.00/oz
• September silver closed today's session $0.38 higher (+2.6%) at $15.19/oz
• September copper closed $0.01 lower (-0.4%) at $2.28/lb

1:33 pm WTI crude oil drops below $41/barrel, hitting a new LoD of $40.95/barrel; now -4.9% at $41.02/barrel (USO) :  

1:22 pm S&P -16 rebounds 10 points off low, Dow -144 bounces as much as 89 points -- Nasdaq Comp -35 (:TECHX) :  

1:07 pm Chanticleer announces that its board has approved a non-transferable rights offering for up to $10 mln which will allow its shareholders to acquire additional shares of common stock (HOTR) : The Company is planning to commence the rights offering in order to raise equity capital in a timely and cost-effective manner, while providing Chanticleer's shareholders the opportunity to participate.

1:01 pm Midday Market Summary: Stocks Pressured Ahead of FOMC Minutes (:WRAPX) :

The major averages trade near their lows at midday with the Dow, Nasdaq, and S&P 500 all showing losses close to 1.0% apiece.

The market has faced selling pressure since the opening bell after the overnight session featured more volatility in Chinese equities. The continued gyrations overseas have weighed on investor sentiment while a noteworthy plunge in crude oil futures has added to the jitters. That being said, investors are set to receive the minutes from the July FOMC meeting at 14:00 ET, which could inject more volatility into today's market. If the minutes paint a dovish picture, it wouldn't be shocking to see the market turn around; however, if the minutes convince the market that a rate hike is coming in September, additional weakness in equities would not be surprising. Prior to this morning's CPI release, fed funds futures implied a 48% chance of rate hike in September.

All ten sectors display midday losses with energy (-2.8%) leading the slide. The sector has been battered by the plunging crude as the energy component trades lower by 4.3% at $41.25/bbl. Meanwhile, the second-weakest sector, materials (-1.5%), has been pressured by steelmakers while gold miners have shown relative strength. The Market Vectors Steel ETF (SLX 25.56, -0.82) has tumbled 3.1% while Market Vectors Gold Miners ETF (GDX 15.04, +0.28) trades up 1.9% amid strength in gold futures that has sent the yellow metal higher by 1.1% to $1128.60/ozt.

Elsewhere among cyclical groups, industrials (-1.1%) and technology (-1.1%) trade right behind the broader market while the financial sector (-0.8%) outperforms slightly. Also of note, the consumer discretionary space (-0.4%) has stayed ahead of the broader market since the start. Yum! Brands (YUM 85.33, +1.13) represents a pocket of strength, trading higher by 1.4%, after naming a new CEO for its division in China. On the earnings front, Lowe's (LOW 73.37, +0.36) has climbed 0.5% despite missing bottom-line estimates and reaffirming its guidance.

Over on the countercyclical side, the consumer staples sector (-1.0%) underperforms while health care (-0.6%), telecom services (-0.3%), and utilities (+0.1%) trade ahead of the S&P 500.

The utilities sector has received a boost from lower yields as Treasuries hover near their highs with the 10-yr yield down three basis points at 2.16%.

Economic data reported this morning was limited to CPI and the MBA Mortgage Index:

• Total CPI rose 0.1% (Briefing.com consensus +0.2%) in July while Core CPI, which excludes food and energy, also rose 0.1% (Briefing.com consensus +0.2%)
  • The indexes for food (+0.2%) and energy (+0.1%) helped push up the all items index while a 0.4% increase in the shelter index was the key driver behind the increase in the all items index, excluding food and energy
  • On a year-over-year basis, total CPI is up 0.2% and core CPI is up 1.8%
• The weekly MBA Mortgage Index rose 3.6% to follow last week's 0.1% uptick

1:00 pm Toro announces that Richard M. Olson has been elected to the position of President and Chief Operating Officer effective September 1, 2015 (TTC) : Olson, 51, has served the company in various roles throughout his 29-year tenure, most recently as Group Vice President of its International and Micro-Irrigation businesses while also having responsibility for global distributor development and its wholly-owned domestic distributorships.

12:53 pm Lending Club's Springstone Financial subsidiary settles with the Consumer Financial Protection Bureau related to concerns on possible borrower confusion about the terms of a deferred interest product (LC) : To resolve this matter, Springstone agreed to pay restitution of $700,000 to certain borrowers in its finance program from 2009 to 2014. The settlement amount is fully covered by the indemnification provisions of the Springstone purchase agreement and therefor will not result in any adverse financial charge to Lending Club.

12:48 pm Ameresco signs $437k Energy Savings Performance Contract with Saginaw Plaza to upgrade their facility in Lansing, MI (AMRC) :  

12:41 pm Rayonier Adv. Materials provides additional information on 8k disclosure, says the dispute relates to the 2016, and future contract years and shouldn't impact 2015 prices or volumes (shares halted) (RYAM) :

As covered, yesterday the co discussed a lawsuit filed in Georgia state court for a declaratory judgment confirming the meaning of certain language in its supply agreement with its largest customer, Eastman Chemical (EMN). The co is providing the following clarification on its litigation

• Specifically, the action asks the court to confirm its interpretation of certain provisions of the Supply Agreement which impact the price and, in some cases, the volume required to be purchased by Eastman. The Supply Agreement was entered into by RYAM and Eastman effective January 1, 2012 and goes through calendar year 2018. This dispute relates to the 2016 and future contract years and should not impact either price or volume in 2015
• The primary language at issue involves "meet or release" provisions of the Agreement. These provisions allow Eastman to obtain bona fide third party offers that meet the requirements of the Supply Agreement for similar cellulose specialties products, and would require RYAM to either meet such price or release the volume, thereby allowing Eastman to purchase the volume from the third party. RYAM strongly believes that the language of the Supply Agreement as well as past practices of the parties make clear that the volume subject to this meet or release provision is limited to 7,500 metric tons per year, which is less than 2% of its total expected cellulose specialties sales volume to all RYAM customers in 2015. RYAM is seeking expedited resolution of this matter with the court.
• Eastman filed an action in Tennessee in which it asserts that its entire annual purchase obligation under the Supply Agreement is subject to the aforementioned "meet or release" provision, rather than only 7,500 tons. In the event that Eastman were to prevail in this action, RYAM would have to either match the pricing of the bona fide offers that meet all requirements of the Supply Agreement, thereby retaining the Eastman volumes, or release a portion or all of the volumes should it deem the sale at such prices to be unattractive.

"Pricing negotiations are always spirited debates around a number of factors and threatened or actual litigation is one tool that parties can employ. Although Rayonier Advanced Materials would have preferred to address any concerns or negotiations around pricing privately, Eastman's August 4 action required us to take the necessary steps to protect our contractual arrangement."

12:34 pm Major averages edge to new bounce highs -- Dow -180 has pushed 50 points off its low, S&P -20, Nasdaq Comp -51 (:TECHX) : Note at 11:30 was watching for a bounce attempt in the S&P based on intraday indicators/patterns as it probed the 62% retrace (2071) of the surge off last week's low. It hit 2070.53 at 11:49 and has reached 2076 in recent trade.

12:19 pm Opko Health enters into agreements with Stratose, Three Rivers Provider Network and Fortified Provider Network for testing services from OPKO Lab (OPK) : The cumulative contracts, with some of the largest healthcare PPO network providers in the U.S., will give over 25 million people access to the testing services of OPKO Lab.

12:12 pm Stocks/ETFs that traded to new 52 week highs/lows this session- New lows (63) outpacing new highs (8) (:SCANX) :

Stocks that traded to 52 week highs: ARMK, DHI, FBHS, FIS, LEN, SPF, TOL, USG

Stocks that traded to 52 week lows: AA, AAXJ, ABEV, ABY, AMH, ASX, ATHM, ATI, AUO, BBD, BG, BHP, BP, BSMX, CIG, CNQ, CNX, COP, CVE, CVX, DOV, DVN, ECA, FCX, FTI, GGB, GOL, GRPN, HPQ, HUN, KLAC, LC, MEOH, MJN, MRO, MT, MU, MUR, NAVI, NOV, NTAP, PBR.A, PG, PX, QCOM, RDS.B, RIO, SAN, SDRL, SPIL, SPN, STO, TCK, TTM, UMC, VALE, VALE.P, WFM, WFT, WMT, WYNN, XOM, YNDX

ETFs that traded to 52 week highs: XHB

ETFs that traded to 52 week lows: AFK, BKF, BNO, CHN, DBC, DJP, EEB, EEM, EGPT, EPP, EPU, EWC, EWS, EWT, EWW, EWY, EWZ, EZA, GAF, GSG, HYG, IDX, ILF, IXC, JJC, JNK, KOL, OIH, OIL, PBW, REMX, SEA, SLX, THD, USO, UYM, VNM, VWO, XES

Note: To reduce the list of stocks making 52 week highs/lows to a manageable size we have filtered out stocks below $2 bln in market cap and below 1 mln average volume. Without this filter 27 stocks made 52 week highs and 424 stocks made 52 week lows.?

12:10 pm Universal Health acquires Alpha Hospitals Holdings Limited; terms not disclosed (UHS) : The acquisition of Alpha adds four hospitals and 305 beds to the Cygnet family. The Alpha facilities provide significant child and adolescent services, low and medium secure services as well as various specialist mental healthcare services.

12:02 pm Floor Talk (:TALKX) :

The U.S. stock market has been under steady selling pressure since the start of trading.  At the heart of the slide have been concerns about the global economy, which picked up after another wild session of trading in China's equity market, Japan reporting a deceleration in export growth and a faster decline in imports for July, the CPI report for July coming in weaker than expected, and the weekly oil inventory report showing a sizable build in crude stockpiles.

The risk-off mentality has been evident in the fact that all ten sectors are trading lower and that the cyclical energy (-2.7%), materials (-1.5%), and industrials (-1.2%) sectors are the worst-performing areas to this juncture.

In turn, there has been buying interest across the Treasury yield curve and there has been a sharp spike in the CBOE Volatility Index (VIX 15.78, +1.99), which is up 14% as participants are looking to protect investment portfolios against further downside.

These "risk-off" days have been seen before of course, only to be reversed in "risk-on" rallies in subsequent days or even subsequent hours.

With today's retreat, the S&P 500 has dropped below its 200-day moving average (2078/2077), which has often served as a technical line of defense for this bull market.  So far, the defense is lacking as participants are showing some added caution ahead of the 2:00 p.m. ET release of the minutes for the July FOMC meeting.

Given the squishy economic data seen of late around the globe, there is some added angst that the minutes might emphasize the FOMC's desire to raise the fed funds rate soon -- a move that some think would backfire with higher rates stifling the recovery.

Accordingly, angst is the condition of the moment.  There is angst about the economy, angst about the market's technical position, and angst about the Fed -- all of which has deterred buying interest to this point. 

12:01 pm Stock indices attempt to stabilize -- S&P -23, Dow -200, Nasdaq Comp -58 (:TECHX) : Noted at 11:30 that the S&P had extended back near the 62% retrace of the surge off last week's low at 2071. It also had been oversold intraday with with a price pattern suggesting potential for a bounce attempt. It slipped to 2070.53 slightly under the retracement and is attempting to stabilize.

12:01 pm iRobot receives a $4 mln order from the US Navy for the company's odel 110 FirstLook robots and accessories; orders to be completed by February 2016 (IRBT) :  

11:54 am European Markets Closing Prices (:SUMRX) : European markets are now closed; stock markets across Europe performed as follows:

• UK's FTSE:-1.9%
• Germany's DAX:-2.1%
• France's CAC:-1.8%
• Spain's IBEX:-1.1%
• Portugal's PSI:-1.8%
• Italy's MIB Index:-1.8%
• Irish Ovrl Index:-1.1%
• Greece ASE General Index: +0.3%

11:30 am S&P -24 notches new low (:TECHX) : The index has set a new low of 2072.22 with it probing the 62% retrace of the surge off last week's low at 2071.71. Technically it is extended intraday with a price pattern suggesting watching for a bounce attempt.

11:25 am Russian ETF (RSX -2%) breaks down as crude oil hits multi year low and the Ruble continues to decline (RSX) : Russian securities: VIP -5%, SGTZY -5%, YNDX -3.5%, OGZPY -2%, QIWI -2%, NILSY -2%, MBT -2%, LUKOY -1.5%, SBRCY -1.5%, CTCM -0.6%, TRF -0.6%, RSYY +0.4%, MTL +7%.

11:21 am New low Nasdaq Comp -53 -- Dow -194 and S&P -22 hovering near their lows (:TECHX) :  

11:16 am VOXX Intl announces an agreement to acquire iris authentication technology firm, EyeLock; terms not disclosed (VOXX) : EyeLock was founded in 2006 and provides market leading iris authentication solutions for global access control and logical access control environments. Upon consummation of the transaction, VOXX will have a controlling interest in the acquiring entity.

11:12 am Currency Commentary: DXY Straddling 97 ahead of FOMC (:SUMRX) :

• The Dollar Index continues to straddle the 97 level as we await the FOMC minutes. The minutes from the July 29 meeting are due at 2pm ET. Market focus will be on comments surrounding the economy, inflation, and International affairs. The base line scenario is for the Fed to provide a message that will have markets expecting a rate hike at one of the remaining 2015 meetings. Perhaps the biggest chance for a change to this narrative would come on comments regarding International moves and, in particular, on worries of the dollar strength. We would remind you that the moves by China, recent jobs reports, ISM Index, and Empire miss all came after these minutes and thus will not be reflected in commentary. CPI data this morning ran slightly below expectations but was not enough of a miss to change the narrative.
• The euro has been whipping around between 1.1020-1.1075 area. These have been key levels over the past few sessions and it appears the single currency may work its way into a consolidation range in that area. It was a quiet session in Europe with the most notable item being the German parliament passing the Greek bailout bill. But this was widely expected. Chancellor Merkel did a good job limiting defections from her party.
• The pound is down testing the 1.5650 level for support. Sterling has been trading in the 1.5650-1.5750 area to start off the week. But is starting to see some weakness. This is likely attributed to expectations that the Bank of England will have to push back any efforts to tighten monetary policy.
• The yen is trading at the high end of its recent 124-125 range. We are seeing some of the end results from the currency wars occurring in Asia as the countries trade balance came in at a much higher than expected deficit. The Bank of Japan will be meeting tonight but there are currently no expectations for the central bank to make any moves. It will be interesting to see if the recent China devaluation forces the bank into action sooner than most expect (BONDX, FOREX). 

11:01 am S&P -20 slides below 200 day (:TECHX) : The breakdown in recent trade has taken out its 200 sma at 2077 for the third time this month on an intraday basis (session low 2074). Thus far it has held above the 62% retrace of the sprint off last week's low at 2071.71.

10:47 am New lows for market averages -- Dow -185, S&P -20, Nasdaq Comp -44 (:TECHX) : Relative sector weakness in recent trade (underperforming the S&P) has been noted in: Crude Oil USO, Energy XLE, Oil Service, Semi SMH, Materials XLB, Casino, Steel SLX.

10:40 am Stock indices slip back off morning rebound highs hovering slightly above opening lows -- Dow -155, S&P -16, Nasdaq Comp -35 (:TECHX) :  

10:18 am Lowe's rebounds off early low to its four month highs from May (LOW) : Stock dropped off the open after reporting prior to the open but rotated strongly higher to test/pause at its four month highs from May at 73.93 (session high 73.94).

10:15 am Immuno-oncology stocks down again as biotech (IBB -0.7%) stocks remain out of favor (KITE) :

• Most of these stocks bounced after KITE gave a positive update on its CAR-T trial Monday morning but they have since rolled back over.
• AFMD -3.3%, JUNO -3.2%, KITE -3%, ADXS -2%, BLUE -2%, ADXS -2%, XON -1.6%, LBIO -1.3%, CLLS -1.3%, TRIL -1%, ADRO -0.4%, ADAP -0.1%, NK +0.3%, BLCM +0.3%.
• The $360 level represents an important support level for the IBB.

9:52 am S&P -16 extends pullback to support zone (:TECHX) : The index has dropped to a new low in recent trade (2078) to test support from The Technical Take at 2078/2076. This marks congestion, the 50% retrace of the surge off last week's low and its 200 day sma.

9:48 am Relative sector strength (:TECHX) : Groups on the plus are limited with little other than Gold Miners GDX, Silver SLV and Gold GLD posting gains.

9:44 am Broad based pressure in early dealings -- Dow -147, S&P -14.9, Nasdaq Comp -32 (:TECHX) : Sectors weighing on the action thus far include: Solar TAN, Steel SLX, Broker IAI, Paper, Auto, Medical Supplies, Telecom IYZ, Materials XLB, Biotech IBB, Defense PPA, Casino, Ag/Chem MOO.

9:40 am Opening Market Summary: Dow Jones Industrial Average Paces Opening Retreat (:WRAPX) :

The major averages began the midweek session on the defensive with the Dow Jones Industrial Average (-0.8%) pacing the opening move lower while the S&P 500 (-0.7%) trades a little ahead.

All 30 Dow components display opening losses with eight components down more than 1.0%. UnitedHealth (UNH 123.70,- 1.81) shows the biggest decline within the price-weighted index, down 1.4%, while the broader health care sector is lower by 0.9%, trading behind most other groups.

Similar to health care, heavily-weighted industrials (-1.0%) also display relative weakness while financials (-0.7%) and technology (-0.7%) trade in-line with the broader market for the time being.

Elsewhere, Treasuries have inched up off their lows, but the 10-yr yield remains higher by a basis point at 2.21%.

9:34 am Milestone Scientific announces 'successful results' of the interim analysis of the COMPASS Study (MLSS) : The co announced successful results of the interim analysis of the COMPASS Study (CompuFlo Assessment Study), a randomized, controlled, parallel group, multicenter, pivotal study to assess the safety and effectiveness of the epidural space verification with the CompuFlo Epidural Computer Controlled System. Milestone Scientific's Epidural & IA Subsidiary further announced the clinical trial for the epidural instrument has reached an enrollment of 200 patients. The goal of the pivotal IDE clinical trial is to demonstrate the accuracy of the CompuFlo technology in identifying and confirming the epidural space location.

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

• Genpact (G) announced the expansion of its Genpact OpenWealth business, by closing its acquisition of the U.K. OpenWealth platform from Citibank, N.A. With the market expansion, Genpact adds a center of excellence in Glasgow, Scotland with ~140 wealth management professionals
• Tableau Software (DATA) announced the launch of its Shanghai operations as the company expands its operations in China
• Ares Management (ARES) announced that a real estate fund it manages has signed a definitive agreement to acquire a 240,000-square-meter office portfolio consisting of 30 properties located across six European countries, including the U.K., France, the Netherlands, Belgium, Finland and Spain, from IVG Institutional Funds. The portfolio was valued at more than 400 million

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

• Harris Corporation (HRS) has been awarded two five-year multi-award IDIQ contracts with a combined ceiling value of $70 million to support the U.S. Naval Surface Warfare Center's littoral, expeditionary and maritime mine defense programs. The contracts were awarded during the fourth quarter of Harris' fiscal 2015 
• Magento, an eBay (EBAY) Enterprise company, in partnership with New Relic (NEWR) announced an extension for the New Relic Software Analytics Cloud. As such, Magento retailers can now access software and business analytics through custom dashboards delivered by New Relic Insights
• Afton Chemical Corporation has received approval from its parent NewMarket Corporation (NEU) to begin construction of the new second phase of its chemical additive manufacturing facility on Jurong Island, Singapore. The construction of the first phase is scheduled to be completed by year end 2015. The second phase, which includes the construction of additional component production units will more than double Afton's investment in Jurong Island for a total of ~$400 million. The new phase is scheduled to be completed in 2017
• Echo Global Logistics, Inc. (ECHO) announced that Christopher Clemmensen has been named Senior Vice President of Marketing
• Cannell Capital, a long-term shareholder of Telecommunication Systems (TSYS) released the remainder of the firm's PowerPoint presentation detailing, what it termed as the erosion of shareholder wealth under the incumbent management and board of directors

9:28 am Jaguar Animal Health reports submitting all required major technical sections of its NADA with the FDA for Vet. Medicine, regarding Canalevia (JAGX) :  

9:16 am Heritage Oaks Bancorp announces that CFO Lonny Robinson has tendered his resignation effective August 17, 2015 (HEOP) : Jason Castle has been appointed his replacement

9:14 am S&P futures vs fair value: -8.00. Nasdaq futures vs fair value: -11.90. (:WRAPX) :

The stock market is on track for a modestly lower open as S&P 500 futures trade eight points below fair value after spending the night inside a ten-point range.

The overnight session featured more fireworks in China as the Shanghai Composite retreated more than 5.0% in the early going, but turned around to end the day higher by 1.2%. Meanwhile, action in Europe has been more subdued, but regional indices trade with losses across the board.

Domestically, investors have received the CPI report for July, which showed a 0.1% increase in both the headline number and the core reading while the Briefing.com consensus expected an increase of 0.2% on both levels. The report was met with short-lived greenback weakness, but the Dollar Index (97.02, -0.02) has returned to its previous levels. Index futures, meanwhile, saw little initial reaction to the data, but they have slipped in recent trade. Also of note, Treasuries have slid to lows, pushing the 10-yr yield up two basis points to 2.22%.

There is no more economic data on today's schedule, but the Federal Reserve will release the minutes from its July meeting at 14:00 ET. Investors will scour the minutes for clues that could provide some additional insight about the expected rate path. Prior to this morning's CPI release, fed funds futures implied a 48% chance of rate hike in September.

9:13 am UDR prices its offering of 2.9 mln shares of its common stock for estimated gross proceeds of ~$101.9 mln (UDR) :  

9:10 am Southcross Energy Partners and Southcross Holdings LP announce a new $175 mln equity commitment, provide additional detail into distribution coverage and future drop-down plans (SXE) :

Charlesbank Capital Partners, EIG Global Energy Partners and Tailwater Capital provided a new $175 million equity commitment to enhance liquidity and support anticipated growth initiatives for Southcross and Holdings. Of the total, $50 million is committed to Southcross and will be funded as needed to pursue significant growth opportunities that currently exist in the Eagle Ford, including bothaccretive organic capital projects and strategic acquisitions.

• Southcross expects to achieve a coverage ratio of greater than 1.0x on current outstanding common units in the fourth quarter of 2015 and throughout fiscal year 2016, assuming the current quarterly distribution of $0.40 per common unit. Southcross does not believe that growth in processed gas volumes is required to generate quarterly adjusted EBITDA sufficient to exceed 1.0x coverage, even without the benefit of potential additional drop-downs. Further, Southcross expects to exceed 1.0x coverage including outstanding subordinated units (but excluding outstanding Class B PIK units) by the end of 2016.
• Holdings maintains a robust inventory of assets that are well-suited to be dropped down to Southcross. Based on the treating and fractionation capacity for these assets, the estimated annual adjusted EBITDA potential is in excess of $100 million.
• Southcross is targeting to complete a drop-down every four to six months, subject to market conditions and the anticipated ramp in volumes for the Holdings assets. Southcross expects that the drop-down of these assets could be completed as early as mid-2017.

9:07 am Progressive reports July EPS $0.18 vs. $0.20 last year; net premiums written +11% to $2.01 bln (PGR) :  

9:04 am Vermillion announces that CareFirst Blue Cross/Blue Shield will include its OVA1 test in its medical policy guidelines (VRML) :  

9:03 am Elephant Talk to explore strategic alternatives for its ValidSoft subsidiary (ETAK) : The co announced that it has formed a Special Committee to evaluate strategic alternatives designed to maximize stockholders value including the strategic disposition, joint venture, or merger transaction with respect to its wholly owned subsidiary, ValidSoft UK Ltd.

9:02 am Mines Management announces a favorable US court ruling in its case, involving alleged mineral claims overlying the Montanore adit (MGN) : Co reported that the U.S. District Court of Montana, Missoula Division ruled in favor of the Company in the case involving alleged mineral claims overlying the Montanore adit, affirming the conclusions of the court-appointed Commission. In their report, previously announced on May 14, 2015, the Commission ordered that the claim holders would receive zero compensation for the easement and rights-of-way granted by the Court to the Company for the use of its Montanore adit.

9:02 am Ocata Therapeutics secures $10 mln in debt financing (OCAT) :

• Co announces that it has entered into a secured term loan facility of up to $10 mln with Silicon Valley Bank. Ocata received initial funding of $6 mln and has a conditional option to receive an additional $4 mln upon the successful completion of certain clinical and corporate milestones.
• Ocata intends to use the proceeds for general corporate purposes including the initiation of the Phase 2 dry age-related macular degeneration and pivotal Stargardt's macular degeneration clinical studies and the advancement of its promising pre-clinical programs.

9:01 am FirstService announces a normal course issuer bid for its outstanding subordinate voting shares (FSV) : Co announced that the Toronto Stock Exchange has accepted a notice filed by FirstService of its intention to make a normal course issuer bid with respect to its outstanding subordinate voting shares. The notice provides that FirstService may, during the 12 month period commencing August 24, 2015 and ending no later than August 23, 2016, purchase through the facilities of the TSX, alternative Canadian Trading Platforms or The NASDAQ Global Select Market up to 3,140,000 Subordinate Voting Shares in total, being approximately 10% of the "public float" as of August 13, 2015 of such class of shares.

9:01 am Tredegar elected John Gottwald as Pres/CEO effective immediately (TG) : Gottwald has been serving as interim president and CEO since June 26 of this year and previously served in this role for seventeen years. Co also announced that Mary Jane Hellyar, who has served as president of Tredegar Film Products and corporate vice president since September 2012, has decided to retire from Tredegar as of November 13, 2015.

9:01 am McClatchy approves share repurchase program authorizing it to purchase up to $15 mln of common stock through Dec 31, 2016 (MNI) :  

9:00 am MGT Capital Investments and Aruze Gaming America announce they have settled their litigation; terms were not disclosed (MGT) :

MGT Gaming, a subsidiary of MGT Capital Investments announces that it and Aruze Gaming America along with Aruze affiliates have settled their litigation and will end all related proceedings in the United States Patent and Trademark Office.

• The pending litigation in the United States District Court for the Southern District of Mississippi, in which MGT Gaming alleged infringement of U.S. Patent Nos. 7,892,088 and 8,500,554 by Aruze Gaming America's products known by the trade names "Paradise Fishing" and "Amazon Fishing," will be dismissed with prejudice.
• The parties will also file motions to terminate the Inter Partes Reviews filed by the Aruze entities with the United States Patent Trial and Appeal Board involving the same MGT patents
  

8:58 am S&P futures vs fair value: -6.10. Nasdaq futures vs fair value: -8.10. (:WRAPX) :

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

There was some wild trading action in China's Shanghai Composite, which dropped as much as 5.1% in early action but then rallied back in afternoon trading to end the day up 1.2%. Despite the reversal, most other markets looked put off by the volatility and ended lower on continue concerns about an economic slowdown in the region. On a related note, Japan's exports and imports were both better than expected in July but slowed from the prior month.

• In economic data:
  • Japan's trade deficit widened to JPY370 billion from JPY250 billion (expected deficit of JPY160 billion) as imports fell 3.2% year-over-year (expected -7.9%; prior -2.9%) and exports rose 7.6% year-over-year (expected 5.5%; prior 9.5%). Separately, All Industries Activity Index +0.3% month-over-month (expected 0.4%; prior -0.5%)
  • South Korea's July PPI -0.3% month-over-month (prior 0.0%); -4.0% year-over-year (last -3.6%)
  • New Zealand's Q2 Input PPI -0.3% quarter-over-quarter (expected -0.5%; prior -1.1%) while Output PPI -0.2% quarter-over-quarter (consensus -0.2%; last -0.9%)
  • China's July Foreign Direct Investment +7.9% (prior +8.0%)

------

• Japan's Nikkei declined 1.6% and ended at its low for the session. July trade data showed both exports and imports being better than expected but decelerating from the prior month. Losses were broad based and paced by the industrials (-2.8%), materials (-2.1%), and technology (-2.0%) sectors. Daiichi Sankyo (-5.4%), Advantest (-5.2%), and Sumco (-5.0%) were the weakest issues. Toshiba (+5.4%), Citizen Holdings (+3.2%), and Tokyo Gas (+1.6%) topped a small group of winners. Out of the 225 index members, 18 ended higher, 201 finished lower, and 6 were unchanged.
• Hong Kong's Hang Seng declined 1.3% and ended at its lows for the session, weighed down by volatility in the mainland markets and festering worries about an economic slowdown in the region. Cathay Pacific Airways (-7.7%), Galaxy Entertainment Group (-4.4%), and China Mengniu Dairy (-3.7%) paced the laggards while Lenovo Group (+4.3%), Li & Fung (+2.9%), and Sino Land (+1.4%) led a small group of winners. Out of the 50 index members, 5 ended higher, 44 finished lower, and 1 was unchanged.
• China's Shanghai Composite increased 1.2% after being down as much as 5.1% in early trading. The reversal came in the afternoon session and, according to Reuters, was spurred on by "state-backed" buyers. The Composite rallied as much as 5.2% in the final two hours of trading. The CSI 300 Index for its part jumped 1.6% in a similarly volatile session.

Major European indices trade lower across the board with Germany's DAX (-1.4%) leading the retreat. Meanwhile, the German parliament has passed the third Greek bailout program, but there was increasing opposition with 113 lawmakers voting against the package.

• Economic data was limited:
  • Eurozone June Current Account surplus expanded to EUR25.40 billion from EUR19.10 billion (expected surplus of EUR19.20 billion)

------

• Germany's DAX trades down 1.4% amid broad weakness. Basic materials names underperform with BASF, Lanxess, ThyssenKrupp, Lufthansa, and Linde down between 2.1% and 5.1%. Meanwhile, Adidas outperforms, trading just above its flat line.
• UK's FTSE is lower by 0.9% with miners showing notable weakness. Anglo American, BHP Billiton, Glencore, and Rio Tinto are down between 2.3% and 8.6%. On the upside, Admiral Group has climbed 4.8% after surpassing earnings estimates thanks to a reserve release. Other financials also display gains with Standard Life and Prudential both up near 0.6% apiece.
• In France, the CAC has given up 0.9% with most components on the defensive. Peugeot and Renault hold respective losses of 2.5% and 1.6% while financials outperform. BNP Paribas and Societe Generale are both up near 0.4%.

8:48 am On the Wires (:WIRES) :

• Drone Aviation Holding Corp. (DRNE) announced that its U.S. Army-owned WASP tactical aerostats successfully completed the DoD Enterprise Challenge 2015 providing real-time situational awareness to participating ground forces and personnel. As a result of its performance, DAC will continue to support the U.S. Army-owned WASP systems for future exercises scheduled for 2015
• Unilife Corporation (UNIS) announced that a former employee has agreed to dismiss all of his claims against the Company and has issued a public apology for bringing his claims. The case, Talbot Smith v. Unilife Corp,has been dismissed in its entirety with prejudice
• Remy International (REMY) announced that a special meeting of stockholders has been scheduled in connection with BorgWarner's (BWA) proposed acquisition of Remy. The special meeting is currently scheduled to be held on Tuesday, September 22, 2015
• Gold Fields (GFI) announced that Rick Menell, currently an independent non-executive of the Company, will assume the role of the Deputy Chairperson of Gold Fields effective 19 August 2015.
• Medovex Corp. (MDVX) announced that the Company has entered into a medical advisory board member consulting agreement with spine surgeon Dr. Karsten Ritter-Lang. Under the terms of the agreement, Dr. Ritter-Lang will leverage his expertise, experience and relationships in the spine treatment space, specifically the Facet Joint pain area by advising Medovex on matters related to its technology and the area of Facet Joint pain therapies
• Charles River Associates (CRAI) announced that Elizabeth Becker, PhD, and Charles Diamond, PhD, have joined the firm as vice presidents in the Labor & Employment Practice based in New York

8:45 am Eaton Vance misses by $0.05, misses on revs (EV) :

Reports Q3 (Jul) earnings of $0.57 per share, $0.05 worse than the Capital IQ Consensus of $0.62; revenues fell 3.3% year/year to $355.5 mln vs the $365.35 mln consensus. 

• Investment advisory and administrative fees were down 3%, as the impact of a lower average effective fee rate, driven by product mix, more than offset a 7% increase in average consolidated assets under management. 
• Consolidated net inflows of $3.9 billion in the third quarter of fiscal 2015 represent a 5% annualized internal growth rate (net inflows divided by beginning of period assets managed).

8:42 am European Markets Update: DAX -1.3%, FTSE -1.0%, CAC -0.9% (:SUMRX) :

Major European indices trade lower across the board with Germany's DAX (-1.3%) leading the retreat. Meanwhile, the German parliament has passed the third Greek bailout program, but there was increasing opposition with 113 lawmakers voting against the package.

• Economic data was limited:
  • Eurozone June Current Account surplus expanded to EUR25.40 billion from EUR19.10 billion (expected surplus of EUR19.20 billion)

------

• Germany's DAX trades down 1.3% amid broad weakness. Basic materials names underperform with BASF, Lanxess, ThyssenKrupp, Lufthansa, and Linde down between 2.1% and 5.1%. Meanwhile, Adidas outperforms, trading just above its flat line.
• UK's FTSE is lower by 1.0% with miners showing notable weakness. Anglo American, BHP Billiton, Glencore, and Rio Tinto are down between 2.3% and 8.6%. On the upside, Admiral Group has climbed 4.8% after surpassing earnings estimates thanks to a reserve release. Other financials also display gains with Standard Life and Prudential both up near 0.6% apiece.
• In France, the CAC has given up 0.9% with most components on the defensive. Peugeot and Renault hold respective losses of 2.5% and 1.6% while financials outperform. BNP Paribas and Societe Generale are both up near 0.4%.

8:33 am Bonso Electronics Int'l reports FY15 EPS of $0.21 vs ($0.04) year ago (BNSO) : "The Company's current stock price is trading well below our book value of $2.26 as of March 31, 2015, and I believe that the Company is undervalued and the market has not accounted for the contribution from the rent of our old Shenzhen property."

8:32 am Gapping down (:SCANX) : Gapping down
In reaction to disappointing earnings/guidance: CSIQ -11.7%, TEDU -11.2%, DV -7.4%, DL -4.2%, SPLS -2.3%, LOW -1.7%

M&A news: SYT -1.3% (announces intention to divest its Flowers seeds business from its Lawn and Garden operating unit)

Select financial related names showing weakness: HSBC -1.9%, DB -0.8%, UBS -0.8% (complets SESTA procedure; expects date of payment of supplementary dividend of CHF0.25 per share on Sep 22)

Select Glencore (GLNCY) peers trading lower following Glencores earnings release last night: RIO -2.5%, BHP -1.7%

Select oil/gas related names showing early weakness: PAA -3.2%, STO -2.2%, RDS.A -1.2%, BP -1.1%, SDRL -0.9%

Other news: WWWW -4.7% (reported that it discovered an unauthorized breach of one of its computer systems on August 13, 2015, credit card information of ~93k customers may have been compromised), MNOV -3.4% (prices offering of 5,000,000 shares of its common stock at a price to the public of $3.50 per share), FSLR -2.2% (trading lower in symp with CSIQ), JKS -1.7% (trading lower in symp with CSIQ), UDR -1.6% (announced public offering of 2.9 mln shares of common stock), OMER -1.1% (following 70%+ move higher yesterday), AER -0.5% (American Intl (AIG) confirmed will sell remaining stake in AerCap)

Analyst comments: ESPR -1.7% (downgraded to Buy at Needham), MNRO -1.2% (downgraded to Sector Weight from Overweight at KeyBanc Capital Mkts), AFL -1% (downgraded to Underperform from Neutral at BofA/Merrill)

8:31 am Enzymotec Ltd. Granted U.S. Patent for INFAT to Promote Intestinal Development and Maturation (ENZY) :

INFAT, the innovative ingredient that is marketed by Advanced Lipids, a joint venture of AAK and Enzymotec, has been granted a patent by the United States Patent and Trademark Office for uses related to intestinal development, maturation, adaptation and differentiation.

• Developed specifically for infant formula, INFAT is a clinically-proven fat ingredient that closely resembles the composition, structure and nutritional value of natural fat in human breast milk that is necessary for proper infant health, development and comfort.

8:31 am S&P futures vs fair value: -5.10. Nasdaq futures vs fair value: -6.30. (:WRAPX) :

The S&P 500 futures trade five points above fair value.

Total CPI rose 0.1% (Briefing.com consensus +0.2%) in July while Core CPI, which excludes food and energy, also rose 0.1% (Briefing.com consensus +0.2%). On a year-over-year basis, total CPI is up 0.2% and core CPI is up 1.8%.

8:31 am PennyMac Mortgage announces $150 million share repurchase program (PMT) : Co announces that its Board of Trustees has authorized a share repurchase program under which the company may repurchase up to $150 million of its common shares. There is no expiration date and the authorization does not obligate the company to acquire any particular amount of common shares. "At the current price of our common shares, we believe that repurchase presents an attractive investment opportunity for PMT."

8:31 am Market View: Sep. eMini stock-index futures remain below fair vlaues but are off overnight lows here following the 8:30 am ET economic data points (:TECHX) :

• ESu5 now @ 2088.00 -6.00
  
  
• NQu5 now @ 4534.75 -9.25
  
  
• YMu5 now @ 17419 -63

8:31 am ePlus announces 500K share stock repurchase program (PLUS) : Co announced that its board of directors has authorized the Company to repurchase up to 500,000 shares of ePlus' outstanding common stock over a 12-month period commencing August 17, 2015. The Company's former repurchase plan expired June 15, 2015. ePlus had approximately 7.5 million shares of common stock outstanding as of July 31, 2015.

8:30 am HEICO acquires an 80.1% stake in Aerospace & Commercial Technologies; terms not disclosed (HEI) : Aerospace & Commercial Technologies is a provider of products and services necessary to maintain up-to-date F-16 fighter aircraft operational capabilities

8:29 am On the Wires (:WIRES) :

• QLogic (QLGC) announced a strategic distribution agreement with ASI, a distributor of solution building I/O and reference architecture blueprints. QLogic and ASI will work together to provide increased sales and profitability to resellers who deliver optimized server and storage networking infrastructure solutions
• Monster (MWW) and Milwaukee Journal Sentinel announced a renewed alliance to offer local recruitment content, career services and talent management solutions as pioneered by Monster through the Milwaukee Journal Sentinel Recruitment Team and JSOnline.com
• ANADIGICS, Inc. (ANAD) announced that the company is shipping production volumes of its AND0281 and AND0581S WiFi infrastructure front-end integrated circuits (FEICs) to Buffalo for the new WXR-1750DHP router
• The Corporate Solutions business of Nasdaq (NDAQ) and Visible Alpha announced an exclusive agreement to provide detailed analyst forecast data and models on the Nasdaq IR Insight platform. Through the partnership, select corporate executives and investor relations officers will gain the capability to compare and contrast the financial and operating assumptions of the sell-side analysts

8:27 am Gapping up (:SCANX) : Gapping up
In reaction to strong earnings/guidance: KTCC +9.6%, ADI +8.2%, BZUN +5.3%, TGT +4.4%, WB +4.1%, HRL +2.5%, SINA +1.1%, AEO +1.1%

M&A news: HILL +87.3% (to be acquired by Seagate Technology (STX) in an all-cash transaction valued $9.75 per share, or ~$694 mln)

Select Semi related names showing strength : SWKS +1.8%, AUDC +1.5%, NXPI +1.2%

Select metals/mining stocks trading higher: MTL +5.4%, KGC +2.5%, AUY +1.4%, HL +1.4%, ABX +1.2%, GG +1.2%, GDX +1.1%, NEM +0.9%

Other news: CRBP +49.5% (investigational drug Resunab has been granted Fast Track Status by the FDA for the treatment of systemic sclerosis),ACI +30.6% (Bloomberg discusses that Arch Coal (ACI) is attempting to appease lenders in debt swap terms),PTN +25.5% (FDA approval of peer Sprout Pharmaceuticals' sexual desire disorder drug ),CNET +22% (announced it has launched a new service, "The GOOD Business of China", along with Baidu (BIDU)),BTU +11.6% (in symp with ACI),VVUS +5.3% (disclosed the voluntary termination of Svai S. Sanford's employment as CFO and CAO effective September 30, 2015),CEMP +4.8% (announces FDA fast track designation for IV solithromycin to treat acquired bacterial pneumonia),ETRM +3.6% (received non-compliance notice from Nasdaq relating to minimum bid price requirement),TRGT +1.5% (shareholders approved merger with Catalyst Biosciences; expects merger to complete on August 20; combined co will be renamed Catalyst Biosciences and trade under symbol CBIO),YUM +1.2% (named Micky Pant as CEO of Yum Restaurants China, succeeding Sam Su), NBG +1.1% (Fitch upgrades Greece to 'CCC'),.

Analyst comments: FOGO +2.5% (upgraded to Overweight from Neutral at JP Morgan),MRVL +1.6% (upgraded to Buy from Neutral at Ladenburg Thalmann),TPUB +1.3% (upgraded to Neutral from Underperform at Macquarie),INTU +0.6% (upgraded to Buy from Hold at Deutsche Bank),KNX +0.6% (initiated with a Buy at Evercore ISI)

8:20 am European Yields (BONDX) :

Sovereign Yields Drift Lower

• The German Bundestag approved the third Greek bailout of 86 bln euro, as expected
• Whether Greek Prime Minister Alexis Tsipras will call early elections remains an open question
  • Tsipras garnered more support from some opposition parties for the deal that he negotiated with creditors than he did with Syriza, his own party
• Italian and Spanish 10-yr yields are showing more consistent divergence than they have in several months, with Spain trading at an 18-bp discount
• Yield Check:
  
  • France, 10-yr OAT: -1 bp to 0.97%
  • Germany, 10-yr Bund: -1 bp to 0.64%
  • Greece, 10-yr note: unch at 9.18%
  • Italy, 10-yr BTP: -1 bp to 1.79%
  • Portugal, 10-yr note: -2 bp to 2.45%
  • Spain, 10-yr ODE: -2 bps to 1.97%
  • U.K., 10-yr Gilt: -2 bps to 1.87%

8:16 am ChinaNet Online +20% on Baidu partnership news - see 7:56 (CNET) :  

8:10 am Lightbridge reports Q2 results; announces nuclear fuel development update (LTBR) :

• Co reports Q2 EPS ($0.08) vs ($0.11) year ago; revs -14.6% y/y to $0.298 mln (no estimates). Lightbridge expects increased demand for its advanced metallic nuclear fuel, due to incentives in the EPA Clean Power Plan, which was published in early August. Depending on fuel cycle length, Lightbridge's proprietary metallic fuel can provide 10% to 17% more power from existing pressurized water reactors (PWRs).
• Meetings have been held with large companies that fabricate nuclear fuel for the global market. "We planned to have a teaming agreement in place with one of these companies in 2017 or 2018 but current progress may lead to such an arrangement sooner than expected"
• "Over the next 12 to 15 months, we expect to incur ~$3.0 million in research and development expenses related to the development of our proprietary nuclear fuel designs.... Upon commercialization of our technology in the coming years, we believe the license and royalty fees from existing U.S. reactors alone will add significant value for shareholders."

8:06 am Target beats by $0.11, reports revs in-line; guides Q3 EPS in-line; raises FY16 EPS (TGT) :

• Reports Q2 (Jul) earnings of $1.22 per share, excluding non-recurring items, $0.11 better than the Capital IQ Consensus of $1.11; revenues rose 2.8% year/year to $17.43 bln vs the $17.4 bln consensus.
  • Comps +2.4% vs +2-2.5% guidance and +2.3% estimate, driven primarily by growth in comparable transactions.
  • Comparable sales in signature categories (Style, Baby, Kids and Wellness) grew three times faster than the company average, resulting in comparable sales growth of four to five percent in both Home and Apparel. Digital channel sales increased 30 percent, contributing 0.6 percentage points to comparable sales growth.
  • Digital channel sales grew 30 percent and contributed 0.6 percentage points to comparable sales growth.
• Co issues in-line guidance for Q3, sees EPS of $0.79-0.89, excluding non-recurring items, vs. $0.85 Capital IQ Consensus Estimate.
• Co issues upside guidance for FY16, raises EPS to $4.60-4.75, excluding non-recurring items, from $4.50-4.65 vs. $4.62 Capital IQ Consensus Estimate. 

8:05 am ProQR Therapeutics reports Q2 EPS loss of 0.37 vs EPS loss of 0.74 year ago (PRQR) : As of June 30, 2015, ProQR held cash and cash equivalents of 106.4 million, compared to 113.8 million at March 31, 2015.

8:04 am American Eagle beats by $0.03, beats on revs; guides Q3 EPS to the upside (AEO) :

Reports Q2 (Jul) earnings of $0.17 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.14; revenues rose 12.1% year/year to $797 mln vs the $769.4 mln consensus. reports Q2 comps +11% vs +HSD guidance and +8% estimate; Q2 gross profit rate 35.7% vs ~36% estimateTotal merchandise inventories at the end of the second quarter increased 4% to $409 million compared to $393 million last year. At cost per foot, inventory increased 5%, consistent with our guidance and below our sales growth rate. Third quarter 2015 ending inventory at cost is expected to be approximately flat.

Co issues upside guidance for Q3, sees EPS of $0.28-0.31, excluding non-recurring items, vs. $0.28 Capital IQ Consensus Estimate; expects comp store sales to increase in the mid-single digit range vs ~5% estimate

8:01 am Arotech announces that its North American Power System Division has been awarded a $6.7 mln task order from the Space and Naval Warfare Center Atlantic (ARTX) : Co announced today that its North American Power System Division, which includes UEC Electronics, has been awarded a $6.7 million task order from the Space and Naval Warfare Center (:SPAWAR) Atlantic. The contract awarded is for the manufacture and integration of 12 Communication Emitter Sensing and Attacking System (:CESAS) II Platform Integration Kits (:PIK). 

8:01 am CB&I awarded a contract valued at ~$60 mln for the U.S. Army Corps of Engineers (CBI) :  

8:01 am Diversified Restaurant Holdings signs an amended development agreement to open ten additional Buffalo Wild Wings restaurants in MI and FL over the next 5 years (BAGR) :  

7:58 am S&P futures vs fair value: -5.80. Nasdaq futures vs fair value: -7.60. (:WRAPX) :

U.S. equity futures trade modestly lower following another range-bound night that saw S&P 500 futures (-6 vs fair value) trade inside a ten-point range.

Meanwhile, Treasuries hold slim gains with the 10-yr yield down a basis point at 2.19%.

On the economic front, the weekly MBA Mortgage Index rose 3.6% to follow last week's 0.1% uptick while the July CPI report (Briefing.com consensus 0.2%) will be released at 8:30 ET. Also of note, the Federal Reserve will release the minutes from its July meeting at 14:00 ET.

In U.S. corporate news of note:

• Analog Devices (ADI 62.12, +4.22): +7.3% after beating estimates and guiding higher.
• Canadian Solar (CSIQ 21.95, -2.74): -11.1% after below-consensus guidance overshadowed better than expected results.
• Lowe's (LOW 72.00, -1.02): -1.4% after missing bottom-line estimates and reaffirming its guidance.
• Staples (SPLS 13.75, -0.40): -2.8% after reporting in-line results and guiding Q3 revenue below expectations. 

Reviewing overnight developments:

• Asian markets ended mixed. China's Shanghai Composite +1.2%, Japan's Nikkei -1.6%, and Hong Kong's Hang Seng -1.3%  
  • In economic data:
    • Japan's trade deficit widened to JPY370 billion from JPY250 billion (expected deficit of JPY160 billion) as imports fell 3.2% year-over-year (expected -7.9%; prior -2.9%) and exports rose 7.6% year-over-year (expected 5.5%; prior 9.5%). Separately, All Industries Activity Index +0.3% month-over-month (expected 0.4%; prior -0.5%)
    • South Korea's July PPI -0.3% month-over-month (prior 0.0%); -4.0% year-over-year (last -3.6%)
    • New Zealand's Q2 Input PPI -0.3% quarter-over-quarter (expected -0.5%; prior -1.1%) while Output PPI -0.2% quarter-over-quarter (consensus -0.2%; last -0.9%)
    • China's July Foreign Direct Investment +7.9% (prior +8.0%)
  • In news:
    • Japan's trade data showed the 11th consecutive month of increasing exports, paced by shipments to Europe and U.S.

• Major European indices trade lower across the board. Germany's DAX -1.2%, UK's FTSE -1.0%, and France's CAC -0.7%. Elsewhere, Italy's MIB -0.4% and Spain's IBEX -0.2%
  • Economic data was limited:
    • Eurozone June Current Account surplus expanded to EUR25.40 billion from EUR19.10 billion (expected surplus of EUR19.20 billion)
  • Among news of note:
    • The German parliament is expected to pass the third Greek bailout program, but there are signs of growing opposition to the package within Angela Merkel's coalition government.

7:56 am Asian Markets Close: Japan's Nikkei -1.6%; Hong Kong's Hang Seng -1.3%; China's Shanghai Composite +1.2% (:SUMRX) :

There was some wild trading action in China's Shanghai Composite, which dropped as much as 5.1% in early action but then rallied back in afternoon trading to end the day up 1.2%. Despite the reversal, most other markets looked put off by the volatility and ended lower on continue concerns about an economic slowdown in the region. On a related note, Japan's exports and imports were both better than expected in July but slowed from the prior month.

Economic Data

• Japan
  • July Trade Balance JPY -268.0 bln (expected JPY -57 bln; prior JPY -69 bln)
    • Exports +7.6% year-over-year (expected +5.5%; prior +9.5%)
    • Imports -3.2% year-over-year (expected -7.9%; prior -2.9%)
  • All Industries Activity Index +0.3% month-over-month (expected +0.4%; prior -0.5%)
• China
  • July FDI +7.9% (prior +8.0%)
• South Korea
  • July PPI -0.3% month -over-month (prior 0.0%); -4.0% year-over-year (prior -3.6%)
• Australia
  • MI Leading Index 0.0% month-over-month (prior 0.0%)

Equity Markets

• Japan's Nikkei declined 1.6% and ended at its low for the session. July trade data showed both exports and imports being better than expected but decelerating from the prior month. Losses were broad based and paced by the industrials (-2.8%), materials (-2.1%), and technology (-2.0%) sectors. Daiichi Sankyo (-5.4%), Advantest (-5.2%), and Sumco (-5.0%) were the weakest issues. Toshiba (+5.4%), Citizen Holdings (+3.2%), and Tokyo Gas (+1.6%) topped a small group of winners. Out of the 225 index members, 18 ended higher, 201 finished lower, and 6 were unchanged.
• Hong Kong's Hang Seng declined 1.3% and ended at its lows for the session, weighed down by volatility in the mainland markets and festering worries about an economic slowdown in the region. Cathay Pacific Airways (-7.7%), Galaxy Entertainment Group (-4.4%), and China Mengniu Dairy (-3.7%) paced the laggards while Lenovo Group (+4.3%), Li & Fung (+2.9%), and Sino Land (+1.4%) led a small group of winners. Out of the 50 index members, 5 ended higher, 44 finished lower, and 1 was unchanged.
• China's Shanghai Composite increased 1.2% after being down as much as 5.1% in early trading. The reversal came in the afternoon session and, according to Reuters, was spurred on by "state-backed" buyers. The Composite rallied as much as 5.2% in the final two hours of trading. The CSI 300 Index for its part jumped 1.6% in a similarly volatile session.
• India's Sensex increased 0.4%, bolstered by strength in the health care (+1.8%) and consumer discretionary (+0.9%) sectors. Sun Pharmaceuticals (+4.3%), Lupin (+2.5%), and Wipro (+2.4%) topped the list of winners while Hindalco Industries (-3.1%), State Bank of India (-2.4%), and Coal India (-2.3%) brought up the rear. Out of the 30 index members, 18 ended higher and 12 finished lower.
• Australia's S&P/ASX 200 increased 1.5%, led in part by a strong showing from the banks. The energy (+3.0%), consumer staples (+2.1%), and financials (+2.0%) sectors were the strongest areas overall. Out of the 200 index members, 128 ended higher, 65 finished lower, and 7 were unchanged.
• Regional advancers: Malaysia +0.2%, Thailand +0.3%, Philippines +0.2%
• Regional decliners: South Korea -0.9%, Taiwan -1.9%, Indonesia -0.6%, Singapore -0.3%, Vietnam -0.4%

FX

• USD/CNY +0.02% at 6.3956
• USD/INR -0.1% at 65.2688
• USD/JPY -0.04% at 124.36

7:56 am On the Wires (:WIRES) :

• ChinaNet Online Holdings, Inc. (CNET) announced it has launched a new service, "The GOOD Business of China", along with Baidu (BIDU), to connect domestic and global businesses with potential and qualified entrepreneurs in China
• Michaels (MIK) announced it has partnered with online DIY marketplace Darby Smart. The partnership will launch in September to bring Michaels products to Darby Smart, and Darby Smart's on-trend projects and online community to Michaels
• OneSubsea, a Cameron (CAM) and Schlumberger (SLB) company, was awarded a contract in the second quarter of 2015 to supply subsea processing systems for the Shell Offshore Inc. Stones development in the Gulf of Mexico. The award follows a Technology Qualification Program and will deliver the industry's first 15,000-psi subsea pump system, to be installed in the Gulf of Mexico
• Transgenomic, Inc. (TBIO) announced the launch of its MX-ICP EGFR Analysis lung cancer panel that covers key actionable mutations

7:42 am Overnight Treasury Summary (BONDX) :

Treasuries Steady Ahead of CPI

• U.S. Treasury coupon securities were mostly unchanged overnight as fears of contagion from China's RMB liberalization kept ASEAN-4 currencies and equities under pressure. While Chinese stocks took sharp intraday losses, they recovered by the end of the session. WTI crude continues to hover above $42/bbl
• Yield Check:
  • 2-yr: -1 bp 0.72%
    
  • 5-yr: unch at 1.58%
    
  • 10-yr: -1 bp to 2.19%
    
  • 30-yr: unch at 2.86%

• International News:
  • China's decision last week to allow market forces to play a larger role in the way that it calculates the daily fixes for the yuan continues to adversely affect its East Asian competitor nations
  • Japan's adjusted trade deficit unexpectedly widened to 268 bln yen in July from 69 bln in June
  • The All Industries Activity Index rose a less-than-expected 0.3% in June versus a decline of 0.5% in May
  • The eurozone's current account surplus grew more than expected to 25.4 bln euro in June from 19.1 bln euro in May
  • The Shanghai Composite declined as much as 4.3% before rallying back to finish up 1.1%
  • Eurozone finance ministers, who administer the European Stability Mechanism (:ESM), will finalize the Greek bailout on a conference call at 13:00 ET
  • Earlier this morning, German Finance Minister Wolfgang Schauble reiterated that there will be no outright haircut on Greek debt (implying that reducing the debt burden will be achieved via maturity extensions and interest rate reductions). This stance may eventually prove difficult to reconcile with the IMF's position that it will not participate in any Greek bailout without substantial debt relief. But, so far so good

  
  

  •  Data Out Today:
    • MBA Mortgage Index for the week ended 8/15 (07:00 ET)
      
    • July CPI and Core CPI (08:30 ET)
      
    • Crude Inventories for the week ended 8/15 (10:30 ET)
      
    • FOMC Minutes for the July meeting (14:00 ET)
      
    • Minneapolis Fed President Kocherlakota (non-FOMC voter) (20:20 ET)

7:39 am Hormel Foods beats by $0.02, misses on revs; raises FY15 EPS above consensus (HRL) :

• Reports Q3 (Jul) earnings of $0.56 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $0.54; revenues fell 4.2% year/year to $2.19 bln vs the $2.25 bln consensus.
  • Record volume sales, up 3%
  • Refrigerated Foods segment operating profit up 9% (including Applegate transaction costs of $8.6 million); volume up 2 percent; dollar sales down 11%.
• Co issues upside guidance for FY15, raises EPS to $2.57-2.63, excluding non-recurring items, from $2.50-2.60 vs. $2.54 Capital IQ Consensus.
• "Looking forward to the fourth quarter, we expect a strong finish to the year from our Specialty Foods segment with the fast-paced growth and improved cost structure of our MUSCLE MILK protein nutrition products. While Jennie-O Turkey Store will continue to show year-over-year declines due to the impact of avian influenza, we are pleased with our team's ability to navigate this difficult challenge. Our International segment will face headwinds in the pork export markets over the near term. We look for Refrigerated Foods and Grocery Products to continue to drive earnings increases with input cost tailwinds and growth in key value-added products." 

7:38 am Primoris Services announces a new underground award for a West Coast utility valued in excess of $20 mln (PRIM) : Construction is scheduled to start in the third quarter of 2015 and is expected to be completed by the end of 2017.

7:35 am Corbus Pharma's investigational drug Resunab has been granted Fast Track Status by the FDA for the treatment of systemic sclerosis (CRBP) : Corbus is scheduled to begin enrollment and dosing in its Phase 2 study of Resunab for the treatment of systemic sclerosis this quarter.

7:31 am Ebix announces new $100 mln share repurchase plan (EBIX) : This new share repurchase plan is in addition to the previously authorized $100 million share repurchase plan which is nearing full utilization. Since August 2014, the Company repurchased 4.3 million shares for approximately $90 million against the previously announced $100 million share repurchase plan.

7:30 am Lincoln Electric to purchase a group annuity contract from The Principal Financial Group (PFG) to settle $425 mln of its ~$900 mln in outstanding U.S. pension obligations (LECO) :

Under the agreement, The Principal will assume the obligation to pay future pension benefits starting November 1, 2015, for specified U.S. retirees and surviving beneficiaries who retired on or before June 1, 2015 and are currently receiving payments from Lincoln Electric's U.S. Retirement Annuity Program (:RAP).

• Once finalized, this annuity purchase is expected to reduce Lincoln Electric's U.S. pension obligation by approximately $425 million, or 47 percent. The purchase will be funded by existing plan assets and requires no cash contribution. The Company expects to incur a non-cash pension settlement charge of approximately $132 million in the third quarter.

7:30 am Antero Resources announces an agreement with Veolia Water Technologies to design and build a wastewater treatment complex in West Virginia (AR) :

The complex includes an initially designed 60,000 barrel per day facility that will allow Antero to treat and reuse flowback and produced water rather than permanently dispose of the water in injection wells. Antero will own the treatment assets including any ancillary facilities. The complex will be centrally located in Antero's footprint in the southwestern core of the Marcellus Shale play with the ability to serve the Company's development in both the Marcellus and Utica Shale plays.

• Antero will own the $275 million treatment complex, which is expected to take two years to build, and generate on a standalone basis $55 million to $65 million of EBITDA at full utilization three years following the in service date.
• The complex will allow Antero to treat and reuse flowback and produced water rather than permanently dispose of the water in injection wells

7:30 am Pacira Pharma appoints James B. Jones, MD, PharmD, to Chief Medical Officer (PCRX) : Jones was most recently vice president at The Medicines Company (MDCO), where he was responsible for the submission and approval of IONSYS (fentanyl iontophoretic transdermal system) in the US and for directing the delivery system's application and submission process in the European Union

7:02 am China Information Tech's Special Committee engages financial and legal advisors to evaluate the previously announced 'going private' offer (CNIT) :  

7:01 am Apricus Biosciences announces it is seeking a global partner for Femprox, the company's novel treatment for female sexual dysfunction (APRI) :  

7:01 am Cempra announces FDA fast track designation for IV solithromycin to treat acquired bacterial pneumonia (CEMP) :

The FDA has granted Fast Track designation for solithromycin intravenous (:IV) and capsules for the treatment of community acquired bacterial pneumonia (:CABP). Solithromycin is currently in Phase 3 development for the treatment of CABP and submission of a New Drug Application (:NDA) is planned for 2016.

• Additional clinical studies with solithromycin include a Phase 3 trial in uncomplicated gonorrhea that is expected to complete patient enrollment by the end of 2015, a Phase 2 trial in chronic obstructive pulmonary disease (:COPD), a Phase 2 trial in nonalcoholic steatohepatitis (NASH), and a Phase 1b trial in pediatric patients.

7:00 am Soligenix announces that the National Institute of Allergy and Infectious Diseases has exercised its option to advance the development of Soligenix's heat stabilized ricin toxin vaccine RiVax (SNGX) :

The overall objectives of the contract are to advance the development of Soligenix's thermostabilization technology, ThermoVax, combined with the company's ricin toxin vaccine, RiVax, as a medical countermeasure to prevent the effects of ricin exposure.

• The exercised option will provide Soligenix with an additional $2.7 million in funding. If all contract options are exercised, the total award of up to $24.7 million will support the preclinical, manufacturing and clinical development activities necessary to advance heat stable RiVax with the US Food and Drug Administration (:FDA).

6:50 am Citi Trends beats by $0.13, reports revs in-line, initiates quarterly dividend of $0.06/share, announces $15 mln share repurchase program (CTRN) :

Reports Q2 (Jul) earnings of $0.01 per share, $0.13 better than the Capital IQ Consensus Estimate of ($0.12); revenues rose 6.1% year/year to $153.88 mln vs the $153.7 mln consensus. 

• The Company also announced that its Board of Directors approved the initiation of a cash dividend payment at an annual rate of $0.24 per share and a share repurchase program of up to $15 million. The first quarterly dividend payment of $0.06 per share will be paid on September 15, 2015, to stockholders of record as of September 1, 2015.
• Comparable store sales increased 3.9% in the quarter.

6:32 am Yingli Green Energy receives a notice of non-compliance with the NYSE minimum bid price rule (YGE) : Co expects to notify the NYSE of its intent to cure its ADSs' price deficiency within the applicable time period required.

6:31 am Vical reports that the US FDA has granted a qualified infectious disease product designation to its VL-2397 candidate (VICL) : Co stated: "We plan to file an investigational new drug application (IND) and initiate a Phase 1 clinical trial for VL-2397 in the first half of 2016."

6:27 am Auris Medical misses by $0.12 (EARS) :

• Reports Q2 (Jun) loss of CNF 0.34 per share, CHF 0.12 worse than the Capital IQ Consensus Estimate of (CHF 0.22). 
• Auris Medical initiated preparations for a second pivotal trial with AM-111 in ISSNHL. The trial, called ASSENT, will be conducted primarily in North America and is expected to begin enrolling patients in the first half of 2016.

6:08 am Staples reports EPS in-line, revs in-line; guides Q3 EPS in-line, revs below consensus; remain on track with the acquisition of Office Depot (ODP) to close by the end of 2015 (SPLS) :

Reports Q2 (Jul) earnings of $0.12 per share, in-line with the Capital IQ Consensus Estimate of $0.12; revenues fell 5.4% year/year to $4.94 bln vs the $4.96 bln consensus.

• Total Comparable sales (includes comparable store sales and Staples.com sales): -2%
  • Comparable store sales: -3%
  • Staples.com local currency sales growth: +1%
    

 Guidance

• Co issues mixed guidance for Q3, sees EPS of $0.33-0.36 vs. $0.35 Capital IQ Consensus Estimate
• Co sees Q3 revs of decrease vs 3Q14 of $5.66 bln vs. $5.73 bln Capital IQ Consensus Estimate.
• The company's guidance reflects a sequential increase in the unfavorable impact of the stronger U.S. dollar on sales and earnings.

6:08 am Petrobras Brasileiro reports its oil and natural gas production in July (PBR) : The co announces that its average production of oil and natural gas, in Brazil and abroad, was 2.796 million barrels of oil equivalent per day (boed) in July 2015, an increase of 1.8% compared to June, when the volume produced was 2.746 million boed. This production is 3.6% higher than the registered in July 2014 (2.699 million boed). On July 8, pre-salt daily production record reached 865 thousand bpd. The monthly production hit 798 thousand bpd, 6.9% higher than historical record in June. On July 8, pre-salt daily production record reached 865 thousand bpd. The monthly production hit 798 thousand bpd, 6.9% higher than historical record in June.

6:07 am Lowe's misses by $0.04, reports revs in-line; reaffirms FY16 EPS guidance, revs guidance; Q2 comps +4.3% (LOW) :

• Reports Q2 (Jul) earnings of $1.20 per share, $0.04 worse than the Capital IQ Consensus Estimate of $1.24; revenues rose 4.5% year/year to $17.35 bln vs the $17.28 bln consensus. Co reported Q2 comps of +4.3%.
• Co reaffirms guidance for FY16, sees EPS of $3.29 vs. $3.28 Capital IQ Consensus Estimate; sees FY16 revs of +4.5-5.0% to ~$58.75-59.0 bln vs. $58.82 bln Capital IQ Consensus Estimate. Co sees that FY16 Comparable sales are expected to increase 4 to 4.5%. The company expects to add 15 to 20 home improvement and hardware stores.

6:01 am United Therapeutics to sell its Rare Pediatric Disease Priority Review Voucher to Abbvie (ABBV) for $350 mln in cash (UTHR) : United Therapeutics received the PPRV when Unituxin was approved by the U.S. Food and Drug Administration for the treatment of neuroblastoma, a rare pediatric disease. Upon closing of the transaction, United Therapeutics will receive $350 million in cash in exchange for the PPRV. The voucher was awarded by the FDA under a provision that encourages development of new drugs and biologics for the prevention and treatment of rare pediatric diseases.

6:01 am Ku6 Media receives non-compliance notice from Nasdaq relating to minimum bid price requirement, has until February 16 to regain compliance (KUTV) :  

6:00 am TICC Capital: Nexpoint Advisors submits a proposal to the Board of Directors, seeking to become the next investment adviser for the company (TICC) :

The group submitted a management proposal to the Board of Directors, to become the next investment adviser for the company. The proposal included the following key terms:

• A 50% reduction in the Company's current base management fee for three years, representing savings to the Company worth approximately $30 million in aggregate, based on the Company's March 31, 2015 AUM. Other than this reduction in fees, NexPoint proposes to manage the Company pursuant to the same form of investment advisory agreement as is currently in place with the Current Adviser.
• An additional waiver on the first $5 million of management fees.
• An investment of up to $10 million in the Company's common stock in open market transactions

6:00 am Principal Fincl names Daniel J. Houston President and CEO effective August 18, 2015 (PFG) : Larry Zimpleman will continue to serve as executive chairman of the board and advise Dan as he takes on his new responsibilities.

5:50 am S&P futures vs fair value: -5.60. Nasdaq futures vs fair value: -9.60. :

5:50 am European Markets : FTSE...6471.50...-54.80...-0.80%.  DAX...10792.60...-124.10...-1.10%.

5:50 am Asian Markets : Nikkei...20222.63...-331.80...-1.60%.  Hang Seng...23167.85...-307.10...-1.30%.

5:40 am On The Wires (:WIRES) :

• Manchester United (MANU) has today announced a ground breaking partnership with Donaco International Limited, a prominent casino resort company in Asia. 
• Learning A-Z, a business unit of Cambium Learning Group (ABCD), announced the opening of the annual Virtual Teacher Store that offers worldwide back-to-school discounts on its award-winning learning products.
• ADTRAN (ADTN) announced the integration of a captive portal and wireless video delivery into the ADTRAN Gigabit service architecture.

5:38 am Remark Media acquires Vegas.com; terms not disclosed (MARK) :

Remark Media announced the acquisition of Vegas.com, the premiere online travel booking site for the Las Vegas market. Terms of the deal were not disclosed, but Remark will expand the well-established brand's presence through the development of key partnerships, Remark's goal is to make Vegas.com the go-to booking destination for new millennial travelers.

• Remark is currently working on deals that will be announced after the acquisition is finalized in mid-September.

5:36 am Pretium Resources reports third set of results from an underground infill drill program in the Brucejack Project's Valley of the Kings; stope definition drilling is now underway from two underground drill bays (PVG) :

Co reports a third set of results from an underground infill drill program in the Brucejack Project's Valley of the Kings. Stope definition drilling is now underway from two underground drill bays, the 1320 drill bay and the 1310 drill bay. Results continue to confirm the style and grade distribution of the gold mineralization in the area currently being tested, which includes the intersection of high grade and visible gold.
Selected drill highlights include:

• Hole VU-459 intersected 154.13 grams of gold per tonne uncut over 14.60 meters, including 4,470 grams of gold per tonne uncut over 0.50 meters
• Hole VU-463 intersected 29.94 grams of gold per tonne uncut over 29.50 meters, including 1,690 grams of gold per tonne uncut over 0.50 meters
• Hole VU-445 intersected 81.08 grams of gold per tonne uncut over 6.76 meters, including 1,080 grams of gold per tonne uncut over 0.50 meters

5:34 am CNOOC signs 2 production sharing contracts with Roc Oil (CEO) :

Co announced that it has signed two production sharing contracts with Roc Oil Company for Blocks 16/07 and 03/33 in the South China Sea.

• The two blocks mentioned above are located in the Pearl River Mouth Basin in the South China Sea. Block 16/07 covers a total area of 2,743 square kilometers and has a water depth of approximately 100 meters. Block 03/33 covers a total area of 2,367 square kilometers and has a water depth of 65-145 meters.
• According to the terms of the PSCs, ROC shall act as the operator during the exploration period and conduct exploration activities in the two blocks mentioned above, in which all expenditures incurred will be borne by ROC.
• Once entering the development phase, CNOOC has the right to participate in up to 51% of the working interest in any commercial discoveries of the blocks.

4:29 am On The Wires (:WIRES) :

• Millicom, (MIICF) announced that Tigo Pesa, its Mobile Financial Services in Tanzania, has joined with WorldRemit. The partnership will enable the Tanzanian diaspora to directly send money to families and friends back home through their smartphones, tablets and computers.
• Alcatel-Lucent (ALU) is transforming Telefonica's (TEF) fixed and mobile networks with its IP technology and services expertise to meet growing consumption of data and video by its customers -- while ensuring optimal operational cost and efficiency.
  

3:33 am On The Wires (:WIRES) :

• Tile, makers of a tiny Bluetooth tracker and accompanying app, announced new hardware and an app update that includes the easiest Find Your Phone solution on the market. Tile will be sold in all 3,000+ T-Mobile (TMUS) locations in the US starting today.
• Accenture (ACN) has implemented the NetSuite OneWorld cloud-based enterprise resource planning solution at Thames Tideway Tunnel, the company set up to build and maintain the "super-sewer" project in London.

3:32 am UBS complets SESTA procedure; expects date of payment of supplementary dividend of CHF0.25 per share on Sep 22 (UBS) :

Following the completion of the 2014 exchange offer by UBS Group AG to acquire all issued shares of UBS AG, UBS Group AG filed a request with the Commercial Court of the Canton of Zurich for a procedure under article 33 of the Swiss Stock Exchange Act, pursuant to which all UBS AG shares that remain publicly held will be cancelled and UBS Group AG shares will be delivered as compensation.

• The Commercial Court of the Canton of Zurich has now declared UBS AG shares of the remaining minority shareholders to be invalid. As a result holders of UBS AG shares will be compensated through the delivery of UBS Group AG shares on a share-for-share basis in accordance with the exchange ratio of the 2014 exchange offer.
• UBS expects the last trading day of UBS AG shares on SIX Swiss Exchange to be 27 August 2015, after which the shares will be delisted from the SIX Swiss Exchange. The settlement and delivery of UBS Group AG shares as compensation to remaining UBS AG shareholders is scheduled to take place on or around 1 September 2015.UBS Group AG plans to distribute the supplementary dividend of CHF 0.25 per share, to UBS Group AG shareholders on 22 September 2015.

3:26 am On The Wires (:WIRES) :

• LP Building Products (LPX) announced the redesign of its European and Australian websites, LPCorp.com/EU and LPCorp.com/AU, respectively. Among many of the new features, each website's responsive, mobile-compatible design creates seamless viewing of content from any device, and a new user interface makes navigating the websites simpler.
• United Community Banks (UCBI) announced the approval of the merger and the results of the elections made by the shareholders of Palmetto Bancshares (PLMT), as to the form of merger consideration they wish to receive in connection with the merger of Palmetto with and into United.
• Aliyun, Alibaba Group's (BABA) cloud computing arm, announced that it will establish a new cloud data center in Singapore. Its headquarters for overseas business will also be based out of Singapore to drive Aliyun's overseas expansion plan. Scheduled for an early September launch, the Singapore facility will be the seventh globally.

3:12 am AerCap: American Intl (AIG) confirmed will sell remaining stake in AerCap (AER) :

• American International Group priced the sale of 10,677,702 ordinary shares of AerCap (AER) by means of an underwritten public offering.
• Closing of this transaction is scheduled for August 24, 2015 and is subject to customary closing conditions. AIG will receive net cash proceeds of ~$500 mln . After the closing, AIG will not own any ordinary shares of AerCap.

3:06 am MediciNova prices offering of 5,000,000 shares of its common stock at a price to the public of $3.50 per share (MNOV) :  

2:57 am WABCO Holdings enters long-term supply agreements with new customer based in China (WBC) :

Co announced that it has entered into several long-term supply agreements with JMCH, a new customer and an established major truck manufacturer based in China that is expanding into the heavy-duty truck segment.

• WABCO's new business involves wheel-end solutions, including air-disc brakes, as well as conventional brake valves, other brake components and clutch servo technology.
• WABCO will support two new and separate platforms for the customer's different brands of medium- and heavy-duty trucks.
• Series production is planned to begin in three years for the Chinese market and expected export to Southeast Asia.