• COTY (29.49 -6.46%): Announced the signing of a definitive agreement to merge The Procter & Gamble Company's (PG) fine fragrance, color cosmetics, and hair color businesses into Coty through a tax-free Reverse Morris Trust transaction
• KSS (62.37 -3.44%): Filed a mixed securities shelf offering for an undisclosed amount
• LB (83.81 -2.54%): Reported comparable store sales for the five weeks ended July 4, 2015, increased 3%

• NBG (1.05 +18.78%): Renewed optimism that Greece will soon submit realistic reform proposals
• YZC (6.33 +17.66%): Strength in mid-cap Chinese companies: SMI, WB, CMCM, JMEI, SINA, YOKU, MOMO also higher
• RARE (108.79 +9.86%): Released positive interim data from the first 12 patients in the ongoing pediatric Phase 2 study for its recombinant human monoclonal antibody KRN23 against fibroblast growth factor 23 (FGF23) for the treatment of X-linked hypophosphatemia; initiated with a Market Outperform at JMP Securities, target $119

• IDTI (19.34 -5.43%): Weakness in semiconductor stocks following downside guidance from QLogic (QLGC); ALTR, MLNX, AVGO, MRVL also lower
• RBA (27.5 -3.44%): Yesterday co reported June 2015 gross auction proceeds declined 0.5% from prior year to $561 mln
• NUS (41.88 -3.10%): Hearing JP Morgan cut its EPS estimates for 2015 and 2016 and lowered its price target

1:04 pm Auction out (BONDX) : Auction Results

• The $13 billion 30-year bond auction (reopening) was met with lackluster demand, tailing 1.4 bps
• Auction results:
• High yield: 3.084%
• Bid-to-cover: 2.23
• Indirect bid: 51.1%
• Direct bid: 8.1%
• Average results of prior 12 30-year auctions:
• High yield: 2.94%
• Bid-to-cover: 2.40
• Indirect bid: 49.1%
• Direct bid: 15.8%

1:03 pm CBS and Sinclair Broadcast Group (SBGI) renew station affiliation agreements for 16 markets in the US, covering ~7 mln households (CBS) :  

1:02 pm Fiat Chrysler reports that it will invest more than $166 mln in three new press lines at its Sterling Stamping Plant in Michigan, to support increased production (FCAU) : The new press lines - already under construction - are expected to begin production in the fourth quarter of 2015 and will reach full volume in the first half of 2016

12:53 pm Midday Market Summary: Cyclical Sectors Lead (:WRAPX) : The major averages sport midday gains, but it is worth pointing out that the market has spent the entire first half in a slow retreat from opening highs. Still, the S&P 500 remains higher by 0.7%, trying to stay above its 200-day moving average (2,056), which has been a focal point throughout the week.

Equities spiked at the start after the overnight session featured some improving investor sentiment after China's Shanghai Composite rebounded, climbing 5.8%. The advance occurred as officials in China continued introducing measures aimed at halting the stock market slide with reports indicating a special taskforce targeting "hostile short-sellers" will be established by China's Public Security Ministry and China Securities Regulatory Commission.

In addition, optimistic-sounding remarks from top Eurozone officials have also contributed to the opening strength. To that point, European Council President Donald Tusk said he expects Greece to submit concrete, realistic reform proposals today. Mr. Tusk continued, saying the proposals must be matched by an offer from creditors that addresses debt sustainability.

Eight of ten sectors hold midday gains with cyclical groups in the lead after showing relative weakness yesterday. Financials (+0.8%) and industrials (+0.8%) trade ahead of the broader market with the industrial sector receiving help from transport stocks. The Dow Jones Transportation Average has climbed 0.9% with all 20 components showing gains at this juncture. JB Hunt (JBHT 83.95, +1.70) leads, trading higher by 2.1% after Longbow upgraded the stock to 'Buy' from 'Neutral.'

Elsewhere, the health care sector (+0.8%) is the lone outperformer on the countercyclical side thanks in part to biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 367.92, +5.14) trades up 1.4%, which has helped the Nasdaq Composite stay ahead of the broader market.

That being said, the Nasdaq has been able to overcome losses among chipmakers with the PHLX Semiconductor Index trading lower by 0.5% today and down 4.9% for the week. For its part, the broader technology sector (+0.6%) has kept pace with the broader market even though its top component-Apple (AAPL 122.63, +0.06)-has returned to its flat line not long ago.

Treasuries hover near their lows after a steady slide that began overnight. The 10-yr yield is higher by eight basis points at 2.27%.

Today's economic data was limited to weekly Initial Claims, which increased to 297,000 for the week ending July 4 from an upwardly revised 282,000 (from 281,000) while the Briefing.com consensus expected a decrease to 276,000. Today's reading represented the highest level since the end of February when claims briefly surpassed 300,000.

The Department of Labor reported that there were no special factors that impacted the latest claims reading, but it is possible that the Independence Day holiday factored into the increase.

12:44 pm Sector leadership & out-performance here moving through midday trading now seen in Pharma- XLV, Energy- XLE, & Financials- XLF (SPY) :

• SPX now +12

12:14 pm New Supply on the Way (BONDX) : Treasury Auction Preview

• $13 Bln 30-Year Bond Auction (Results at 13:00 ET)
• 5 of the last 6 bond auctions have tailed, meaning that the high yield of the auction ends up being greater than the yield of the when-issued security (which begins trading after the announcement of the auction, 7/02 for this auction) just prior to the release
• Prior auction results:
• High yield: 3.138%
• Bid-to-cover: 2.54
• Indirect bid: 52.0%
• Direct bid: 14.40%
• Average results of prior 12 30-year auctions:
• High yield: 2.94%
• Bid-to-cover: 2.40
• Indirect bid: 49.1%
• Direct bid: 15.8%
• Yield Check:
• 2-yr: +4 bps to 0.58%
• 5-yr: +6 bps to 1.55%
• 10-yr: +8 bps to 2.27%
• 30-yr: +9 bps to 3.06%

12:06 pm 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:+2.3%
• France's CAC:+2.6%
• Spain's IBEX:+2.7%
• Portugal's PSI:+4.0%
• Italy's MIB Index:+3.5%
• Irish Ovrl Index:+2.0%
• Greece ASE General Index: CLOSED

11:45 am Stocks/ETFs that traded to new 52 week highs/lows this session - New lows (109) outpacing new highs (49) (:SCANX) : Stocks that traded to 52 week highs: ABCD, ABCW, ADMS, AEC, ANAC, AYI, BHBK, BNCN, BOOT, BSET, CACC, CLGX, CNMD, CPK, CRV, DIS, EA, ESNT, EVI, FL, GKNT, GME, GNCMA, GWRE, HSP, JNP, LEN.B, MKTX, MYCC, NEO, NGHC, NVAX, NVR, OMG, PGR, PLL, PSCC, RARE, RE, RRGB, SIXD, SNA, SREV, TPX, TYL, ULTA, VIRT, WSFS, WST

Stocks that traded to 52 week lows: ACV, ADAT, AEZS, AGI, AHC, AIRM, AIXG, ALLT, AMD, AQXP, ASTI, AUY, AXON, BIOA, BIOD, BLT, CAE, CALX, CAR, CH, CIG, CLW, CNS, CP, CRDS, CUI, DCI, DDC, DDD, DRWI, DTEA, EGO, ENPH, EOX, EVAL, EVY, FELP, FOR, FTEK, FTR, GALT, GIGM, GLPW, GOL, GWR, HMY, HTZ, IDN, IIIN, INTX, INVE, IPI, JASN, JOY, KRO, LINC, LOR, MEI, MILL, MKTO, MNTX, MOLG, MU, MVO, NATH, NFEC, NFG, NJV, NRG, NRP, NTAP, NTL, NTN, OESX, OFG, PAAS, PBM, PGH, PLPC, PNX, POT, PPT, PRI, PSUN, QUAD, RAS, RDEN, RNWK, RYAM, SLW, SMT, SRT, SVM, SVU, SZC, TGD, TKR, TTHI, TYPE, UNIS, URRE, VII, VLT, VMEM, VPCO, WG, WHLR, XBIT, XRA

ETFs that traded to 52 week highs: none

ETFs that traded to 52 week lows: PALL, PPLT

11:33 am The ONE Group enters into an agreement with SBEEG Holdings to acquire the Katsuya and Cleo restaurant brands, for $75 mln in cash and 200K warrants excercisable at $5/share (STKS) :  

11:25 am 9 of 10 SPX sector ETFs advance moving towards late-morning paced by XLF +1.2%, XLV +1.1%, XLY +1.1%, & XLI +1.1% (SPY) :

• Utilities- XLU -0.70% the lone decliner here.
  
  
• SPX +20

11:21 am Blue Square-Israel announces the resignation of David Wiessman as a Board member effective immediately, due to his disagreement with the Board's decisions (BSI) : Co announced the resignation of David Wiessman as a member of the Company's board of directors effective immediately, due to his disagreement with the decisions of the board of directors. Mr. Wiessman served as a director of the Company since 2003 and as Executive Chairman of the Board of Directors from November 2005 until January 2013. He also served as Chief Executive Officer from January 2013 until March 2015.

11:11 am Currency Commentary: DXY Holding 96 (:SUMRX) :

• The Dollar Index tested the 96 level for support overnight. It was able to firmly hold that level and push back into the mid range  of 96. Since then it has been bouncing around in a relatively tight range of 96.30-96.60. Economic data remains light which has put Fed speakers at the forefront. Yesterday afternoon the Fed provided its minutes from the June 17 meeting which were slightly more hawkish then many had expected. At the forefront was the Fed's concern over International issues and Greek in particular. This has set the stage for the tomorrow's highly anticipated speech from Fed Chair Janet Yellen.
• For the euro, Greece remains the key as we approach what appears to be an 'end game meeting' on Sunday. The euro has been holding just above the 1.10 level over the course of the trading session. Markets do appear a little more upbeat about the potential for a deal to be struck by the two sides on Sunday. But the enthusiasm is certainly muted as we have been down this road before only to be met with disappointment. 
• The pound appears ready to halt the two week decline that has erased approx 3% of its value against the dollar. Signs of a deal in Europe are helping provide a base here for the pound. The 1.5350 level is also showing signs of being a sturdy technical support level. The Bank of England met today but did not make any changes to its rates or purchase programs as widely expected. 
• The yen is running into some resistance at the 121 level. In general, the yen remains one of the quieter assets in an otherwise extremely volatility market. The yen has continued to trade in the 125-120 area and it appears ready to maintain that area for the foreseeable future. Economic data was slightly better than expected today with the Core Machine Orders and Preliminary Machine Tool Orders both outpacing expectations (BONDX, FOREX).
  

11:05 am Spark Energy acquires retail energy company, CenStar Energy for $8.3 mln; in addition to expanding and amending its credit facility (SPKE) : The purchase price of CenStar is $8.3 million, subject to working capital adjustments. As part of the transaction, $2.1 million will be financed by an affiliate of Spark's founder and majority shareholder in the form of a 5% convertible subordinated note with a term of five years. The convertible subordinated note is convertible into shares of Class B common stock of Spark, along with units of Spark HoldCo, LLC, at a conversion price of $16.57.

• In conjunction with the acquisition of CenStar Energy, Spark also announced today that it has amended and upsized its senior credit facility. The previous $70.0 million senior secured revolving working capital credit facility increased to $85.0 million and now includes a line of credit to be used specifically for the financing of M&A transactions, including the closing of the Oasis acquisition which is expected later this quarter
  

10:59 am Spartan Motors unit Spartan Motors USA agrees to pay a $1 million fine to the National Highway Traffic Safety Administration, regarding its early warning and defect reporting (SPAR) : Co has agreed to pay a $1 million fine over a three year period to the National Highway Traffic Safety Administration (:NHTSA) and will complete performance obligations including compliance and regulatory practice improvements, and industry outreach, valued at $3 million.

• Under the terms of the settlement, an additional $5 million will be held in abeyance for three years, and will be forgiven following the fulfillment of the obligations agreed upon with the NHTSA.
  

10:24 am Market View: SPY, QQQ, DIA, & IWM all pullback to new reg. session lows in recent trade (:TECHX) :

• SPX +18
  
  
• DJI +166
  
  
• COMPQ +53

10:20 am INTL FCStone announces arrangement of $155 mln of debt facilities for Hyundai (HYMTF) Merchant Marine division (INTL) :

• Co announces that the investment banking group of its Broker-Dealer Division acted as the exclusive financial adviser, together with Hyundai Securities of South Korea, to Hyundai Merchant Marine  in arranging $155 million of debt facilities for Hyundai Merchant Marine.
  

10:17 am Phoenix Cos issues a statement in response to the S&P placement of its Phoenix Life Insurance and PHL Variable Insurance companies on Creditwatch (PNX) : Co stated: "S&P's announcement today follows our recently executed reinsurance treaty and disclosed expectation to de-stack our insurance company subsidiaries. The pending de-stacking results from discussions with the company's regulators related to the reinsurance treaty. The reinsurance treaty provides significant capital enhancements to both PLIC and PHL Variable. As S&P evaluates the de-stacking, we will provide information necessary for it to assess and rate Phoenix. We continue to believe the reinsurance treaty and de-stacking will create a more streamlined regulatory structure and further strengthen the enterprise." Co expects to de-stack its insurance company subsidiaries by July 31, 2015

10:15 am Natl Bank of Greece confirmed bank holiday and all its accompanying measures are extended until and including July 13th 2015 (NBG) :  

10:04 am Voya Financial announces that its Retirement business has recently started providing plan administration services for the DaVita (DVA) Retirement Savings Plan (VOYA) :

• The plan, which transitioned to Voya's administration platform on May 1, 2015, represents ~$1.2 bln in assets and 60,500 participants.
  

10:02 am Time signed a LT lease agreemnent at Industrial City in Brooklyn, NY; ~300 employees in co's Technology, Content Solutions and Editorial Innovation department will move to new facility (TIME) :  

9:56 am Market View: Strong sector gains for Solar- TAN, Social Media- SOCL, Energy- XOP, FCG, IEO, Steel- SLX, & Coal- KOL (:TECHX) :

• SPX +22
  
  
• DJI +200
  
  
• COMPQ +60

9:40 am Opening Market Summary: Cyclical Sectors Lead Opening Advance (:WRAPX) : As expected, the major averages spiked out of the gate amid broad-based strength. The S&P 500 trades higher by 1.3% with all ten sectors showing opening gains.

Growth-sensitive sectors underperformed yesterday, but all six cyclical groups trade in-line with or ahead of the broader market. The energy sector (+1.6%) holds the early lead thanks to a 3.3% spike in crude oil, which trades at $53.34/bbl. Meanwhile, top-weighted groups like technology (+1.3%) and financials (+1.4%) trade near the S&P 500.

Elsewhere, Treasuries have slipped to new lows, pushing the 10-yr yield up eight basis points to 2.28%.

9:33 am Firm start to reg. session trading as SPY, SPX gap up & trade back above the widely watched 200d moving avg. after closing below it yesterday; SPX +26 (SPY) :  

9:32 am Praxair acquires two independent distributors of industrial and specialty packaged gases and related supplies, Cryospec and Garland Welding Supplies; details not disclosed (PX) : The companies had combined 2014 annual sales of about $10 million

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

• Verifone (PAY) announced the appointment of Steve Aliferis as president of Asia Pacific. Additionally, the company announced the appointment of Arthur Jiang as senior vice president and general manager for China
  
• Tyler Technologies (TYL) has signed an agreement with New Hanover County, North Carolina, for Tyler's CLT Appraisal Services to appraise all residential, agricultural, commercial, exempt and industrial properties in the county. New Hanover County selected Tyler to complete the reappraisal after a competitive
  
• Overstock.com (OSTK) announces its online Farmers Market store has now partnered with local farmers across the U.S. to provide fresh-grown foods to consumers across ZIP codes in 35 states
  
• UPS (UPS) announced that it has opened its new Global Business Services center in the city of Lodz, making it the second GBS center of its kind in the country
  
• Xoom Corporation (XOOM) announced that it has launched Xoom Mobile Reload, a service that allows customers to instantly send airtime credit online from the U.S. to prepaid mobile phones in 22 countries
  
• Mattson Technology (MTSN) announced that its latest dry strip product, the Suprema XP, has been installed and released for high volume production at multiple memory production facilities
• Tenneco (TEN) announced today that Jaguar Land Rover (TTM) has chosen Tenneco's suspension technology for its all-new XE sports sedan.
  
  

9:29 am Perry Ellis at Shareholder Meeting sees Q2 adj. EPS at high end of prior range: break even vs. ($0.03)-0.00 prior (PERY) :  

9:20 am Terreno Realty announces Q2 operating, investment and capital market activities (TRNO) : As of June 30, 2015, Terreno Realty Corporation owned a total of 137 buildings aggregating approximately 10.5 million square feet, which were approximately 94.4% leased to 317 tenants.

• During the second quarter of 2015, Terreno Realty Corporation acquired two industrial properties consisting of two buildings containing approximately 150,000 square feet for an aggregate purchase price of approximately $14.4 million. Year-to-date, Terreno Realty Corporation acquired 17 industrial buildings aggregating approximately 1.5 million square feet for an aggregate purchase price of approximately $178.2 million with a weighted average stabilized cap rate of approximately 5.8%. 
• During the second quarter of 2015, Terreno Realty Corporation sold one industrial property located in Fremont, California for a sale price of approximately $13.4 million, generating an estimated unlevered internal rate of return of approximately 15.1%. 
• During the second quarter of 2015, Terreno Realty Corporation issued an aggregate of 136,600 shares of common stock at a weighted average offering price of $22.85 per share, receiving gross proceeds of approximately $3.1 million
  

9:17 am USA Truck appoints Thomas Glaser as Chief Executive Officer and President (USAK) : Former CEO and director John M. Simone has resigned so he can continue focusing on improving his health. Glaser, a USA Truck director, served as interim chief operating officer since April 6, 2015, when  Simone took a medical leave

9:15 am Home Federal Bancorp Inc of Louisiana increases its quarterly dividend by 14% to $0.08/share (HFBL) :  

9:11 am S&P futures vs fair value: +22.90. Nasdaq futures vs fair value: +54.70. (:WRAPX) : The stock market is on track to register solid gains at the open as S&P 500 futures trade 23 points above fair value.

Index futures marched higher throughout the night, receiving a boost from improving investor sentiment after China's Shanghai Composite rebounded, climbing 5.8%. It is worth noting that officials in China continued introducing measures aimed at halting the stock market slide with reports indicating a special taskforce targeting "hostile short-sellers" will be established by China's Public Security Ministry and China Securities Regulatory Commission.

Moving on, European markets sport broad gains after European Council President Donald Tusk said he expects Greece to submit concrete, realistic reform proposals. Mr. Tusk continued, saying the proposals must be matched by a realistic offer from creditors on debt sustainability. Mr. Tusk is the latest official to signal a shift in favor of debt restructuring after the International Monetary Fund did the same last week.

Speaking of the IMF, a recent headline indicates the Fund has cut its 2015 global GDP growth forecast to 3.3% from 3.5% while reducing its outlook for the U.S. to 2.5% from 3.1%.

U.S. Treasuries have retreated with the 10-yr yield climbing seven basis points to 2.26%.

On the corporate front, Alcoa (AA 10.60, +0.10) trades up 1.0% after reporting a bottom-line miss on better than expected revenue. The company reaffirmed its global aluminum demand growth forecast of 6.0%. Elsewhere, PepsiCo (PEP 97.80, +2.19) has climbed 2.3% after beating estimates and raising its earnings growth forecast.

9:10 am Babcock & Wilcox announces it was selected by NASA for the Synergy Achieving Consolidated Operations & Maintenance contract; maximum potential value is $1.2 bln (BWXT) : Co announces the Syncom Space Services (S3) team, comprised of PAE Applied Technologies and BWXT Nuclear Operations, was selected by NASA for the Synergy Achieving Consolidated Operations & Maintenance contract. If all options are exercised, the maximum potential value for S3 is $1.2 bln. The S3 contract includes a one-year base period that begins October 1. An additional seven option periods are available, bringing the total possible contract length to nine years and five months.

9:09 am Dangdang announces the receipt of a preliminary non-binding 'going private' proposal for $7.812/ADS (DANG) : Co has received a non-binding proposal letter, from  Peggy Yu Yu, Chairwoman of the Board, and Guoqing Li, director and Chief Executive Officer of the Company , proposing a "going-private" transaction to acquire all of the outstanding ordinary shares of the Company not already beneficially owned by the Buyer Group for $7.812 in cash per American depositary share ("ADS"), each representing five common shares.

• According to the proposal letter, the Buyer Group intends to fund the consideration payable in the Transaction with a combination of debt and/or equity capital, and rollover equity in the Company. 
• The Board intends to form a special committee comprised of independent and disinterested directors and will authorize the special committee to retain legal and financial advisors to assist it in evaluating the Transaction
  

9:07 am PartnerRe: Sandell Asset Management issues letter to the Board, 'urging the release of preferred shareholder list to Exor (EXOSF)' (PRE) : Letter in part stated: "We believe that the Board's decision to deny the customary request by EXOR to be provided with a list of PartnerRe Preferred Shareholders, in order to provide such holders with information about the EXOR offer, is unreasonable and frustrates the ability of Preferred Shareholders to fairly evaluate the AXIS transaction in comparison to the EXOR offer, and so denies them their right to vote on a fully-informed basis."

9:05 am IMF cuts world growth outlook, citing Greece, China (:ECONX) : IMF now sees 2015 global growth of 3.3% vs. 3.5% April forecast.

9:04 am Avino Silver & Gold entered into a concentrates prepayment agreement with Samsung C&T U.K. Ltd; Avino will sell Avino Mine concentrates on an exclusive basis (ASM) : Pursuant to the prepayment agreement, Avino will sell Avino Mine concentrates on an exclusive basis to Samsung for a period of 24 months. Samsung agreed to make available to Avino USD$10 million for prepayment of such concentrates. The Facility will be a single drawdown, and will be repaid with interest against Avino's future shipments of concentrates over the next 24 months. Under the prepayment agreement, Avino will ship the concentrates at the rate of 800 WMT per month over the next 24 months. Samsung will pay for the concentrates at the prevailing metal prices for their silver, copper and gold content at or about the time of delivery, less treatment, refining, shipping and insurance charges. Interest will be charged on the prepayment amount due to Samsung from time to time at a rate of LIBOR plus 4.75%, excluding a fee for Samsung's due diligence costs of USD$125,000.

9:04 am Dynavax Technologies announces DSMB recommendation to continue Phase 3 Study of HEPLISAV-B; updates cash position (DVAX) :

• Co announced that the independent Data and Safety Monitoring Board (:DSMB) charged with periodically reviewing safety data from HBV-23, the ongoing Phase 3 clinical study of HEPLISAV-B, Dynavax's investigational adult hepatitis B vaccine, has completed its third prespecified review and has recommended that the study continue unchanged.
• The third DSMB review included safety data for all enrolled subjects collected through the data cut-off in June.
• As of the cut-off, all continuing subjects who had received the second immunization (which was the last active dose for HEPLISAV-B subjects) had reached at least 8 months of the requisite one year follow-up after the second immunization.
• The DSMB reviewed unblinded tables and listings presenting key safety data. Based on this review, the DSMB recommended continuing HBV-23 with no change to the study.
  

9:04 am Globant announced the pricing of its 3.5 mln share secondary offering, at $28.31/share; co will not receive any proceeds from sale (GLOB) :  

9:02 am Medley Capital announced that Security National Guaranty voluntarily dismissed its complaint against MCC; suit had sought damages of $300 mln (MCC) :  

9:02 am Repsol SA reported Q2 oil production is expected to be 526 Kboe/d vs 338 Kboe/d; average average dated brent price 61.9 vs 109.7 last year (REPYY) :  

9:02 am SolarEdge Technologies and Sunrun form a strategic supply relationship (SEDG) : As part of the agreement, SolarEdge will serve as Sunrun's preferred supplier of optimized inverter solutions available for use in Sunrun's home solar installations and through its distribution business, AEE Solar

9:02 am DST Systems acquires financial planning and education solutions firm Wealth Management Systems for $64 mln (DST) : Co announces agreement to acquire Wealth Management Systems. The purchase price of $64 mln will be funded using a combination of cash and short-term borrowings on revolving credit lines. On an earnings per share basis, the transaction is projected to be breakeven to DST in the first year. The deal is expected to close by year end.

9:01 am Marathon Patent Group announces the US District Court for the Eastern District of Texas issued the claim construction order in the litigation involving its wholly-owned subsidiary E2E Processing (MARA) :

• Co announces that on July 2, 2015, the United States District Court for the Eastern District of Texas issued the claim construction order in the litigation involving its wholly-owned subsidiary E2E Processing.
  
• E2E previously entered into settlement and license agreements with Nordstrom (JWN), Crocs (CROX), and Hallmark.com.
  

9:01 am RCI Hospitality Q3 comps -5.3% (RICK) :

• Total club and restaurant sales +6.9% to $35.4 mln. 
• Same store sales were $30.2 million compared to $31.9 million in the year ago quarter. 
• There were 46 units in 3Q15 versus 43 in 3Q14. 
• Nightclub segment sales (includes adult clubs and nightclubs) totaled $30.6 million compared to $31.5 million in 3Q14.
• Bombshells segment sales totaled $4.8 million compared to $1.6 million in 3Q14.

9:01 am Ultragenyx Pharma announced positive interim data in the ongoing pediatric Phase 2 study for recombinant human monoclonal antibody KRN23 (RARE) :

• Co announced positive interim data from the first 12 patients in the ongoing pediatric Phase 2 study for its recombinant human monoclonal antibody KRN23 against fibroblast growth factor 23 (FGF23) for the treatment of X-linked hypophosphatemia (:XLH).
• An improvement in mean rickets score was observed after 40 weeks of treatment with investigational KRN23 in these patients.
• Ultragenyx is conducting the Phase 2 study under a collaboration and license agreement with Kyowa Hakko Kirin to develop and commercialize KRN23.
• Eleven of the first 12 patients enrolled had been on standard of care oral phosphate/Vitamin D therapy for an average of 6 years (3.3--9.4 years) prior to the baseline assessment.
• The mean rickets score was 1.4 at baseline using the Thacher Rickets Severity Scoring method as evaluated by a blinded expert reader and decreased to 0.6 after 40 weeks of treatment with KRN23, a 58% reduction.
• Eight out of 11 patients with rickets at baseline demonstrated an improvement in rickets, of which three patients no longer exhibited radiographic evidence of rickets at week 40.
• One patient in the biweekly dosing group did not present with radiographic evidence of rickets at baseline and was excluded from the analysis.
  

9:01 am Seattle Genetics initiates phase 2 clinical trial evaluating ADCETRIS in systemic lupus erythematosus (SGEN) : The study is a phase 2 randomized, double-blind, placebo-controlled dose-escalation clinical trial. The primary objective is evaluation of the safety of ADCETRIS in adults with active lupus. In addition, the trial will evaluate the activity and pharmacokinetics of ADCETRIS in lupus. ADCETRIS will be administered every three weeks and ~40 patients will be enrolled at multiple centers in the United States.

9:00 am Anthera Pharma prices its ~3.33 mln common stock offering at $7.50/share (ANTH) :

• Co announced the pricing of an underwritten public offering of 3,333,334 shares of its common stock, offered at a price of $7.50 per share.
• The co estimates that the gross proceeds from the offering, before deducting underwriting discounts and commissions and other estimated offering expenses payable by Anthera, will be ~$25 million.
• The offering is expected to close on or about July 14, 2015, subject to customary closing conditions.
• In addition, Anthera has granted the underwriters a 30-day option to purchase up to an additional 500,000 shares of common stock.
  

8:58 am S&P futures vs fair value: +23.70. Nasdaq futures vs fair value: +55.40. (:WRAPX) : The S&P 500 futures trade 24 points above fair value.

Equity markets across Asia were mostly higher in Thursday's trade. The highlight of the night was China, which after halting half of its stocks, disallowing major stakeholders (5% holding or more) from selling shares for 6 months, and threatening to arrest short sellers, the Shanghai Composite managed to gain nearly 6.0% on the day. The index was down over 3.0% in the first hour before reversing off session lows for the largest one-day surge since 2009. Elsewhere, the Bank of Korea held its key interest rate at 1.5%, as expected.

• In economic data: 
  • China's June CPI 0.0% month-over-month (expected -0.1%; prior -0.2%); +1.4% year-over-year (consensus 1.3%; last 1.2%). Separately, PPI -4.8% year-over-year (consensus -4.5%; last -4.6%) 
  • Japan's May Core Machinery Orders +0.6% month-over-month (expected -5.0%; prior 3.8%); +19.3% year-over-year (consensus 16.3%; last 3.0%) 
  • Australia's June Employment Change +7,300 (consensus -5,000; prior 39,900) while the Unemployment Rate ticked up to 6.0% from 5.9% (consensus 6.1%) 

• Japan's Nikkei rose 0.6% on the day. Consumer Discretionary (+0.8%) and IT (+0.5%) were among the best sectors of the day. On the flip side, there was a shift out of safe havens with Telecom down 1.2% and Consumer Staples losing 0.8%. 
• China's Shanghai Composite finished the wild day up 5.8% following the aforementioned measures and econ data. Among the heavyweights, CNOOC posted a gain of 3.2%, while China Mobile advanced 1.8%. 
• Hong Kong's Hang Seng piggy-backed the Shanghai Composite today, gaining 3.7%. Among the notable movers, Tencent, Lenovo, and China Unicom all rose around 8.0% on the day.

• Economic data was limited: 
  • Germany's May Trade Balance EUR22.80 billion (expected EUR21.00 billion; prior EUR21.50 billion) as Imports +0.4% month-over-month (consensus 0.9%; last -0.8%) and Exports +1.7% month-over-month (expected -0.8%; last 1.6%) 

• UK's FTSE has climbed 1.5% with consumer names in the lead. Associated British Foods, Barratt Developments, Taylor Wimpey, and Persimmon are up between 3.1% and 6.0%. On the downside, Rolls-Royce and Next trade lower by 1.0% and 1.9%, respectively. 
• Germany's DAX trades up 2.3% with all 30 components in the green. Exporters BMW, Daimler, and Volkswagen are up between 2.9% and 3.3% while Deutsche Bank has climbed 3.4%. 
• In France, the CAC is higher by 2.5% with carmakers and financials in the lead. Peugeot and Renault hold respective gains of 4.8% and 3.2% while BNP Paribas, Credit Agricole, and Societe Generale are up between 2.8% and 4.2%. 
• Italy's MIB has jumped 2.8% amid gains in most components. Financials BMPS, Banca Pop Emilia Romagna, UBI Banca, Unicredit, and Banco Popolare are up between 3.6% and 4.2%.

8:58 am On the Wires (:WIRES) :

• Mellanox Technologies (MLNX) announced its EDR 100Gb/s solution has been selected for use in the new large-scale supercomputer JURECA at the Jlich Supercomputing Centre
  
• Verint Systems (VRNT) announced that a large U.S.-based insurer has extended its investment in and use of Verint Workforce Optimization (:WFO), as part of the company's broader Customer Engagement Optimization portfolio
  
• Jamba Juice Company (JMBA) announced that the it has entered into a master development agreement with King of Juices Company LTD to develop 30 Jamba Juice stores in Thailand over the next ten years. The first Jamba Juice store in Thailand is expected to open in late 2015
  
• Reed's (REED) announced that it has developed a distribution partnership with RBI Beverages. RBI recently began distribution of Reed's brands throughout northwest Arkansas and northeast Oklahoma, carrying ten SKUs of Reed's and Virgil's flavors
  
• New Jersey Manufacturers Insurance Company and Guidewire Software (GWRE) announced that NJM has successfully deployed Guidewire PolicyCenter as its new underwriting and policy administration solution, Guidewire BillingCenter as its new billing management system and Guidewire Quote and Buy Portal solutions
  

8:55 am Deutsche Lufthansa AG reported June 2015 traffic; number of flights increased 1.4% (DLAKY) :

• The number of flights increased slightly (+1.4%), and the airlines of the Lufthansa Group were able to increase sales (+4.3%) faster than capacity (+3.2%). As a result the load factor improved year on year by 0.9 percentage points. Adjusted for currency effects, the pricing environment was negative. 
• Lufthansa Passenger Airlines (incl. Germanwings) increased its sales (+5.3%) by more than capacity growth (+3.4%). The load factor rose by 1.4 percentage points.
  

8:53 am Enterprise Products reports a series of projects, to convert and expand segments of its petrochemicals pipeline network (EPD) :

• North Dean pipeline conversion and expansion- The 149-mile pipeline will be converted from refinery grade propylene service to PGP service. The conversion is scheduled for completion in January, 2017 
• Lou-Tex propylene pipeline conversion- The 263-mile, bi-directional pipeline, which currently transports chemical grade propylene between Sorrento, Louisiana and Mont Belvieu, will be converted to PGP service. The conversion is scheduled for completion in 2020. 
• RGP pipeline and rail terminal expansion- Construction of a new 65-mile, 10-inch diameter pipeline, which will transport RGP between Sorrento and Breaux Bridge, Louisiana, is scheduled for completion in early 2017
  

8:51 am WTI crude oil futures hit a new high just now at $53.54/barrel, despite the modest climb seen in the dollar index... both are near today's highs in current trade (:COMDX) :

• Aug crude oil is now +3.5% at $53.48/barrel
  
• Dollar index is +0.2% at 96.51

8:46 am CounterPath signs a multi-year, multi-million dollar contract with an integrator client (CPAH) : Co announced that an integrator has signed a multi-year, multi-million dollar contract with the company. Under the terms of the agreement, the integrator has initially ordered $400 thousand of Bria, SDK and Stretto software and services of an expected total order of approximately $2 million over the next three years.
The integrator is contemplating purchasing an additional $3 million of software and services during the same three year period, bringing the total deal value to approximately $5 million.

8:38 am Gapping down (:SCANX) : Gapping down
In reaction to disappointing earnings/guidance: WDFC -5.4%, ZUMZ -0.5%


Other news: ANTH -8.2% (proposed offering of common stock), BGMD -5.9% (announced a one-for-four reverse stock split),  SSRI -0.3% (reported it delivered ~48,700 ounces of gold in Q2; raised FY15 production guidance)

Analyst comments: DNKN -1.5% (downgraded to Neutral at Goldman), PNK -1.5% (downgraded to Neutral from Positive at Susquehanna), SHAK -0.9% (downgraded to Sell at Goldman)

8:35 am CryoLife: The Japanese Pharmaceuticals and Medical Device Agency has approved an expanded indication for BioGlue (CRY) : The Japanese Pharmaceuticals and Medical Device Agency (:PMDA) has approved an expanded indication for BioGlue.

• BioGlue is now indicated for adhesion and support of hemostasis for aortotomy closure sites, suture/anastomosis sites (including aortic dissection and anastomosis sites with a use of a prosthetic graft), and suture sites on the heart. BioGlue was previously approved for aortic dissection procedures in Japan, which is estimated to be a $5 million market. 
• The expanded indication potentially doubles the estimated BioGlue market opportunity in Japan to over $10 million. 
• CryoLife's marketing partner in Japan, Century Medical, Inc., is expected to begin selling BioGlue in the third quarter of 2015 for the expanded indications.
  

8:35 am European Markets Update: FTSE +1.4%, DAX +2.1%, CAC +2.4%, MIB +2.7% (:SUMRX) : Major European indices trade higher across the board following optimistic comments from regional officials. Specifically, European Council President Donald Tusk said he expects Greece to submit concrete, realistic reform proposals today. Mr. Tusk continued, saying the proposals must be matched by a realistic offer from creditors on debt sustainability. Mr. Tusk is the latest official to signal a shift in favor of debt restructuring after the International Monetary Fund did the same last week. Separately, the Bank of England made no changes to its policy stance, keeping the key interest rate and the purchasing program unchanged at 0.5% and GBP375 billion, respectively.

• Economic data was limited: 
• Germany's May Trade Balance EUR22.80 billion (expected EUR21.00 billion; prior EUR21.50 billion) as Imports +0.4% month-over-month (consensus 0.9%; last -0.8%) and Exports +1.7% month-over-month (expected -0.8%; last 1.6%) 

• UK's FTSE has climbed 1.4% with consumer names in the lead. Associated British Foods, Barratt Developments, Taylor Wimpey, and Persimmon are up between 3.1% and 6.0%. On the downside, Rolls-Royce and Next trade lower by 1.0% and 1.9%, respectively. 
• Germany's DAX trades up 2.1% with all 30 components in the green. Exporters BMW, Daimler, and Volkswagen are up between 2.9% and 3.3% while Deutsche Bank has climbed 3.4%. 
• In France, the CAC is higher by 2.4% with carmakers and financials in the lead. Peugeot and Renault hold respective gains of 4.8% and 3.2% while BNP Paribas, Credit Agricole, and Societe Generale are up between 2.8% and 4.2%. 
• Italy's MIB has jumped 2.7% amid gains in most components. Financials BMPS, Banca Pop Emilia Romagna, UBI Banca, Unicredit, and Banco Popolare are up between 3.6% and 4.2%.
  

8:34 am Stratus Properties to purchase the Canyon-Johnson Urban Fund stake in their joint venture, CJUF II Stratus Block 21 for $60.9 mln (STRS) : The CJUF II Stratus Block 21 owns a 36-story mixed-use development in downtown Austin, Texas, anchored by a W Hotel & Residences. Canyon-Johnson triggered the process on May 12, 2015, requiring Stratus to elect to either sell its interest in the joint venture to Canyon-Johnson for $44.5 million or purchase Canyon-Johnson's interest in the joint venture for $60.9 million.

• Additionally, on July 2, 2015, Stratus completed the sales of its Austin-area Parkside Village and 5700 Slaughter properties, both located in the Circle C community, to Whitestone REIT for $32.5 million
  

8:34 am Charter Comm announces its subsidiary, CCO Safari II, intends to offer senior secured notes (CHTR) : Charter intends to use the net proceeds from the sale of the Notes to partially finance Charter's previously announced transactions with Time Warner (TWC) and Bright House Networks.

8:34 am Gapping up (:SCANX) : Gapping up
In reaction to earnings/guidance: PEP +2.3%, WBA +2.3%, AA +1.2%, COST +1.2%, (June SSS)

M&A news: MM +26.9% (TechCrunch report suggesting Verizon (VZ) might be considering acquisition of MM),YY +7.1% ("Going Private" Proposal for $68.50/ADS), AVP +1.7% (reports its divestiture of Liz Earle for 140 million in cash)

Select China related names showing strength: SHI +18.1%, AMCN +15.6%, WBAI +14.9%, NQ +14.5%, BZUN +12.4%, LTBR +11.5%, NOAH +11.5%, EJ +11.5%, JMEI +11%, CMCM +10.2%, YOKU +10.1%, XNET +9.9%, QIHU +9%, DANG +8.8%, VISN +8.1%, SINA +7.9%, SOHU +7.3%, JRJC +6.9%, WUBA +6.1%, JD +5.9%, CTRP +5.3%, LFC +4.4%, BIDU +3.4%

Select EU bank stocks trading higher: ING +4.1%, DB +3.1%, NBG +2.9%, HSBC +2.4%, CS +2.2%, BCS +2%

Select solar names showing early strength: SOL +8.7%, JASO +8.2%, JKS +6.9%, TSL +6.1%, YGE +5.3%

Other news: RMGN +35.3% (announces the signing of a multimillion agreement; Initial purchases under the award total $1.1 mln),IPCI +12.7% (announced the FDA rescinds previous requirement to meet newly-imposed conditions for bioequivalence prior to receiving final approval for generic Focalin XR),CLLS +4.6% (announced it is eligible to receive an undisclosed payment under the terms of its collaboration agreement with Servier),IG +4.4% (FDA approval and commercial launch of Diclofenac Sodium, 1.5%; has already secured orders),TMUS +4% ( reports it generated 2.1 million total net customer additions),JUNO +3.3% ( Celgene (CELG) discloses 9.1 active stake in 13D filing; collaboration was announced on June 29),FIT +2.9% (cont vol post IPO),DEPO +2.2% (announced that the Patent Trial and Appeal Board has confirmed the patentability of each of the 25 claims subject to the inter partes review proceedings initiated by Purdue Pharma against two Depomed patents),MU +1.6% (appointed Trevor Schulze as Chief Information Officer),AZN +1.6% (AZN and EvoRx meet primary goal of the collaboration; AZN to continue the development of the lead candidates),CAG +0.9% (announced appointments of Bradley A. Alford and Timothy R. McLevish to the ConAgra Board of Directors; ConAgra and JANA have entered into a cooperation agreement)

Analyst comments: TUBE +6.9% (initiated with a Overweight at JP Morgan),MBLY +4.6% (upgraded to Outperform from Neutral at Robert W. Baird),CHGG +3.1% (initiated with a Outperform at Barrington Research),PUK +2.6% (added to Conviction Buy list at Goldman),SNN +2.3% (upgraded to Buy at Berenberg ),TRV +1.4% (upgraded to Buy from Neutral at BofA/Merrill),NI +0.9% (upgraded to Overweight from Neutral at JP Morgan)

8:33 am Marrone Bio Innovations: Nasdaq Panel granted requested extension until November 9, 2015 to regain compliance; co still determining scope of financial restatement (MBII) :

• At the June 18 hearing, the Company presented its plan to regain compliance with NASDAQ's filing requirement, and on July 8 the Panel granted the Company's requested extension until November 9, 2015 to regain compliance.
• Although the co anticipates that it will restate the Reported Financial Statements, it has not yet conclusively determined the nature, scope and specific financial impacts of such restatement. Until this evaluation is finished, the Company is not able to complete and file the financial statements - or to announce financial results prepared in a manner required by GAAP -- with respect to the fiscal periods ended September 30, 2014, December 31, 2014 and March 31, 2015.
  

8:33 am NII Holdings (NIHDQ --- still halted) receives approval to be listed on the Nasdaq Global Select Market under the trading symbol 'NIHD' (:NIHD) :

• Co announces that The Nasdaq Stock Market has approved the listing of the Company's common stock on The Nasdaq Global Select Market under the trading symbol 'NIHD.'
• The Company's shares are expected to begin trading when the market opens today, Thursday, July 9, 2015.
  

8:32 am Sky Solar Holdings reports securing an $85 million loan from the Inter-American Development Bank, to finance photovoltaic solar energy plants in Uruguay (SKYS) : Co announced that the Inter-American Development Bank has approved a $55.7 million loan to finance the construction, operation and maintenance of six photovoltaic solar energy plants and their related facilities in Uruguay. Led by the IDB, The China Co-Financing Fund and the Canadian Climate Fund for the Private Sector, both administered by IDB, will also provide additional loans of $19.3 million and $10 million, respectively.

8:31 am Anika Therapeutics reports positive results from the follow-up study of CINGAL 13-02 to treat osteoarthritis of the knee (ANIK) : The CINGAL 13-02 study enrolled 242 participants from the CINGAL 13-01 study who had received an initial injection of CINGAL, MONOVISC, or saline. The retreatment study's key findings were:

•  A low number of subjects (6.2%) experienced an adverse event related to the study injection. Observed AEs were typical of those associated with viscosupplements (arthralgia, injection site pain, swelling, and erythema), and over 95% were considered 'mild' or 'moderate' in severity. All AEs were transitory, resolving naturally without treatment. 
• The AE rate associated with CINGAL was found to be consistent across both first-time and repeat injection studies. There were no statistically significant differences between the AE profile of participants in the CINGAL 13-01 study and those in the CINGAL 13-02 study
  

8:31 am The Medicines Co announces an agreement with Sandoz (NVS unit) for the distribution of an authorized generic of injectable Angiomax in the U.S (MDCO) :  

8:31 am S&P futures vs fair value: +22.50. Nasdaq futures vs fair value: +53.70. (:WRAPX) : The S&P 500 futures trade 23 points above fair value.

The latest weekly initial jobless claims count totaled 297,000 while the Briefing.com consensus expected a reading of 276,000. Today's tally was above the revised prior week count of 282,000 (from 281,000). As for continuing claims, they rose to 2.334 million from 2.230 million.

8:31 am Market View: Sep. stock-index futures continue to hold a firm bid above fair values following the 8:30 am ET economic data points (:TECHX) :

• ESu5 now @ 2061.25 +22.00
  
  
• YMu5 now @ 17609 +167
  
  
• NQu5 now @ 4396.00 +49.50

8:31 am LiveDeal confirmed Isaac Capital committed $7 mln of bridge financing for LiveDeal to pursue acquisitions (LIVE) :  

8:30 am Aquinox Pharma reports results from its flagship trial with AQX-1125; clinical trial failed to demonstrate efficacy in chronic obstructive pulmonary disease patients with a history of frequent exacerbations (AQXP) : Co announces its Phase 2 FLAGSHIP clinical trial failed to demonstrate efficacy in chronic obstructive pulmonary disease patients with a history of frequent exacerbations. In the FLAGSHIP trial, patients treated with 200 mg oral, once daily AQX-1125 for 12 weeks demonstrated no difference in COPD symptoms compared to placebo, as measured by EXACT, a patient-reported outcome tool. On the secondary endpoint of medically treated exacerbations there was also no benefit observed with AQX-1125.

8:30 am Revolution Lighting: CFO Charles Schafer will retire; Co guides for Q2 revenue and reits full year revs (RVLT) : Co announces the retirement of CFO Charles Schafer, effective July 10. Chairman and CEO Robert LaPenta will assume the role of President in addition to his current responsibilities and James DePalma will become the CFO. Co also provides updated guidance: Q2 revenue is expected to be in the $27 mln range representing organic growth of over 31% with positive Adjusted EBITDA. Co reits 2015 revenue guidance of $125 mln.

8:26 am On the Wires (:WIRES) :

• NCR Corporation (NCR) announced that Oman Arab Bank has selected NCR APTRATM Activate software to deliver an omni-channel banking experience
  
• Presbia PLC (LENS), a company that has developed and is currently marketing the Presbia Flexivue Microlens, announced that it has treated over 50% of subjects in the second stage enrollment of its pivotal study
  
• Semtech Corporation (SMTC) and Ikegami Tsushinki announced a partnership, whereby the Central Japan Railway, equipped the JR Tokai Shinkansen line station platforms with HD vertical monitoring systems. The systems feature Semtech's HD-VLC technology
  
• MobileIron (MOBL) announced that Denso, a Japanese automotive parts manufacturers, is securely enabling hundreds of employee-owned iOS devices with its software

8:25 am On the Wires (:WIRES) :

• JetBlue (JBLU) announced a new partnership with MLBAM, the interactive media and internet company of Major League Baseball, that will give JetBlue customers free in-flight access to MLB.TV
  
• CB&I (CBI) announced it has been awarded a contract by Carbon Holdings for the license and basic engineering design of an ethylbenzene/styrene plant to be built in Ain Sokhna, Egypt
• Videocon d2h Limited (VDTH) announced it has formed a new executive advertising team to be headed by Indian media sales experts. The advertising initiative, will initially target inventory opportunities on the Videocon d2h platform
  
• Westport Innovations (WPRT) announced that it has completed an engineering program with Daimler AG to develop and assess Westport High Pressure Direct Injection (:HPDI) system for a Daimler heavy duty engine. The prototype HPDI engine met all technical targets resulting in a payment of 2.4 million Euro by Daimler to Westport
  

8:24 am 21Vianet announces the selection of financial advisors and legal counsel in consideration of its preliminary non-binding proposal (VNET) : Co announced that the special committee of its board of directors has retained Morgan Stanley Asia Limited as its financial advisor, K&L Gates LLP as its international and U.S. legal counsel and Conyers Dill & Pearman as its Cayman legal counsel in connection with its review and evaluation of a preliminary non-binding proposal from Josh Sheng Chen, the Chairman and Chief Executive Officer of the Company, Kingsoft Corporation Limited and Tsinghua Unigroup International Co. 

8:18 am Coty: P&G (PG) accepts COTY's offer of $12.5 bln to merge 43 PG beauty brands; PG estimates the one-time gain will be in the range of $5 bln to $7 bln; PG expects to do a split-off or spin-off transaction (COTY) :

• PG announces the signing of a definitive agreement to merge 43 of its beauty brands with COTY in a Reverse Morris Trust transaction. 
• The transaction includes P&G's global salon professional hair care and color, retail hair color, cosmetics and fine fragrance businesses, along with select hair styling brands.
  
• The tax-efficient nature of the $12.5 bln offer maximizes value for P&G shareholders and minimizes annual earnings dilution. The transaction will result in a significant one-time earnings gain that will be recorded at closing of the transaction. P&G currently estimates the one-time gain will be in the range of $5 bln to $7 bln depending on the final deal value at the time of closing.
  
• P&G is targeting to pay dividends and retire shares worth up to $70 bln over a four year period from fiscal years 2016 to 2019.
  
• Although a final decision has not been made on the form of deal, P&G expects to do a split-off or spin-off transaction. P&G's current preference is for a Reverse Morris Trust split-off transaction in which P&G shareholders could elect to participate in an exchange offer to exchange P&G shares for shares of Coty.
  
• Based on Coty's current stock price and outstanding shares and equity grants, the value of the transaction is ~$15 bln. The value is comprised of ~413 mln shares, or 52% of the diluted equity of the newly combined company, valued at ~$13.1 bln and the assumption of $1.9 bln of debt by the entity holding RMT Brands.  The assumed debt will vary between $3.9 bln and $1.9 bln, subject to other contractual valuation adjustments, within a $22.06 to $27.06 per share collar based on the trading price of Coty's stock prior to the close of the transaction.
  

8:09 am Cognex reports the settlement of all outstanding litigation between it and Microscan Systems (CGNX) : The settlement includes a patent cross-license agreement that allows both companies to continue producing current models of their handheld barcode readers

8:08 am SunCoke Energy Partners sees Q2 total coke production -1% to 605K tons; reaffirms FY15 adj. EBITDA (SXCP) :

• Prelim Q2 coke production of 605 thousand tons, reflecting 100 percent of the production at our Haverhill, Middletown and Granite City facilities. The decline largely reflects a pull forward in the timing of the 2015 planned maintenance outage at our Granite City facility as compared to prior year. Production attributable to SXCP during second quarter 2015 benefited from our acquisition of a 75 percent interest in the Granite City cokemaking facility on January 13, 2015. 
• Reaffirm full year 2015 Adjusted EBITDA attributable to SXCP guidance of $169 million to $179 million
  

8:06 am QLogic lowers Q1 guidance on lower demand from traditional enterprise server and storage markets and OEM inventory build with certain customers (QLGC) :

• Co lowers Q1 guidance: EPS to $0.16-0.17 from $0.23-0.27 vs. $0.25 Consensus; rev to $113 mln from $124-132 mln vs. $128.3 mln consensus. 
• The preliminary results reflect lower than expected demand due to general weakness in the Company's traditional enterprise server and storage markets, and a build-up of inventory at certain of its OEM customers due to a slower next-generation server transition in enterprise environments.
  

8:04 am Yingli Green Energy confirms solar PV tariff rulings; Yingli's manufacturing affiliates will receive the lowest combined tariff rate of its peers (YGE) : Co commented on the final results of the first administrative reviews of the antidumping duty and countervailing duty orders issued by the U.S. Department of Commerce regarding the import of solar PV panels assembled in China using components from China. According to today's results, Yingli's manufacturing affiliates will receive the lowest combined tariff rate of its peers, amounting to 21.73%. This is lower than Yingli's original combined AD/CVD rate of 29.18% from 2012.

8:03 am Towers Watson: KPMG to acquire Towers Watson's Human Resources Service Delivery practice -- terms not diclosed (TW) : Co announced it has entered into an agreement with Towers Watson, a talent and human capital professional services organization, to acquire the company's Human Resources Service Delivery (:HRSD) practice. Through this transaction, KPMG, together with other member firms of KPMG International, will be acquiring Towers Watson's HRSD practice resources in the United States, United Kingdom, China, Hong Kong, Canada, Singapore, and the Philippines. The transaction was signed on July 9 and is expected to close in the coming weeks. Financial terms of the agreement were not disclosed.

8:02 am YY Announces Receipt of A Preliminary Non-Binding "Going Private" Proposal for $68.50/ADS (Shares Halted) (YY) : Co announced that its Board of Directors has received a non-binding proposal letter, dated July 9, 2015, from Mr. Jun Lei, Chairman of the Board, and Mr. David Xueling Li, director and Chief Executive Officer of YY, proposing a "going-private" transaction to acquire all of the outstanding ordinary shares of YY not already beneficially owned by the Buyer Group for $68.50 in cash per American depositary share, each representing 20 ordinary shares. The proposed purchase price represents a premium of approximately 17.4% to the closing trading price of the Company's ADS on July 8th, 2015, the last trading day prior to the date hereof.

8:02 am Coast Distribution System to be acquired by LKQ Corporation (LKQ) for $5.50 per share in cash (CRV) : LKQ Corp (LKQ) and CRV announced a definitive agreement for LKQ to acquire Coast for $5.50 per share in cash. Total cash consideration payable for Coast's outstanding shares is approximately $29 million. As of June 30, 2015 Coast had $19.5 million outstanding under its long-term revolving bank line of credit.

8:02 am Investment Tech announces that June 2015 U.S. trading volume was 4.0 billion (Up 29% YoY) shares and average daily volume (:ADV) was 182 million shares (up 24% YoY) (ITG) :

• Co announces that June 2015 U.S. trading volume was 4.0 bln shares and average daily volume was 182 mln shares. This compares to 3.6 bln shares and ADV of 182 mln shares in May 2015 and 3.1 bln shares and ADV of 147 mln shares in June 2014. 
• There were 22 trading days in June 2015, 20 trading days in May 2015 and 21 trading days in June 2014.
  

8:02 am Magnegas announces that LB Construction completed its MagneGas roll-out (MNGA) :

• Co announced that LB Construction, Inc. of California has completed its assessment of MagneGas and has implemented the use of the fuel for metal cutting for current and future products.
• LB Construction was previously announced as a confidential major construction company from California that had placed its first order. Since that time, they have completed implementation of the product and have formally endorsed MagneGas publicly.
  

8:01 am IGI Labs announces FDA approval and commercial launch of Diclofenac Sodium, 1.5%; has already secured orders (IG) : "In anticipation of this approval, we have already secured orders from our customers, and we are ready to fulfill these orders immediately.''

8:01 am Comstock Mining receives unanimous approval for modified operations plan (LODE) : Co announces the Storey County Board of Commissioners has confirmed that the major modifications to the Co's operating plan conforms to the conditions of the existing Special Use Permit No. 2000-222-A-5 and unanimously approved that plan. Co then plans to efficiently drill and develop those structures into an expanded resource and, based upon the final economic feasibility analysis, expanded mine plans. The existing permit allows the Co to begin construction activities of an underground mine portal for exploration and development of known Lucerne resources, ultimately with the objective of establishing gold and silver reserves. Co plans to invest ~$3 mln for the first phase, including the underground portal, primarily core drilling and certain related infrastructure for the Lucerne underground exploration and development project.

8:01 am Nobilis Health names Kenny Klein as CFO (HLTH) : Co names Kenny Klein to serve as CFO. Andy Chen, Nobilis' outgoing CFO, will assume revenue cycle and development responsibilities with the company as its Executive VP of Finance. "given our size and pace of expansion the time has come to bifurcate these roles and we are extremely fortunate to have Kenny Klein available to take over the day-to-day CFO responsibilities." Mr. Klein has served as Nobilis' Chief Accounting Officer since April 2015. Prior to joining Nobilis, Mr. Klein served for over five years as Senior VP, CFO and Treasurer of the Menninger Clinic, one of the nation's leading inpatient psychiatric hospitals.

8:00 am Cree acquires Arkansas Power Electronics International; terms not disclosed (CREE) : Co announces the acquisition of APEI, a global leader in power modules and power electronics applications. Under the terms of the agreement, Cree will acquire APEI in a merger transaction. The transaction is not targeted to have a material impact on Cree's fiscal 2016 earnings.

7:57 am S&P futures vs fair value: +21.00. Nasdaq futures vs fair value: +52.20. (:WRAPX) : U.S. equity futures trade sharply higher amid upbeat action overseas. The S&P 500 futures hover 21 points above fair value after climbing steadily throughout the night. The overnight advance occurred as China's Shanghai Composite rebounded, climbing 5.8%, while encouraging comments from Eurozone officials have provided additional support. Specifically, European Council President Donald Tusk said he expects Greece to submit concrete, realistic reform proposals. Mr. Tusk continued, saying the proposals must be matched by a realistic offer from creditors on debt sustainability. Mr. Tusk is the latest official to signal a shift in favor of debt restructuring after the International Monetary Fund did the same last week.

Treasuries have retreated with the 10-yr yield higher by six basis points at 2.25%.

Weekly Initial Claims will be released at 8:30 ET (Briefing.com consensus 276K).

In U.S. corporate news of note:

• Alcoa (AA 10.61, +0.11): +1.1% after reporting a bottom-line miss on better than expected revenue. The company reaffirmed its global aluminum demand growth forecast of 6.0%. 
• Costco (COST 141.97, +2.07): +1.5% after reporting better than expected June same-store sales, excluding the negative impact from gasoline price deflation and foreign exchange.
• PepsiCo (PEP 98.15, +2.54): +2.7% after beating estimates and raising its earnings growth forecast. 
• Walgreens Boots Alliance (WBA 88.25, +2.34): +2.7% after beating bottom-line estimates on light revenue. The company raised its earnings guidance for fiscal 2015. 

• Asian markets ended higher. Japan's Nikkei +0.6%, Hong Kong's Hang Seng +3.7%, and China's Shanghai Composite +5.8% 
  • In economic data: 
    • China's June CPI 0.0% month-over-month (expected -0.1%; prior -0.2%); +1.4% year-over-year (consensus 1.3%; last 1.2%). Separately, PPI -4.8% year-over-year (consensus -4.5%; last -4.6%) 
    • Japan's May Core Machinery Orders +0.6% month-over-month (expected -5.0%; prior 3.8%); +19.3% year-over-year (consensus 16.3%; last 3.0%) 
    • Australia's June Employment Change +7,300 (consensus -5,000; prior 39,900) while the Unemployment Rate ticked up to 6.0% from 5.9% (consensus 6.1%) 
  • In news: 
    • The Bank of Korea held its key interest rate at 1.5%, as expected 
    • Officials in China continued introducing measures aimed at halting the stock market slide with reports indicating a special taskforce targeting "hostile short-sellers" will be established by China's Public Security Ministry and China Securities Regulatory Commission

• Major European indices trade higher across the board. UK's FTSE +1.3%, Germany's DAX +2.0%, and France's CAC +2.3%. Elsewhere, Italy's MIB +2.7% and Spain's IBEX +2.7% 
  • Economic data was limited: 
    • Germany's May Trade Balance EUR22.80 billion (expected EUR21.00 billion; prior EUR21.50 billion) as Imports +0.4% month-over-month (consensus 0.9%; last -0.8%) and Exports +1.7% month-over-month (expected -0.8%; last 1.6%) 
  • Among news of note: 
    • The Bank of England made no changes to its policy stance, keeping the key interest rate and the purchasing program unchanged at 0.5% and GBP375 billion, respectively

7:51 am Paychex increases its quarterly dividend to $0.42/share from $0.38/share (PAYX) :  

7:51 am Quick commodities update: Dollar index is modestly higher this morning, WTI crude oil remains near today's high, gold lower (:COMDX) : In current trade:

• Aug crude oil +3% at $53.20/barrel
• Aug natural gas +0.4% at $2.70/MMBtu
• Aug gold -0.2% at $1161.80/oz
• Sept silver +1.2% at $15.35/oz
• Sept copper +1.6% at $2.54/lb 
  

7:49 am On the Wires (:WIRES) :

• EMCOR Group (EME) announced that its subsidiary Poole & Kent Company, was awarded a contract by the City of West Palm Beach, to expand and upgrade the largest sewage plant in Palm Beach County, Florida
  
• Mylan N.V. (MYL) announced the U.S. launch of Bexarotene 75mg Capsules, which is the generic version of Valeant's (VRX) Targretin Capsules
  

7:46 am WTI crude oil futures are climbing higher this morning after five consecutive sessions of declines; front-month Aug crude just hit a new high for today and is now +3% at $53.20/barrel (:COMDX) :  

7:45 am Overnight Treasury Summary (BONDX) : Yields Drift Higher

• Treasuries gave back ground overnight in a curve-steepening trade as concerns about Greece and China subsided
• Yield Check:
• 2-yr: +2 bps to 0.57%
• 5-yr: +4 bps to 1.53%
• 10-yr: +5 bps to 2.25%
• 30-yr: +4 bps to 3.02%
• 10-yr Bono/Bund: -13 bps to 146 bps

• International News:
• Donald Tusk, president of the European Council, said that if Greece produced a realistic proposal, the official creditors would "need" to make concessions on debt sustainability
• Last week, the IMF called for debt relief for Greece
• Yesterday, U.S. Treasury Secretary Lew said that debt relief attached to structural reform is a possible way out of this knot
• China's CPI was flat m/m in June, better than expected and better than the 0.2% decline in May
• Germany's trade surplus unexpectedly widened to 22.8 bln euro in May versus 21.5 in April
• Narayana Kocherlakota, President of the Minneapolis Fed, spoke this morning in FrankfurtHe said that the federal government should issue more debt to push "upward on the long-run neutral real interest rate"
• Kocherlakota is a non-voter, he will be leaving the Fed at the end of 2015, he is the most dovish of all Fed officials, and while he is absolutely intellectually honest (exemplified by his about-face from hawk to dove in 2011), his remarks are mostly of academic interest 
• The Bank of England kept its main policy rate at 0.5% and left the BoE's bond portfolio unadjusted
• Market expectations are for the BOE to begin policy normalization in mid-2016

• Data out Today:
• Initial Jobless Claims for the week ending 7/4 and Continuing Jobless Claims for the week ending 6/27 (08:30 ET)
• Natural Gas Inventories for the week ending 7/4 (10:30 ET)
• Fed Speakers:
• Fed Governor Brainard (FOMC voter) speaks on regulatory reform and implementation (10:00 ET)
• Kansas City Fed President George (non-FOMC voter) (12:30 ET)
• Minneapolis Fed President Kocherlakota (non-FOMC voter) participates in panel discussion "Central Banks and Fiscal Authorities" (05:45 ET)
• Treasury Auction:
• $13 bln 30-year bond auction (reopening, results at 13:00 ET) 

7:35 am Synergy Resources reports small Q3 net loss, including an imparioment charge, revs in-line (SYRG) : Reports Q3 (May) loss of $0.02 per share, including a $3 mln full cost ceiling impairment charge resulting from lower oil and gas prices, may not be comparable to the Capital IQ Consensus of $0.01; revenues rose 1.2% year/year to $26 mln vs the $26.19 mln consensus. 

• The year-over-year improvement was the result of a 95% increase in production, primarily from the new horizontal wells brought on line and production from acquisitions and asset swaps with other operators. Revenue growth was offset by a 48% decrease in the realized average selling price per BOE. 
  

7:31 am RMG Networks Holding announces the signing of a multimillion agreement; Initial purchases under the award total $1.1 mln (RMGN) :

• Initial purchases under the award total $1.1 mln, a majority of which will be recognized as margin for accounting purposes. 
• Significant future orders representing up to an additional $4 mln are likely as the solution continues to roll out in 2016.
  

7:31 am Endeavour Silver reports Q2 silver production results from its three operating silver mines in Mexico; reports 1,769,741 oz of silver and 13,047 oz of gold (EXK) : Silver production in the Second Quarter, 2015 was on plan for the year at 1,769,741 ounces (oz) and gold production was 13,047 oz, slightly below plan. Silver equivalent production was also on plan at 2.7 million oz using a 70:1 silver gold ratio.

7:30 am Sanchez Production Partners announced it will implement a 1-for-10 reverse split on its common units, to take effect after market close on August 3, 2015 (SPP) :  

7:22 am On the Wires (:WIRES) :

• Merge Healthcare Incorporated (MRGE) announced Summa Health, will integrate Merge's cardiology solutions to support population health initiatives
  
• Cancer Genetics (CGIX) announced the appointment of Rita Shaknovich, M.D., Ph.D. as Group Medical Director and Vice President of Hematopathology Services
  
• Main Street Capital Corporation (MAIN) announced that it recently led a new portfolio investment totaling $17.4 million of invested capital in HW Temps, with Main Street funding $13.9 million of the investment. HW Temps provides temporary staffing and related services primarily to employers in the light industrial, manufacturing, and distribution industries. 
  

7:08 am Walgreens Boot Alliance beats by $0.15, misses on revs; raises FY15 EPS above consensus; reaffirms FY16 EPS guidance; raises dividend 6.7%; names interim CEO Stefano Pessina CEO (WBA) :

• Reports Q3 (May) earnings of $1.02 per share, excluding non-recurring items, $0.15 better than the Capital IQ Consensus Estimate of $0.87; revenues rose 48.4% year/year to $28.8 bln vs the $29.67 bln consensus. 
• Retail Pharmacy US comps +6.3%; International +3.2% ex- FX
• Co issues upside guidance for FY15, raises EPS to $3.70-3.80, excluding non-recurring items, from $3.45-3.65 vs. $3.64 Capital IQ Consensus Estimate. 
• Co reaffirms guidance for FY16, sees EPS of $4.25-4.60, excluding non-recurring items, vs. $4.42 Capital IQ Consensus.  
• The company announced a 6.7% increase to its quarterly dividend to 36 cents per share. 
• The company also announced that its board of directors has named Stefano Pessina as CEO, effective immediately. Pessina had been serving as acting CEO since January. In his capacity as CEO, he will continue reporting to Executive Chairman James Skinner.
  

7:04 am Buckle reports Jun same store sales +0.5% vs -1.1% Retail Metrics consensus (BKE) :  

7:03 am Harte-Hanks announces appointment of Douglas Shepard as interim President and Chief Executive Officer, effective immediately (HHS) : Co announced the appointment of Douglas C. Shepard, currently CFO, as interim President and Chief Executive Officer, effective immediately. The Board has formed a search committee to identify a successor CEO.

7:02 am Epizyme amends and restates its Celgene (CELG) research collaboration; EPZM to receive $10 million extension fee payment and up to $610 million in potential milestones (EPZM) : Co has amended and restated its agreement with Celgene Corporation (CELG) to extend the research collaboration between the two companies for at least three additional years. Under the collaboration, Celgene will have the option to license histone methyltransferase inhibitors being developed by Epizyme against three predefined targets. Under the terms of the revised agreement:

• Epizyme will receive a $10 million extension fee from Celgene in return for an option to individually license global rights for two of the targets and ex-US rights for the third target. 
• Celgene may exercise its option with respect to each of the targets at the time of the IND filing for an additional pre-specified license payment. 
• Epizyme will be responsible for leading and funding development for each target candidate through phase 1 clinical trials. 
• Epizyme may earn total potential milestones of up to $610 million on the three targets, including up to $75 million in development milestones and license fees, $365 million in regulatory milestones, and $170 million in sales milestones. 
• Epizyme also may earn a royalty of up to a low double-digit percentage on worldwide net sales for two of the product candidates, and on ex-US net sales for the third product candidate.
  

7:01 am First Majestic Silver reports Q2 total production from its Mexican silver mines at 3,802,558 equivalent ounces of silver (AG) :

• Co announces that total production at its five operating silver mines in Mexico for the second quarter ending June 30, 2015 reached 3,802,558 equivalent ounces of silver, relatively unchanged compared to the same quarter in 2014.
  

7:01 am Charles River to acquire Celsis International for $212 mln in cash; expected to be accretive by approximately $0.05 in 2015 and $0.15-$0.20 in 2016 (CRL) : CRL announced a definitive agreement to acquire Celsis International for $212 million in cash. Celsis is a  provider of rapid bacterial detection systems for quality control testing in the biopharmaceutical and consumer products industries.  

• The transaction is expected to close in 3Q15, subject to customary closing conditions. 
• The acquisition is expected to represent approximately 1% of CRL's 2015 consolidated revenue, and approximately 2.5% of 2016 consolidated revenue.
• Expected to be accretive to non-GAAP earnings per share by approximately $0.05 in 2015 and $0.15 to $0.20 in 2016.
  

7:01 am T-Mobile US reports it generated 2.1 million total net customer additions, including over 1.0 million branded postpaid net customer additions (TMUS) : Co provided a preliminary view of key customer results for the second quarter of 2015. Co generated 2.1 million total net customer additions, including over 1.0 million branded postpaid net customer additions, bringing its total customer base to 58.9 million across postpaid, prepaid and wholesale.

• Total net customer additions were up 41% year-over-year and 14% sequentially. Total branded postpaid net customer additions were more than 1.0 million, up 11% compared to the prior year. Branded postpaid phone net customer additions were 760,000, up 31% compared to the prior year. 
• Branded postpaid mobile broadband net customer additions were 248,000, down compared to last year, but up 85% sequentially. Branded prepaid net customer additions were 178,000 in the second quarter of 2015, which represents an improvement of 144% sequentially and 75% year-over-year. 
• Branded prepaid to branded postpaid migrations of approximately 175,000 were down sequentially.
  

7:00 am Avon Products reports its divestiture of Liz Earle for 140 million in cash (AVP) : Co announced that it has divested Liz Earle. Walgreens Boots Alliance (WBA) acquired the Liz Earle business for 140 million in an all-cash transaction.

• In 2014, Liz Earle represented approximately 1% of the company's consolidated revenue and adjusted operating profit, or approximately 3% of its Europe, Middle East & Africa reporting segment's revenue and adjusted operating profit. Proceeds from the transaction will be used for the company's anticipated redemption of $250 million, 2.375% Notes due March 2016
  

6:46 am SkyWest reports June traffic statistics, showing 2.6 bln RPMs, a 7.5% decrease Y/Y (SKYW) : Co reported 2.60 billion in revenue passenger miles (RPMs) for June 2015, compared to 2.81 billion in RPMs for June 2014, or a 7.5% decrease. Co carried 4,972,163 passengers in June 2015, compared to 5,253,163 passengers in June 2014, or a 5.3% decrease. Load factor increased to 85.2 percent in June 2015 compared to 84.6 percent in June 2014.

6:38 am PepsiCo beats by $0.08, reports revs in-line; raises outlook for constant currency EPS to +8% from +7% (PEP) : Reports Q2 (Jun) earnings of $1.32 per share, $0.08 better than the Capital IQ Consensus Estimate of $1.24; revenues fell 5.7% year/year to $15.92 bln vs the $15.84 bln consensus. 

• The co expects mid-single-digit organic revenue growth and increased its core constant currency EPS growth target to 8% from 7% versus its fiscal 2014 core EPS of $4.63. 
• Co expects FX to have an unfavorable impact of ~ 9 percentage points on rev (consensus -4.6%) and ~11 % points on core EPS (down ~3% including FX vs. -2.3% consensus).

6:32 am US stock futures higher by nearly 1% amid strength in Europe and 6% rebound in China (SPY) :

• US futures rebounding: S&P futures are currently +19 points (+0.9%) at 2058.
  
• European markets higher: Germany's DAX is +1.5%; France's CAC is +1.6%, UK's FTSE is +0.9%.
• Asian rebound led by China bounce: China's Shanghai Comp +5.8%; Hong Kong's Hang Seng +3.7%; Japan's Nikkei +0.6%.

6:31 am Coeur d'Alene Mines reports preliminary Q2 production of 4.3 mln oz of silver and ~81K oz of gold; co's 2015 total silver and gold production guidance is unchanged (CDE) :  

6:19 am On the Wires (:WIRES) :

• Clean Energy Fuels Corp (CLNE) announced that it has completed 14 station construction projects for refuse customers in the first six months of the year and expects to complete another 22 by the end of 2015, which will enable new or expanding refuse fleets to fuel with natural gas. Company is on track to complete a record 36 new station projects in 2015 for waste customers
  
• Lightbridge Corporation (LTBR) and the Institute for Energy Technology of Norway announced that they have entered into a binding services agreement for irradiation testing of Lightbridge advanced metallic nuclear fuel samples under prototypic commercial reactor operating conditions in IFE's Halden research reactor. "This contract keeps us well positioned to realize high-margin revenue streams from technology licensing fees and royalties from a growing $25 billion annual global market for nuclear fuel. We have the utmost confidence in IFE expertise and facilities at Halden, which are recognized throughout the nuclear energy industry for excellence."
  

6:06 am Conn's reports June 2015 sales data, comps rise 1.1% YoY; appoints Thomas Moran as Chief Financial Officer (CONN) : Co reportes June total retail net sales rose 11.9% YoY to $102.6 million; Same store sales for the month increased 1.1% against an increase of 11.2% in June last year

• Same store sales by segment: 
• Furniture and mattress +5.9% 
• Home appliance +9.8% 
• Consumer electronic (11.4%) 
• Home office (11.3%) 
• Greater than 60-day delinquency was 8.9% as of June 30, 2015 compared to 8.2% as of June 30, 2014, with a seasonal increase of 40 basis points from May 31, 2015.
  

• Co announced the hiring of Thomas Moran as CFO, effective July 27, 2015. Before joining Conn's, he served as CFO for West Marine (WMAR).
  
• Moran succeeds Mark Haley, who served as interim CFO, and who will continue as Vice President and Chief Accounting Officer. Haley was appointed interim CFO in December 2014
  

6:04 am Avolon Holdings issues a Q2 business update; reporting 14 sale and leasebacks during the quarter (AVOL) : Co agreed sale and leaseback transactions for 14 new aircraft in Q2. Co also delivered 14 new aircraft and sold three aircraft resulting in a 19% increase in its owned and managed in-service fleet to 152 aircraft at the end of June, 2015. Co's total fleet increased 29% year-on-year to 260 aircraft at the end of June, 2015.

6:03 am IBM signs a five-year IT services agreement with Columbia Pipeline Group (CPGX) valued at $180 mln (IBM) : Co has signed a five-year IT services agreement including cloud, mobile, analytics and security technologies with Columbia Pipeline Group (CPGX).

• Under a technology agreement valued at $180 million, IBM will deliver a range of services to provide the technology infrastructure CPG needs to operate as an autonomous business and support its growth plans
  

6:02 am Spherix announces a litigation update regarding its NNTP vs Huawei case; Markman hearing remains scheduled for July 17, 2015, and the trial remains set to begin on February 8, 2016 (SPEX) :  

6:01 am Sorrento Therapeutics and Globavir Biosciences enter into an agreement under which Globavir exclusively licenses BC001 to Sorrento (SRNE) : Co's announced they have entered into an agreement under which Globavir exclusively licensed its novel oncology compound, BC001, to Sorrento Therapeutics.

• Under the terms of the agreement, co will be responsible for the development and commercialization of BC001 for the treatment of solid tumors. 
• Full details of the partnership were not disclosed, but co participated as an equity investor in Globavir's previous round of financing, and under the terms of partnership Globavir is entitled to $80 million in regulatory and sales milestones in addition to multi-tiered royalty payments on global net sales.
  

5:50 am S&P futures vs fair value: +20.00. Nasdaq futures vs fair value: +48.80. :

5:50 am European Markets : FTSE...6544.97...+54.50...+0.80%.  DAX...10911.01...+163.30...+1.50%.

5:50 am Asian Markets : Nikkei...19855.50...+117.90...+0.60%.  Hang Seng...24392.79...+876.20...+3.70%.

5:05 am Sorrento Therapeutics and and NantBioScience form JV; to commit $100 mln to develop c-Myc,HIF-1 alpha, and TRAIL therapeutic programs (SRNE) : Sorrento Therapeutics and NantBioScience announced that they have established a joint venture to focus on the development of 'first-in-class' small molecules against targets that have eluded the pharmaceutical industry to date and which may address important drivers of cancer growth including cancer stem cells. ? Sorrento will contribute key small molecule programs (lead inhibitors of the proto-oncogenes c-Myc, and the master metabolism regulator HIF-1 alpha, and an inducer of the tumor suppressor cytokine TRAIL) to the joint venture which will be 60% owned by NantBioScience and 40% owned by Sorrento, and funded accordingly.

5:01 am On The Wires (:WIRES) :

• ACE Group (ACE) announced that it will offer increased insurance capacity of up to $100m/ 100m (previously $50m/ 50m) for terrorism, political violence and war risks as it further builds its market-leading proposition in response to evolving threats and increased demand from multinational clients. 
• STMicroelectronics (STM) and the French Institute of Materials, Microelectronics and Nanosciences in Provence, member of the Carnot STAR (Science and Technology for Research Applications) Institute, have announced the official launch of a new joint research laboratory to develop the next generations of high-reliability, ultra-miniaturized electronic components. 
• Enphase Energy (ENPH) has entered a strategic partnership with Wocozon BV, a Dutch nonprofit service company that provides renewable energy services to social housing projects. Wocozon will install solar photovoltaic arrays equipped with Enphase solar energy systems on 2,700 homes in multiple social housing dwellings across the Netherlands.
  

4:36 am bwin.party digital: GVC Holdings confirms takeover discussions with bwin.party digital entertainment (PYGMF) : GVC notes an announcement made by bwin.party and confirms that it has made a proposal to acquire all of the outstanding and to be issued share capital of bwin.party at a price of 110 pence per bwin.party share, comprised of a combination of new GVC shares and cash. GVC looks forward to working with bwin.party and its advisers with a view to securing acceptance of its proposal and, in turn, making an offer to bwin.party shareholders.

• Co states there can be no certainty that an offer for bwin.party will be made. GVC also states it will provide a further update for shareholders as and when appropriate.
  

4:15 am AstraZeneca and EvoRx meet primary goal of the collaboration; AZN to continue the development of the lead candidates (AZN) : AstraZeneca and EvoRx Technologies successfully completed a one-year research collaboration leveraging EvoRx's proprietary Evo-Link technology to discover cell penetrating peptides for a high value intracellular protein--protein interaction target in the respiratory portfolio.

• The EvoRx team successfully generated peptides with sub micromolar cell activity and low drop-off from primary potency meeting the primary goal of the collaboration.
• AstraZeneca will continue the development of the lead candidates.
  

4:09 am Exterran Partners will be renamed Archrock Partners after completion of spin-off from Exterran (EXH) (EXLP) : Exterran and Exterran Partners are pleased to announce the future name of the market leader in U.S. natural gas contract compression services: Archrock.

• In the third quarter of 2015, Exterran expects to separate its international contract operations, international aftermarket services and global product line businesses into a standalone company, resulting in two independent companies
  

3:43 am Omnova Solutions raiess prices on styrene butadiene latex products in Americas (OMN) : Co announced a price increase of up to $0.05/wet lb. ($0.10/dry lb.) on all styrene butadiene latex products to all served markets in the Americas.

• This increase is effective August 1, 2015 or as contracts allow, and is in addition to previously announced increases.
  

2:56 am Regeneron Pharms and Sanofi (SNY) present results from ongoing 52 week ODYSSEY JAPAN trial showing LDL-C reductions in more than 60% of patients (REGN) : Regeneron Pharmaceuticals (REGN) and Sanofi (SNY) announced that the Phase 3 ODYSSEY JAPAN trial of the investigational therapy Praluent Injection met its primary endpoint.

• At week 24, patients in the Praluent group experienced an average 64% greater reduction from baseline in their bad cholesterol, known as low-density lipoprotein cholesterol (LDL-C), when added to current standard of care including statins, compared to standard of care alone
• Patients were started on the lower dose of 75 mg, with the option to adjust their dose to 150 mg if they had not achieved their LDL-C goal (as defined by the Japan Atherosclerosis Society guidelines) at week 8. At week 24, 97% of patients in the Praluent group reached their LDL-C treatment goal, compared to 10% for placebo 
• Ninety-nine% of patients treated with Praluent remained on the lower dose; two patients required adjustment to the higher dose.
  

2:35 am Cellcom Israel approval of co-operation agreement with Pelephone (CEL) : announced that the previously reported co-operation agreement regarding maintenance services for passive elements of cell sites, between the Company and Pelephone Communications, which includes unifying passive elements and streamlining costs through a common contractor, was approved by the Israeli Antitrust Commissioner. 

1:43 am On The Wires (:WIRES) :

• Lennar (LEN) will debut their Next Gen -- The Home Within A Home to Stapleton's new Willow Park East neighborhood during the Grand Opening of Generations at Stapleton on Saturday, July 11 and Sunday, July 12.
• Box (BOX) announced that Rakuten has introduced Box's cloud content sharing platform. Rakuten chose Box to enable secure content collaboration under a mobile environment, between its employees in all of its group companies, working both inside and outside of Japan.

1:31 am Intellipharmaceutics Intl announced the FDA rescinds previous requirement to meet newly-imposed conditions for bioequivalence prior to receiving final approval for generic Focalin XR (IPCI) : Co advised that the FDA has indicated to the Company that it has rescinded its previous requirement that the Company meet newly-imposed conditions for bioequivalence prior to receiving final approval for the Company's tentatively-approved strengths of its generic Focalin XR capsules. The strengths affected include 5 mg, 10 mg, 20 mg and 40 mg. The already-approved 15 mg and 30 mg strengths now in the market are not affected.

• The Company is not aware of any further action required of it in respect of its Abbreviated New Drug Application for the Product. 
• The Company is therefore hopeful that the FDA will shortly grant final approval for the 5 mg strength of the Product which is not subject to the six months of market exclusivity accorded to the first-filer of an ANDA.