NYSE EAC 10,85 US$ 7,59%

6:13 pm Erickson Air-Crane announces it has been selected by Pan Aviation to provide emergency fire suppression support for the Municipality of Istanbul and the surrounding areas of Turkey (EAC) : The agreement calls for the use of one specialized S-64E Aircrane to assist with regional fire suppression and emergency response operations 365 days a year for two years.

6:05 pm Campus Crest Communities confirms it will be delayed in filing its Form 10-Q for quarter ended June 30, 2015 (CCG) : Co expects to file its Quarterly Report on Form 10-Q in the near-term and as quickly as practicable. As the Company noted in a Form 8-K filed today, the delay is attributable to the significance and complexity of the recently completed (effective January 30, 2015) Copper Beech Townhome Communities transaction, most notably the need to account for the acquired Copper Beech interests as joint ventures through the closing date and as a combination of joint ventures and wholly-owned interests for the balance of the quarter, and the additional time required to complete the consolidation for the previous quarter.

5:44 pm Acorda Therapeutics announces the Patent Trials and Appeal Board denies both inter partes reviews of AMPYRA patents (ACOR) : Co announces that the United States Patent and Trademark Office (:USPTO) Patent Trials and Appeal Board (PTABF) will not institute the inter partes review (:IPR) of U.S. Patent Nos. 8,663,685 ("the '685 patent") and 8,007,826 ("the '826 patent"). The '685 and '826 patents are two of five Orange Book-listed patents that apply to AMPYRA (dalfampridine) Extended Release Tablets, 10 mg, a novel treatment for multiple sclerosis developed by Acorda. AMPYRA is a standard of care for improving walking in MS. The '685 and '826 patents are set to expire in 2025 and 2027, respectively.

5:07 pm Enphase Energy announces distribution agreement with Solar Partners New Zealand (ENPH) : Co announces it has entered into a distribution agreement with Solar Partners New Zealand, a solar wholesaler, trainer and business support hub. Solar Partners New Zealand will distribute the Enphase Solar Energy System to key installers across the country.

5:01 pm Lifevantage announces appointment of Mark Jaggi as Chief Financial Officer, effective August 24, 2015 (LFVN) : Most recently, Mr. Jaggi served as Chief Financial Officer at TwinLab Consolidated Holdings.

5:01 pm PS Business Parks announces promotion of Maria R. Hawthorne to President (PSB) : Co announces that effective immediately, Maria R. Hawthorne (previously Executive Vice President and Chief Administrative Officer) has been promoted to President. Ms. Hawthorne has been with PS Business Parks and its predecessor for three decades, having served numerous managerial roles in her tenure with the Company.

4:49 pm Key Energy announces Board has approved a CEO succession plan and certain corporate governance changes; Robert Drummond to assume role of CEO no later than December 31, 2016 (KEG) : Co announces that its Board of Directors has approved a CEO succession plan and certain corporate governance changes. Under the succession plan, it is anticipated that Robert Drummond, Key's President and Chief Operating Officer will assume the role of Chief Executive Officer no later than December 31, 2016, succeeding Dick Alario, who has informed the Board of his intention to retire next year. As part of this transition, the Board has split the positions of Chairman of the Board and CEO. The Board of Directors has elected director Mark Rosenberg to the position of non-executive Chairman effective immediately. Mr. Alario will continue as Chief Executive Officer and a member of the Board of Directors.

4:40 pm Banco Santander Mexico announces approval previously announced appointment of Marcos Martinez Gavica as Chairman of the Board and Hector Grisi Checa as Executive President and CEO (BSMX) :  

4:31 pm Boston Scientific reports receiving CE Mark on MRI conditional labeling, for its current family of EL, MINI and X4 defibrillator systems (BSX) :  

4:31 pm VWR Corp to redeem all $750 mln of its outstanding 7.25% Senior Notes due 2017 (VWR) : The redemption is conditional and subject to the receipt of sufficient proceeds from the refinancing of our senior secured credit facilities. The redemption price for the Senior Notes that are redeemed pursuant to the conditional redemption notice will be equal to 102.719% of the aggregate principal amount of such Senior Notes plus accrued and unpaid interest to the redemption date.

4:16 pm Laboratory Corp's Covance receives a multi-year award from a 'leading pharmaceutical' company to use Covance's Xcellerate platform as an exclusive central monitoring solution for their worldwide clinical trials portfolio (LH) :  

4:15 pm Acura Pharma announces it will effect 1-for-5 reverse stock split of its common shares, to take effect on August 28, 2015 (ACUR) :  

4:11 pm Cloud Peak Energy reaches an agreement with a landowner near its Cordero Rojo Mine in Wyoming, providing it access to ~95 mln tons of additional coal (CLD) : The additional coal consists of tons directly under the acquired land and other adjacent tonnage that is anticipated to become available for future mining as a result of acquiring the surface access. The agreement primarily involves a land exchange and production payments from any future sales of the underlying coal, including certain recoupable advance production payments.

4:10 pm Inovalon to acquire Avalere Health for $140 mln, deal estimated to be mildly accretive in 2015 (INOV) : Avalere Health is a provider of data-driven advisory services and business intelligence solutions to the pharmaceutical and life sciences industry. The purchase price is $140 million, which is comprised of $135 million of cash and $5 million of restricted stock. Avalere reported $47.1 million of revenue in the calendar year ended December 31, 2014 and, given the expected timing of closing, the transaction is estimated to be mildly accretive in 2015, adding a penny or less of Non-GAAP diluted net income per share.

4:09 pm Closing Market Summary: Stocks Plunge Amid Persistent Macro Concerns (:WRAPX) :

Global equity markets began the last full week of August with a broad-based tumble that began overnight in Asia and continued into the U.S. session. When the dust settled, the S&P 500 ended lower by 3.9% after opening with a 5.3% loss while the Nasdaq Composite lost 3.8% after starting the day with an 8.8% decline.

The Monday retreat began unfolding shortly after Asian markets opened for action with continued concerns about global economic growth weighing on investor sentiment. China's Shanghai Composite paced the overseas weakness, plunging 8.5%, after the weekend went by without direct policy intervention from the People's Bank of China. Instead, pension funds managed by local governments were allowed to invest in the stock market, but that development was all but ignored.

There was no respite during the European session as equity indices across the old continent faced daylong pressure with France's CAC, Germany's DAX, and UK's FTSE losing between 4.7% and 5.4%. Notably, an extension of recent selling in the DAX resulted in the index widening its slide from record highs to 22.0%, representing bear market territory.

Once the U.S. session got going, a chaotic first hour ensued, featuring wide spreads, low liquidity, and a mad dash for volatility protection. In fact, the CBOE Volatility Index (VIX 40.03, +12.00) did not produce any quotes during the first 30 minutes of the session, but once quotes resumed, the index soared past levels seen during the May 2010 flash crash. The VIX notched its high just below 53.50%, but retreated into the 40.00% area by the close.

Today's selling was far-reaching with just 136 NYSE listings ending in the green while 3079 names posted losses. Given that dynamic, it wasn't surprising to see all ten sectors end the day in negative territory with losses ranging from 3.1% (telecom services) to 5.2% (energy).

The energy sector finished the day behind other groups, widening its Q3 decline to 20.5% as crude oil contributed to the persistent weakness.The energy component was clipped by the overarching global macro concerns, tumbling 5.4% to $38.25/bbl.

Crude was unable to draw support from greenback weakness even as the Dollar Index fell 1.7%. Most notably, the dollar slid 2.8% against the yen (118.60) and surrendered 1.8% to the euro (1.1595) as the unwinding of carry trades took a toll on the dollar. Meanwhile, Treasuries rallied overnight, hitting their best levels around 9:30 ET before retreating from those highs. The 10-yr note ended the day with a gain, sending its yield lower by four basis points to 2.04%.

The intraday retreat in Treasuries occurred as stocks attempted a recovery, but the market met renewed selling and returned into the lower half of its trading range by the close.

Monday's aggressive selloff invited above-average participation with more than 1.6 billion shares changing hands at the NYSE floor.

Investors did not receive any economic data today, but a few reports will be released tomorrow. The Case-Shiller 20-city Index for June (Briefing.com consensus 5.1%) and the June FHFA Housing Price Index will both be released at 9:00 ET while July New Home Sales (consensus 511K) and August Consumer Confidence (expected 93.1) will be reported at 10:00 ET.

• Nasdaq Composite -4.4% YTD
• Russell 2000 -7.6% YTD
• S&P 500 -8.0% YTD
• Dow Jones Industrial Average -10.9% YTD

4:06 pm Home Depot announces the completion of its acquisition of Interline Brands (HD) :  

4:05 pm Alliance Fiber Optic announces a $25 mln stock repurchase program (AFOP) :  

4:02 pm Flex announces shareholder approval to purchase up to 20% of its outstanding shares; additionally, co's Board authorizes mgmt to purchase up to $500 mln in common stock (FLEX) :  

4:02 pm Monogram Residential Trust appoints Dan Swanstrom as CFO-Elect, effective on October 26, 2015 (MORE) : Swanstrom will succeed Howard Garfield, who will remain with the Company as Senior Vice President -- Planning, Treasurer, Chief Accounting Officer, and Assistant Secretary.  Mr. Garfield will also serve as interim Chief Financial Officer until the Company files its quarterly report on Form 10-Q for the third quarter with the SEC. Swanstrom joins Monogram following a nine-year career at Morgan Stanley (MS), most recently serving as Executive Director in the Real Estate Investment Banking Group.

3:43 pm U.S. Treasury Market Summary (BONDX) :

Yield Curve Steepens in Equity Market Panic

• U.S. Treasuries soared this morning as investors scrambled to find safe havens from the rout in global equity markets. Governments are closing higher but well off of their best levels, with the long end of the curve giving back most of its gains. The U.S. Dollar Index took its worst losses today since the 5-point move on March 18th. Today, the index is down 1.65% to 93.44
• Yield Check:
  • 2-yr: -5 bps to 0.62%
  • 5-yr: -6 bps to 1.43%
  • 10-yr: -4 bps to 2.04%
  • 30-yr: unch at 2.76%

• News:
  • Overnight, the Shanghai Composite declined -8.49% to 3,210, putting its losses from the June high at 38%. Prior to the weekend, rumors had circulated that the People's Bank of China might slash the required reserve ratio (:RRR). The central bank disappointed on that front
  • Before the U.S. equity market open (09:30 ET), the futures contracts on the S&P 500, the Nasdaq-100, and the Dow Jones Industrial Average went limit-down
  • WTI crude declined to touch a new post-crisis low of $37.75/bbl.

• Commodities:
  • WTI crude: -6.18% to $37.95/bbl.
  • Gold: -0.58% to $1,152.90
  • Copper: -2.63% to 2.2430/lb.

• Currencies:
  
  • EUR/USD: +1.69% to $1.1581
    
  • USD/JPY: -2.73% to 118.71
    
    • Both the euro and yen spiked against the dollar as markets pushed through stop orders. That was the largest range for USD/JPY in at least one year

• Data Out Tuesday:
  
  • June Case-Shiller 20-City Index (09:00 ET)
    
  • June FHFA Housing Price Index (09:00 ET)
    
  • July New Home Sales (10:00 ET)
    
  • August Consumer Confidence (10:00 ET)
    
• Treasury Auction:
  
  • $26 bln 2-year note auction (13:00 ET)

3:31 pm Earnings Calendar (:SUMRX) :

Today after the close look for the following companies to report:

• PINC, QUNR

Tomorrow before the open look for the following companies to report:

• BBY, BMO, VAL, TOL, SAFM, DSW, PLCE, SOL, EJ, SXI, DAKT, LEJU

3:26 pm Major averages extend afternoon pullback -- Dow -663, S&P -87, Nasdaq Comp -199 (:TECHX) :  

3:09 pm Hawkins and BASF (BASFY) announce they have signed an exclusive distribution agreement, for the distribution of BASF's Water Solutions portfolio throughout the Midwestern US (HWKN) :  

3:01 pm Market averages extend slide off midday highs -- Dow -648, S&P -82, Nasdaq Comp -180 (:TECHX) :  

2:33 pm Currency Market Summary (BONDX) :

Dollar Falls Against Euro, Yen, and Swissy

• The U.S. Dollar Index fell 1.48% to 93.60 as carry trades that were positioned for imminent U.S. rate hikes continued to unwind. In a trading session without economic data, the pressure on global equities has caused Fed funds futures to price in only a 24% probability of a September rate hike
  
• EUR/USD: +1.72% to $1.1584
  
  • The pair traded as high as $1.1714 this morning, its highest level since January 15th
    
• GBP/USD: +0.37% to $1.5753
  
  • Similarly to the greenback, pound sterling has been benefiting from rate hike speculation (in this case, from the Bank of England). The pound was mostly spared today, however, as the U.S. dollar bore the brunt of the selling pressure
    
• USD/JPY: -2.44% to 119.06
  
  • $/Yen traded to its lowest level since February, making a low at 116.97, again, due to the unwinding of carry trades
    
• USD/CHF: -1.04% to 0.9362
  
• USD/CAD: +0.36% to 1.3236
  
• AUD/USD: -1.78% to $0.7188
  
• NZD/USD: -2.51% to $0.6518

2:22 pm S&P -58 slides back near 50% retrace of today's recovery (:TECHX) : The index has slipped back off the midday recovery high at 1954 which was just just of the 38% retracement of the slide off last week's high (rebound high 1954). The pullback this afternoon has retraced 50% of the day's recovery at 1910 (pullback low thus far 1909.96).

1:32 pm Frisch's Restaurants shareholders approve its acquisition by an affiliate of NRD Partners, for the previously announced price of $34/share; formal de-listing to occur on Sept. 4, 2015 (FRS) :  

1:29 pm S&P -32 stalls near retracement (:TECHX) : Noted earlier that the outperforming Nasdaq Comp had reached the 50% retracement of the decline off last week's high and unchanged at 4692/4706 (session high 4694). The S&P has recently notched a new rebound high (not confirmed by Nasdaq Comp) at 1954 and paused leaving it just under the 38% retracement of the decline off last week's high at 1957.

1:23 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

• SYT (83.64 +9.21%): Reports out that Monsanto (MON) has raised its bid to acquire Syngenta.
• SWKS (83.77 +5.94%): Semi's rally in the face of broad market weakness (MU, NXPI, ARMH, ASML, INTC, FSL, AVGO also higher).
• NFLX (106.65 +2.59%): Rallying back from heavy losses earlier in today's sessions, announced a partnership with Softbank (SFTBY) in preparation for Netflix's Japan launch in September.

Large Cap Losers

• ACH (7.89 -5.23%): Chinese names underperforming after the Shanghai Composite dropped 8.5%, Hang Seng fell 5.2% (BIDU, CEO, NTES also lower).
• COG (22.97 -5.82%): Energy names among worst performers with crude oil falling over 3% (PBR, MPC, E also lower).
• BHP (33.21 -4.24%): Continued pressure in miners as metals slump amid global rout.

Mid Cap Gainers

• GAS (61.81 +29.15%): To be acquired by Southern Company (SO) for $66/share in a $12 bln deal.
• CIE (8.12 +12.15%): Announced it would sell its 40% participating interest in Blocks 21/09 and 20/11 offshore Angola for $1.75 bln to Empresa Pblica.
• SUNE (11.4 +6.3%): Bouncing back from a multi-session downtrend after three Directors bought 34,800 shares at $10.68-11.80 worth ~$399K.

Mid Cap Losers

• MOMO (12.57 -8.78%): Chinese internet names hit especially hard on China's steep sell off (WB, QIHU, YY, MR, WX, YOKU, CMCM also lower).
• SLH (42.62 -5.9%): Pulling back following last week's gains related to the company exploring strategic alternatives; Solera reports Tuesday after the close.
• MDVN (87.57 -4.22%): Will acquire all worldwide rights to talazoparib from BioMarin (BMRN) for $410 mln upfront.

1:06 pm Richardson Elec announces new global distribution agreement with Shanghai Huaxiang Computer Communication Engineering (RELL) : Co announces a new global distribution agreement with Shanghai Huaxiang Computer Communication Engineering, a supplier of microwave components and microwave test subsystems.

12:58 pm Midday Market Summary: Stocks Rebound After Opening Plunge (:WRAPX) :

The major averages trade in the red at midday, but the current standing has masked an opening plunge that briefly sent the Nasdaq Composite lower by 8.8%. The tech-heavy index has erased the vast majority of that decline, narrowing its loss to 0.6% while the S&P 500 remains lower by 1.1% after being down 5.3% at the start.

There was no singular reason behind the opening dive, but continued concerns about global economic growth weighed on investor sentiment as China's Shanghai Composite plunged 8.5% after the weekend went by without direct policy intervention from the People's Bank of China.

The carnage extended to Europe with markets in France, Germany, and the UK losing between 4.7% and 5.4%. The German DAX was in the headlines this morning as the index extended its slide from record highs to 22.0%, entering bear market territory.

Domestically, Treasuries rallied during overnight action, but they have spent the past three hours in a retreat from highs. Still, the 10-yr note remains in the green with its yield down two basis points at 2.03%. Meanwhile, the Dollar Index has tumbled 1.2% with the greenback surrendering 1.6% to the euro (1.1560) as investors unwind euro-based carry trades.

All ten sectors remain in negative territory, but the top-weighted technology space (-0.3%) hovers just below its flat line with select large cap names showing relative strength. Apple (AAPL 107.48, +1.75) has spiked 1.6% after showing a 13.0% decline at the opening bell while high-beta chipmakers display broad strength with the PHLX Semiconductor Index trading higher by 1.8%.

In other high-beta areas, biotechnology has recovered from considerable weakness in the early going. The iShares Nasdaq Biotechnology ETF (IBB 339.13, -0.71) has narrowed its loss to 0.2% while the health care sector remains lower by 1.0%.

Elsewhere, the energy sector (-2.2%) is burrowed below the remaining nine sectors amid continued weakness in crude oil that has the energy component trading lower by 3.6% at $39.00/bbl at this juncture.

12:49 pm Rapid7 leading cyber-security stocks higher as QQQ -0.7% rebounds (RPD) : RPD +12%, FEYE +2.4%, PFPT +1.3%, CUDA +1%, BLOX +1%... HACK -2.2%.

12:28 pm Nasdaq Comp -13 continues to lead the recovery (:TECHX) : The initial thrust high for the Nasdaq Comp was at 4527 (noted at 10:00) with the follow through bringing the index back to the 50% retracement of the decline off last week's high (4692) and the flat line (4706) -- session high 4694.

12:10 pm Novartis AG announces that the FDA has approved an expanded use for Promacta to include children 1 year of age and older with chronic immune thrombocytopenia who have had an insufficient response to corticosteroids, immunoglobulins or splenectomy (NVS) :

The updated label also includes a new oral suspension formulation of Promacta that is designed for younger children who may not be able to swallow tablets.

Promacta utilizes Ligand Pharmaceuticals' (LGND) Captisol platform technology.

12:02 pm Roche Hldg acquires products associated with the Heat Elution technology for nucleic acid purification of multiple sample types including challenging formalin-fixed paraffin-embedded tumor samples from Lumora; terms not disclosed (RHHBY) :  

12:00 pm Major averages able to extend rebound -- S&P -27, Dow -203, Nasdaq Comp -42 (:TECHX) : Noted at 10:00 that the initial thrust highs for the major averages (1910 S&P, 15969 Dow and 4526 Nasdaq Comp) were key levels to watch during the morning. The S&P has recently extended to 1944 for a 34 point move, the Dow has extended 303 points above while the Nasdaq Comp has pushed 137 points beyond its initial rebound high.

11:57 am Abengoa has been awarded the construction of the new port terminal located in Capurro, Montevideo; contract exceeds $93 mln (ABGB) :  

11:56 am European Markets Closing Prices (:SUMRX) : European markets are now closed; stock markets across Europe performed as follows:

• UK's FTSE: -4.7%
• Germany's DAX: -4.7%
• France's CAC: -5.4%
• Spain's IBEX: -5.0%
• Portugal's PSI: -5.8%
• Italy's MIB Index: -6.0%
• Irish Ovrl Index: -4.8%
• Greece ASE General Index: -10.5%

11:55 am Sector Watch -- Semi SMH / XSD push into positive territory (:TECHX) : Noted relative strength in the group early this morning with an extension noted in recent trade. Semi names in positive territory include: AMKR +4.5%, MU +4.1%, LSCC +3.3%, ASML +2.5%, CRUS +2.4%, SNDK +1.6%, TXN +1.1%, INTC +1%.

11:47 am S&P -43, Dow -333 and Nasdaq Comp -93 are working up toward their intraday rebound highs (:TECHX) :  

11:40 am Floor Talk (:TALKX) :

Stock monitors are still filled with the color red, but it isn't the dark shade of crimson seen off the open when the major indices and individual stocks plunged in a way that hasn't been seen since the dark days of the financial crisis.  To wit:

• The Dow Jones Industrial Average, which dropped over 1,000 points last week, fell 1089 points in the first few minutes
• The Nasdaq Composite collapsed by 414 points or 8.8%
• The S&P 500 dropped 104 points or 5.3%
• Apple (AAPL 105.61, -0.15) -- yes, Apple! -- declined 13% to $92.00 per share

With those numbers in mind, one can find a silver lining in the fact that the major indices are now down in the neighborhood 2.5%.  Apple, meanwhile, is now down only 0.1% and even sported a fractional gain a short time ago.

The catalysts for the early collapse were manifold:

• Follow-through selling on the heels of an ugly showing from Asian-Pacific markets on Monday, namely the Shanghai Composite (-8.5%)
• The unwinding of the so-called carry trade as both the euro and the yen shot higher against the dollar, which has been knocked back sharply along with the market's expectations for a September rate hike from the Federal Reserve
• Forced selling that resulted from margin calls or the expectation margin calls will soon be made
• Panic selling that flowed from the pre-market indication signalling a horrible start for the equity market
• Economic growth concerns that weighed heavily on oil (-4.0% to $38.83/bbl) and other commodity prices

Other reasons can be drummed up as well for the nasty start, but now, let's consider why the indices roared back like they did:

• Given the scope of recent losses, the sharp declines seen early left a load of stocks in a short-term oversold condition
• Apple's ability to bounce back quickly, and strongly, provided some influential weight in the rebound effort
• Valuation appeal: at this morning's low, the S&P 500 traded at 15.6x forward twelve-month earnings, which was a slight discount to its 15-year historical average, according to S&P Capital IQ
• An expectation that Chinese authorities will soon announce a new round of monetary policy stimulus to help calm Chinese investors and to promote better economic growth

Things have settled down some, but they certainly haven't been settled.  There was a good bit of technical damage done with today's sell-off, not to mention the psychological damage that was also done.  For the time being, it will be a market governed by heightened volatility and day-to-day ruminations about the outlook, which is less than clear for policymakers and investors alike.

11:38 am Novo Nordisk A/S announces headline results from the second and final phase 3a trial with liraglutide as adjunct therapy to insulin for people with type 1 diabetes (NVO) :

From a mean baseline HbA(1c) of around 8.2%, people treated with 1.2 mg and 1.8 mg liraglutide as adjunct to insulin therapy achieved the primary objective of non-inferiority in HbA(1c) and showed a greater improvement in HbA(1c) of around 0.5% compared with 0.3% for people treated with placebo. The primary objective of HbA(1c) non-inferiority was not confirmed for the 0.6 mg dose. Furthermore, from a mean baseline weight of around 86 kg, people treated with 1.2 mg and 1.8 mg liraglutide as adjunct to insulin therapy achieved a statistically significantly greater weight loss between 3 kg and 4 kg whereas people treated with placebo experienced a weight gain of around 1 kg.

• Based on a risk/benefit assessment of the overall dataset from the two ADJUNCT trials, Novo Nordisk does currently not intend to submit an application to expand the label of Victoza for use in type 1 diabetes. Novo Nordisk intends to conduct thorough analyses to evaluate the clinical data and define potential future clinical and regulatory initiatives.

11:38 am Stocks/ETFs that traded to new 52 week highs/lows this session- New lows (357) outpacing new highs (1) (:SCANX) :

Stocks that traded to 52 week highs: RCPT

Stocks that traded to 52 week lows: A, AA, AAPL, AAXJ, ABB, ABEV, ACE, ACM, ACWI, ADP, ADSK, ADT, AEG, AES, AFL, AKRX, ALB, ALL, AMAT, AMH, AMP, AMT, AMX, APA, APC, AR, ARCC, ASML, ASX, ATHM, ATML, AUO, AVP, AXP, AZN, BA, BABA, BAC, BAX, BBBY, BBD, BBL, BBRY, BBY, BCE, BDN, BEAV, BEN, BG, BHI, BHP, BIDU, BIIB, BKD, BP, BRFS, BRK.B, BRX, BSBR, BSMX, BUFF, BWA, CA, CAB, CAR, CAT, CBL, CBS, CCJ, CFG, CFX, CHK, CHKP, CHS, CIE, CIG, CIM, CIT, CL, CLR, CMI, CNI, CNQ, CNX, COF, COG, COH, COP, COST, CP, CPGX, CPN, CSX, CTL, CUZ, CVE, CVX, CX, DAN, DD, DDR, DE, DFS, DISCA, DISCK, DISH, DO, DOV, DOW, DRH, DVN, ECA, EMC, EMN, EMR, EOG, EPD, EQT, ERIC, ESRX, ESV, ETN, ETP, F, FAST, FCX, FDX, FLR, FLS, FOSL, FOX, FOXA, FTI, FV, GE, GGB, GIS, GLW, GM, GMCR, GNW, GOL, GPOR, GPS, GRMN, GRPN, GRUB, GSK, HAL, HAR, HCA, HES, HOG, HOT, HP, HPQ, HSBC, HST, HSY, HTZ, HUN, IBM, IBN, IGT, INTC, IP, IRM, ITUB, ITW, IVZ, JBL, JCI, JD, JNJ, JOY, JPM, JUNO, KATE, KKR, KLAC, KMI, KO, KORS, KSS, KSU, L, LC, LGF, LHO, LLTC, LM, LNG, LNKD, LQ, LRCX, LUK, LVS, MAT, MCD, MCK, MDT, MDU, MDVN, MEOH, MET, MFA, MFC, MJN, MON, MOS, MPEL, MRK, MRO, MRVL, MS, MSFT, MT, MTW, MU, MUR, NAVI, NBL, NBR, NCR, NE, NGLS, NOK, NOV, NRF, NSC, NTAP, NUE, NWS, NWSA, NYCB, NYLD, OI, OII, OKE, OKS, ORCL, OXY, PAA, PAGP, PAH, PAY, PBI, PBR, PBR.A, PCAR, PDM, PEP, PG, PH, PNR, POT, PSEC, PSO, PWR, PX, PXD, PYPL, QCOM, QEP, QQQ, RAX, RDS.A, RDS.B, RES, RGC, RIG, RIO, RL, RRC, RY, RYN, SAN, SAVE, SBH, SBS, SCCO, SCTY, SDRL, SE, SFM, SFUN, SLB, SLM, SM, SNDK, SNH, SNI, SPN, SPWR, SRE, STO, STR, STWD, SU, SUNE, SWN, SXL, SYMC, T, TAP, TCK, TD, TDC, TERP, TEX, TIF, TOT, TRIP, TRMB, TRN, TROW, TRP, TS, TSM, TSU, TTM, TV, TWO, TWTR, TWX, TXT, TYC, UMC, UNM, UNP, UPS, URI, UTX, VALE, VALE.P, VIAB, VIPS, VIV, VZ, WDAY, WDC, WFM, WFT, WLL, WMT, WPZ, WY, WYNN, X, XL, XOM, XRX, XYL, YHOO, YNDX, ZBH, ZNGA

ETFs that traded to 52 week highs: SMN, TLH

ETFs that traded to 52 week lows: AFK, AMJ, BJK, BKF, BNO, CHN, COW, CROP, CUT, DBA, DBB, DBC, DIA, DIG, DJP, DVY, ECH, EEB, EEM, EFA, EGPT, ENZL, EPOL, EPP, EPU, EWA, EWC, EWH, EWM, EWP, EWS, EWT, EWU, EWW, EWY, EWZ, EZA, EZU, FAN, FDN, FUD, FXA, FXC, FXI, GAF, GREK, GSG, GULF, GXC, HAO, HYG, IAI, ICF, IDX, IEO, IGE, IGN, IHF, ILF, IOO, ITA, IXC, IYE, IYF, IYH, IYJ, IYK, IYM, IYT, IYZ, JJA, JJC, JJG, JNK, JO, KCE, KOL, KRE, MDY, MES, MOO, NLR, OEF, OIH, OIL, PALL, PBD, PBW, PFF, PHO, PIN, PPA, PPH, PSK, QAI, QQQ, REMX, RJA, SDY, SEA, SGG, SLX, SMH, SOCL, SOXX, TAN, TAO, THD, UHN, URA, USO, UYM, VGK, VNM, VTI, VWO, XES, XLB, XLE, XLF, XLI, XLK, XLV, XME, XOP

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 13 stocks made 52 week highs and 1973 stocks made 52 week lows.

11:19 am Currency Commentary: Wild Ride (:SUMRX) :

• The Dollar Index broke below its 200 sma (94.70) and fell to an 8-month low as the global markets are seeing an extremely volatile sell off. The DXY was offered as risk off took control and dollar bulls took profits on expectations the Fed would have to delay its decision to hike rates. The DXY has settled down at the 93.50 area. There is no economic reports due today but Atlanta Fed President Dennis Lockhart will be speaking today at 3:55pm ET. Mr. Lockhart said back on August 10 that the Fed was close to raising rates and that September could be 'appropriate'. It will be interesting if recent market events will cause him to change his tune.
• The euro ripped to 1.1714, its best level since February. The euro has been a funding currency and has been at the lead for market activity. The unwinding of leverage here helped blast the euro above its 200 sma. The euro is now up approx 6% over the past week as traders unwind their carry trades.
• The pound was able to rally with the euro. The plausible idea is that the stronger euro should help provide a boost to trade for the U.K.. But we are not going to try and provide a lot of narrative here on the move as sterling's activity was likely in sympathy to dollar and euro moves rather than anything U.K. specific.
• The yen continues to see safe haven buying as it rallies into the 117 area. There is an argument that yen is no longer a carry trade move but we do continue to see the yen rally on risk off trade. So it is still seeing some carry trade activity. The yen has also busted through its 200 sma (120.69) as it trades to its best levels since November of 2014 (FOREX, BONDX)

11:04 am New rebound high for Nasdaq Comp -113 but thus far the Dow -417 and S&P -50 have not confirmed the new high (:TECHX) :  

10:48 am Gogo receives a final Supplemental Type Certificate from the FAA, required to launch its 2Ku next-gen satellite connectivity service (GOGO) : The technology is currently installed on Gogo's 737-500 test plane and is now cleared for in-flight testing. Gogo expects to launch commercial service of its 2Ku technology later this year.

10:47 am Pernix Therapeutics announces a new three-year $50 mln revolving credit facility (PTX) : The new facility bears an interest rate of LIBOR plus 1.5% to LIBOR plus 2.0% versus the Company's prior revolving credit facility of LIBOR plus 7.5% with a 1.5% LIBOR floor

10:33 am S&P -60 rebound stalls at retracement and slips back (SPY) : The index was able to tack on 22 points after breaking above the initial thrust high (see 10:00) with it stalling at the 62% retracement of today's decline at 1931 (rebound high 1932).

10:20 am Follow through above initial thrust highs for major averages -- Dow -389 is 727 points off the low, S&P -54, Nasdaq Comp -142 (:TECHX) : Noted the initial thrust highs off the early low at 10:00 with the indices extending the bounce attempt in recent action.

10:15 am Relative sector strength (:TECHX) : A limited extension of the push off the lows after a substantial follow through decline. Sectors that have displayed relative strength on the bounce (outperformed the S&P) include: Internet FDN, Software IGV, Semi SMH (MU, ASML, AMKR are positive), Biotech IBB, Banking KBE, Coal KOL.

10:07 am Volatility products illustrating large spike in volatility on today's opening weakness; VIX is now +68% at 47.01, hitting the highest level since 2008 (VXX) :  

10:06 am Major market averages edge to limited new morning rebound highs -- Dow -488, S&P -63, Nasdaq Comp -167 (:TECHX) :  

10:03 am TransCanada reaches an agreement with Gaz Metro Limited Partnership, Enbridge Gas Distribution Inc. and Union Gas Limited that resolves their issues with Energy East and the Eastern Mainline Project (TRP) : The agreement ensures that Energy East and the Eastern Mainline Project will provide gas consumers in Eastern Canada with sufficient natural gas transmission capacity and reduced natural gas transmission costs.

10:00 am Xerox to acquire RSA Medical; terms not disclosed (XRX) : RSA Medical is a leading provider of health assessment and risk management for members interacting with health and life insurance companies.

10:00 am Market attempting to stabilize -- Dow -648, S&P -82, Nasdaq Comp -210 (:TECHX) : The major market averages broke down aggressively again off the open but attempted to stabilize after the first 5 minutes of trade. We have seen an initial thrust off the low (1910 S&P, 15969 Dow and 4526 Nasdaq Comp) and a slip but the opening lows are thus far still intact. Therefore, the opening lows and the first thrust highs are the key levels to watch this morning.

9:54 am One-week S&P sector performance (SPY) :

9:45 am Dow -547 rebounds as much at 593 points off the low (:TECHX) :  

9:43 am S&P -80 holds above its 10 month close low from Oct 2014 at 1862 and attempts to rebound -- session low 1867 (:TECHX) :  

9:40 am Opening Market Summary: Stocks Plunge (:WRAPX) :

As expected, the major averages began the trading day with widespread losses. The Nasdaq Composite has plunged 5.9% in the early going while the Dow (-4.8%) and S&P 500 (-4.5%) trade a bit ahead.

With the market facing broad pressure, only 22 listings at the New York Stock exchange trade in the green while nearly 1200 listings show losses. All ten sectors have plunged out of the gate with health care (-7.7%) pleading the retreat. On a related note, the high-beta biotechnology group has been broadsided with iShares Nasdaq Biotechnology ETF (IBB 310.00, -29.84) down 8.8%.

With heavy selling in equities, investors have shown demand for Treasuries, sending the 10-yr yield lower by 11 basis points to 1.94%.

9:38 am Sector Watch (:TECHX) : The worst performing sectors on a percentage basis this morning have been led by: Defense PPA, Auto CARZ, Broker IAI, Internet FDN, Airline JETS, Cyber Security HACK, Pharma PPH, Coal KOL, Home Const ITB, Finance XLF, Biotech IBB, Cloud Comp SKYY.

9:35 am iShares Nasdaq Biotech ETF (-9%) getting crushed along alongside QQQ -9.5% (IBB) : CELG -21%, ICPT -17%, AMGN -10%, VRTX -9%.

9:34 am Aggressive slide off the open -- Dow -969, S&P -97, S&P -364 (:TECHX) :  

9:31 am On the Wires (:WIRES) :

• Ancestry announced its collaboration with Gannett Co (GCI) to digitize more than 80 daily newspapers across the nation for Newspapers.com
• Laboratory Corporation of America Holdings (LH) announced the nationwide availability of its VistaSeq Hereditary Cancer Panel, a novel, 27-gene panel designed to identify patients with increased risk of breast, ovarian, melanoma, pancreatic, colorectal, endometrial, gastric, prostate, and other cancers. 
• RedHill Biopharma Ltd. (RDHL) announced the publication of an article evaluating the therapeutic potential of ABC294640, the Company's orally-administered first-in-class Sphingosine kinase 2 (SK2) selective inhibitor, in the treatment of prostate cancer.The article described a pre-clinical study conducted with YELIVA in early stage and advanced prostate cancer models. The findings from the study suggest that oral administration of ABC294640) disrupts multiple oncogenic signaling pathways that are deregulated in prostate cancer, corresponding with significant inhibition of tumor growth, proliferation and cell cycle progression. In particular, the compound inhibited in vitro several very resistant types of prostate cancer.
• Chipotle Mexican Grill (CMG) confirmed it will host its first-ever National Career Day, taking place on Wednesday, September 9, with the goal of hiring 4,000 new employees.

9:18 am S&P futures hit 5% limit down, currently -101.50 at 1870; Dow futures currently lower by 815 pts vs. fair value (SPY) :

• Equity index futures price limits kick-in at 5% down prior to 8:30 ET, then 7% and 13%. 
• During the trading day, market-wide circuit breakers will provide for cross-market trading halts during a severe market decline as measured by a single-day decrease in the S&P 500 Index.
  • A cross-market trading halt can be triggered at three circuit breaker thresholds- 7% (Level 1), 13% (Level 2), and 20% (Level 3). These triggers are set by the markets at point levels that are calculated daily based on the prior day's closing price of the S&P 500 Index.
  • A market decline that triggers a Level 1 or Level 2 circuit breaker before 3:25 p.m. will halt market-wide trading for 15 minutes, while a similar market decline "at or after" 3:25 p.m. will not halt market-wide trading.
  • A market decline that triggers a Level 3 circuit breaker, at any time during the trading day, will halt market-wide trading for the remainder of the trading day.

9:17 am Diana Shipping enters into a time charter contract with Transgrain Shipping B.V., Rotterdam, for one of its Panamax dry bulk vessels, the m/v Alcyon (DSX) : The gross charter rate is $7,600 per day minus a 5% commission paid to third parties, for eight to eleven months. The charter commenced on August 22, 2015. This employment is anticipated to generate approximately $1.82 million of gross revenue for the minimum scheduled period of the time charter

9:16 am Gevo and Butamax Advanced Biofuels enter into worldwide patent cross-license and settlement agreements, ending a patent dispute related to technologies for the production of bio-based isobutanol (GEVO) : This settlement ends all of the lawsuits and creates a new relationship between the companies, aimed at leveraging each other's strengths and accelerating development of competitive supply for bio-based isobutanol. The cross-license agreement grants both parties patent licenses to all fields for isobutanol and is structured to develop robust and sustainable isobutanol markets. The license will be royalty bearing for Butamax in certain fields and royalty bearing for Gevo in other fields. There are also a number of fields that are royalty-free for both companies. Both parties can sell up to 30 million gallons per year royalty-free into any field.

9:15 am S&P futures vs fair value: -97.80. Nasdaq futures vs fair value: -202.90. (:WRAPX) :

The stock market is on track for a sharply lower open with U.S. equities joining a global plunge in stocks that sent China's Shanghai Composite lower by 8.5% during overnight action. The move represented a continuation of recent weakness, but many identified the lack of a reserve requirement ratio cut by the People's Bank of China as a contributing factor.

The defensive sentiment has extended to Europe with major indices there flirting with losses in the neighborhood of 5.0% while U.S. Futures have also been battered. The S&P 500 futures have surrendered 98 points against fair value while Nasdaq futures have been halted three times after falling 5.0% in pre-market action.

With investors running for cover, U.S. Treasuries have rallied, notching their highs during the past 90 minutes with the 10-yr yield down ten basis points at 1.95%. Meanwhile, the Dollar Index has surrendered 2.3% with the euro rallying nearly 300 pips against the greenback to 1.1670 as investors continue unwinding euro-based carry trades.

9:12 am Transcat acquires Anmar Metrology; terms not disclosed (TRNS) : Anmar specializes in providing customized calibration and repair solutions for customers in multiple industries with a significant focus on the life science and defense market.

9:12 am AeroVironment receives ten orders for RQ-11B Raven and RQ-20A Puma AE unmanned aircraft systems from the US Army, worth $47.1 mln (AVAV) : The total value includes seven orders awarded on July 23 totaling $35,196,388.

9:11 am Siliconware Precision's Board forms a review committee to evaluate the unsolicited tender offer from Advanced Semiconductor Engineering (ASX) (SPIL) :  

9:04 am Apple CEO Tim Cook tells CNBC's Jim Cramer that company rarely gives mid quarter updates, but China remains 'strong' in July and August and iPhone activations have accelerated (AAPL) :  

9:01 am Cheniere Energy reaches an agreement with Carl Icahn, and announces the appointment of two new board members (LNG) : Co announced the appointment of Jonathan Christodoro and Samuel Merksamer to the Board of Directors, effective immediately. With these additions, the Cheniere Board now comprises eleven directors. Christodoro and Merksamer are Managing Directors of Icahn Capital LP, a subsidiary of Icahn Enterprises L.P. (IEP)

9:00 am Ocata Therapeutics awarded a Small Business Innovation Research Phase 1 grant from the National Institute of Allergy and Infectious Diseases to fund further preclinical development of Mesenchymal Cell product for the treatment of systemic lupus erythematosus and lupus nephritis (OCAT) :  

8:57 am On the Wires (:WIRES) :

• Wheeler Real Estate Investment Trust, Inc. (WHLR) announced that the Company has acquired three properties located in North Carolina from a family-owned group. The Company acquired the properties on August 21, 2015 using a combination of cash and debt for a combined acquisition value of $15.3 million
• St. Jude Medical (STJ) announced CE Mark approval for magnetic resonance imaging conditional labeling for the company's Prodigy MRI chronic pain system with select leads. In addition to the approval of Prodigy MRI, all Octrode percutaneous and Penta 5-column paddle leads have received MR-conditional labeling and are approved for use with Prodigy MRI
• Orbital ATK, Inc. (OA) announced that it recently signed a contract with Lockheed Martin (LMT) to produce propellant and pressurant tanks for Lockheed Martin's updated A2100 satellite platform. The five-year contract continues a 20-year relationship between Orbital ATK and Lockheed Martin for satellite fuel tanks produced by the company's Space Systems Group

8:56 am On the Wires (:WIRES) :

• PSEG Power, a subsidiary of Public Service Enterprise Group Incorporated (PEG) announced that Sewaren 7, a new 540-MW, dual-fuel combined-cycle power plant has cleared PJM's Reliability Pricing Model Base Residual Auction. PSEG Power will work to secure permits and expects to begin construction on the highly-efficient generating plant in early 2016. The plant, which represents an investment of more than $600 million, is targeted to be completed and supplying needed energy to New Jersey and the region in time for summer of 2018
• Hemispherx Biopharma, Inc. (HEB) announced was recently informed by BioLife Plasma Services, a subsidiary of major U.S. player Baxalta, that it was, without cause, terminating its sole source contract with Hemispherx prior to the termination date because it was departing that particular area of its business being conducted under the d/b/a Penn Plasma. The Hemispherx team stated that it has aggressively moved to replace the Baxalta subsidiary, negotiating for direct supply agreements with various Blood Centers around the country to assure an uninterrupted supply of leukocytes to manufacture Alferon. the first such contract has been entered with Gulf Coast Regional Blood Center in Houston, TX
• Speed Commerce, Inc. (SPDC) announced that TABcom, parent company of Dog.com and Horse.com, has signed an agreement to extend fulfillment and customer care services through 2019

8:55 am S&P futures vs fair value: -69.50. Nasdaq futures vs fair value: -202.90. (:WRAPX) :

The S&P 500 futures trade 70 points below fair value.

Markets in the Asia-Pacific region were down big in a continuation of Friday's selling on Wall Street and on continued concerns about an economic slowdown in China. Notably, Chinese authorities did not announce any new, direct monetary stimulus for the Chinese market over the weekend, although the pension funds of local governments were authorized to invest in the stock market for the first time ever. That didn't make any difference as the Shanghai Composite (-8.5%) suffered its worst single-day loss since 2007, sliding into negative territory for the year after being up more than 50% for the year as recently as June.

• In economic data:
  • Japan's Leading Index 106.5 (expected 107.2; prior 107.2)
  • Singapore's July CPI -0.4% year-over-year (expected -0.2%; prior -0.3%)

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• Japan's Nikkei declined 4.6%, feeling the drag of China's weakness and the strength of the yen on Japanese exporters. The downturn was paced by the financials (-7.8%), consumer discretionary (-5.6%), health care (-5.6%), and materials (-5.2%) sectors. Central Japan Railways (-8.7%), Nippon Light Metal Holdings Co (-8.7%), and Sumitomo Realty & Development Co (-8.4%) were the biggest losers. Out of the 225 index members, Sapporo Holdings (+2.7%) was the only stock to gain ground on Monday.
• Hong Kong's Hang Seng declined 5.2%, taking its lead from the mainland market. Kunlun Energy (-18.0%), Tingyi Cayman Islands Holding (-10.9%), and CNOOC (-8.2%) led the way lower. Out of the 50 index members, CITIC Ltd. (+0.3%) was the only stock to finish with a gain.
• China's Shanghai Composite plunged 8.5%, suffering its biggest single-day loss since 2007. The selloff occurred in spite of authorities giving the okay for pension funds of local governments to invest in the stock market for the first time. The Shanghai Composite, which had been up 54.6% for the year in June, is now down 4.2% for the year.

Major European indices trade lower across the board with France's CAC (-4.5%) leading the region lower. With continued weakness in global equities, the euro has rallied more than 150 pips against the dollar to 1.1540 as investors continue unwinding euro-based carry trades. Today's spike has extended the single currency's four-day rally against the greenback to nearly 500 pips.

• Investors did not receive any economic data today

------

• UK's FTSE is lower by 3.9% with all but one component in the red. RSA Insurance has added 1.6% while miners Anglo American, BHP Billiton, Glencore, Rio Tinto, and Fresnillo down between 5.0% and 8.4%.
• Germany's DAX has tumbled 4.0% with all 30 components in the deep red. Financials Deutsche Bank and Commerzbank are both down near 5.0% apiece while utilities RWE and E.On trade at the bottom of the leaderboard with losses close to 6.3% apiece.
• In France, the CAC has plunged 4.5% amid losses in all 40 index members. Steelmaker ArcelorMittal is the weakest component, down 7.7%, while exporters Renault and Peugeot show losses close to 6.0%.

8:45 am Gapping down (:SCANX) :

Briefing note: With S&P Futures down 3% and Nasdaq Futures -5%, majority of stocks are down this morning. The following summarizes some of the most notable movers

Gapping down
In reaction to disappointing earnings/guidance: MOBI -12%, TOUR -5.6%

M&A news: SO -1.6% (acquiring GAS)

Select fan favorites showing weakness: FIT -14.5%, SHAK -13.6%, CYBR -13.5%, GPRO -11.9%, SWKS -11.9%, FEYE -11.5%, NFLX -10.1%, MBLY -9.1%, SBUX -7.5%, PANW -7.5%, SUNE -7.3%, TSLA -7.1%, TWTR -7.1%, AAPL -6.5%

Select China related names showing weakness after Shanhai was down 8.5% overnight: NQ -21%, BTU -18.5%, QIHU -16%, SFUN -14.1%, WBAI -12.9%, CSIQ -11.8%, JD -10.2%, BITA -9.6%, BABA -9.1%, CHL -8.5%, SPWR -8.3%, MGM -8.2%, WUBA -8.1%, SINA -8.1%

Select metals/mining stocks trading lower: CLF -11.2%, FCX -7.8%, X -7%, BHP -5.9%, MT -5.7%

Select oil/gas related names showing early weakness: PACD -12.3%, PBR -9.5%, LINE -5.4%, HAL -5.3%

Other news: VTL -80.8% (nnounces that topline results of its VTI-208 trial fail to achieve primary or secondary endpoints of improvement in overall survival; ), NBG -13.5% (cont uncertainty in Greece after snap elections called), DGLY -10.5% (Bloomberg reports that Sony (SNE) is considering entering drone market), RAD -9.7% (still checking), ESLT -7% (still checking, but was awarded $27 million contract to supply command and control and artillery systems to an Asia-Pacific Country), HLT -6.1% (still checking), GALE -5.2% (announces that the Independent Data Monitoring Committee has recommended to GALE that it can reduce the cardiac toxicity monitoring for patients in its NeuVax Phase 3 PRESENT clinical trial), CIE -3.3% (to sell its 40% participating interest in Blocks 21/09 and 20/11 offshore Angola for $1.75 bln to Empresa Pblica), ALKS -1.7% (announces that FDA has advised it will not be able to complete its review of the New Drug Application for ARISTADA for the treatment of schizophrenia)

Analyst comments: WLL -10.7% (downgraded to Neutral at BofA/Merrill ), SPLK -8.3% (downgraded to Hold at Summit Research), GM -6.8% (resumed with a Underweight at Morgan Stanley), MRO -6.7% (downgraded to Neutral at BofA/Merrill ), KGC -1.9% (downgraded to Underperform at RBC Capital Mkts)

8:42 am European Markets Update: DAX -3.8%, FTSE -4.0%, CAC -4.6% (:SUMRX) :

Major European indices trade lower across the board with France's CAC (-4.6%) leading the region lower. With continued weakness in global equities, the euro has rallied more than 150 pips against the dollar to 1.1540 as investors continue unwinding euro-based carry trades. Today's spike has extended the single currency's four-day rally against the greenback to nearly 500 pips.

• Investors did not receive any economic data today

------

• Germany's DAX has tumbled 3.8% with all 30 components in the deep red. Financials Deutsche Bank and Commerzbank are both down near 5.0% apiece while utilities RWE and E.On trade at the bottom of the leaderboard with losses close to 6.3% apiece.
• UK's FTSE is lower by 4.0% with all but one component in the red. RSA Insurance has added 1.6% while miners Anglo American, BHP Billiton, Glencore, Rio Tinto, and Fresnillo down between 5.0% and 8.4%.
• In France, the CAC has plunged 4.6% amid losses in all 40 index members. Steelmaker ArcelorMittal is the weakest component, down 7.7%, while exporters Renault and Peugeot show losses close to 6.0%.

8:35 am Gapping up (:SCANX) :

Briefing note:With S&P Futures down 3% and Nasdaq Futures down ~5%, majority of stocks are down this morning.

Gapping up
In reaction to strong earnings/guidance: N/A.

M&A news: GAS +7.3% (Southern Company (SO) to Acquire AGL Resources (GAS) in $12 Billion Transaction -- AGL Resources' shareholders will be entitled to receive $66 in cash)

Other news: SPEX +22.5% (provided an update on its case involving the company's NNPT subsidiary against Huawei), OPXA +15.7% (cont strength from last week), PPHM +7% (Peregrine Pharma and AstraZeneca (AZN) form collaboration to focus on on immuno-oncology combination clinical trial), ACTS +3.1% (Action Semi to purchase for cash up to 48,000,000 of its issued and outstanding ordinary shares through a Dutch Auction Tender Offer), JOE +2.1% (tenders offer to purchase up to 16,666,666 shares of its outstanding common stock at a price of $18.00 per share), EPZM +1.1% (FDA has accepted the company's investigational new drug (IND) application for tazemetostat for the treatment of adults and pediatric patients), .

Analyst comments: N/A

8:32 am Bridgeline Digital names Ari Kahn as Chief Operating Officer (BLIN) : Kahn was the co-founder of FatWire, a content management and digital engagement company.

8:32 am Buckeye Partners that one of its operating subsidiaries, Buckeye Pipe Line Transportation LLC, has executed Transportation Services Agreements with all committed customers for its Michigan/Ohio Pipeline Expansion Project (BPL) : Co announced that one of its operating subsidiaries, Buckeye Pipe Line Transportation LLC, has executed Transportation Services Agreements with all committed customers for its Michigan/Ohio Pipeline Expansion Project. Buckeye had previously announced the successful completion of an open season for the Project. Project completion is scheduled for the second half of 2016.

8:31 am HEICO completes two acquisitions, in addition to one announced last week, expecting both will be accretive to earnings within the first year after the closing (HEI) :

• Co announces that it has completed two acquisitions, in addition to one announced last week. Both purchases were made for cash, but other transaction terms and financial details were not disclosed.
• HEICO stated that it expects both acquisitions to be accretive to its earnings within the first year after the closing.

8:31 am Halozyme Therapeutics named Michael LaBarre, Ph.D. as chief scientific officer, succeeding Michael Shepard, who was appointed a Research Fellow for the company (HALO) : Prior to joining Halozyme in 2008, he served as vice president, product development at Paramount BioSciences ; director, analytical and protein biochemistry, discovery research at Biogen Idec; and director analytical and formulation sciences, research and development at IDEC Pharmaceuticals.

8:30 am Argos Therapeutics awarded patent for its experimental individualized immunotherapy for the treatment of HIV infection (ARGS) : Co announces that it has been issued US Patent No. 9,085,807 which relates to the company's AGS-004 product, which is currently being evaluated in an investigator initiated phase 2 clinical trial for the treatment of HIV infection. The patent will expire in 2026, excluding any possible patent term extensions. The ability of Argos' strain-independent amplification technology to produce large amounts of the vast array of variants from a small amount of blood or plasma allows the production of individualized immunotherapies matched to each patient's viral 'swarm. This technology is used to manufacture AGS-004, an experimental immunotherapy for HIV.

8:30 am Exelixis: FDA grants breakthrough therapy designation to Cabozantinib; Plans to complete submission of Cabozantinib US NDA for advanced rcc in 2015 (EXEL) :

• Co announced the FDA has granted Breakthrough Therapy Designation to cabozantinib, Exelixis' lead compound, as a potential treatment for patients with advanced renal cell carcinoma who have received one prior therapy.
• Cabozantinib is currently marketed in capsule form under the brand name COMETRIQ in the United States for the treatment of progressive, metastatic medullary thyroid cancer, and in the European Union for the treatment of adult patients with progressive, unresectable locally advanced or metastatic MTC.
• "Following the positive top-line results announced in July and a productive dialogue with the FDA, Exelixis believes we can expedite our regulatory timelines and complete the cabozantinib NDA submission in advanced RCC prior to the end of 2015."

8:29 am European Yields (BONDX) :

Euro Touches 6-Month High

• The single currency has rallied five cents over the past four trading days as carry trades, which seek to profit from interest rate spreads during periods of stable exchange rates (the spread between higher-yielding Asian currencies and German Bunds, in this case), are being unwound in dramatic fashion. There was little news flow overnight, except for dramatic price swings in many asset classes. The Shanghai Composite fell 8.5% to 3,210 as the 3,500 level gave way, and European and U.S. equity indices fell as well. The flight to quality in European sovereign debt has not been extreme, with the German 10-yr Bund yield dropping only 2 bps to 0.56%
  
• France will auction off 3,6, and 12-month BTFS at 09:00 ET
  
• Yield Check:
  
  • France, 10-yr OAT: -1 bp to 0.94%
    
  • Germany, 10-yr Bund: -2 bps 0.56%
    
  • Greece, 10-yr note: +25 bps to 9.78%
    
  • Italy, 10-yr BTP: +5 bps to 1.90%
    
  • Portugal, 10-yr note: +5 bps to 2.68%
    
  • Spain, 10-yr ODE: unch at 2.02%
    
  • U.K., 10-yr Gilt: -6 bps to 1.65%

8:28 am S&P futures vs fair value: -64.30. Nasdaq futures vs fair value: -202.90. (:WRAPX) :

Equity futures have not been able to find any solid footing, falling to fresh pre-market lows in recent action. As a result, S&P 500 futures (-64 vs fair value) are now down nearly 3.5% while Nasdaq futures are flirting with a 5.0% decline in pre-market after being halted for volatility.

The global equity plunge has extended into the commodity market with crude oil trading lower by 4.2% at $38.75/bbl. Meanwhile, Treasuries remain near their recently-established highs with the 10-yr yield down six basis points at 1.99%.

8:23 am On the Wires (:WIRES) :

• Presbia PLC (LENS) will be participating at the Barcelona 2015 XXXIII Congress of the European Society of Cataract & Refractive Surgeons. At the conference it will report on the safety and efficacy of the Presbia Flexivue Microlens, a corneal inlay solution for presbyopia, the age-related loss of near vision
• AECOM (ACM) announced that it has been selected by Dakota Gasification Company, also known as "Dakota Gas" to provide construction services at the company's Great Plains Synfuels plant in Beulah, N.D. The contract was included in AECOM's backlog for the third quarter of fiscal year 2015
• Qlik (QLIK) announced Les Bonney will take on a new role as Chief Strategy Officer, to identify additional market opportunities in the visual analytics industry. To fill Bonney's sales leadership role as he transitions, Mark Thurmond will join Qlik as Executive Vice President of Worldwide Sales and Services for the company
• Chiasma, Inc (CHMA) announced the appointment of William H. Ludlam, M.D., Ph.D., as VP of medical affairs, effective August 26, 2015
• MagneGas Corporation (MNGA) announced that it has filed multiple patent applications surrounding its systems, processes and controls. The applications specifically relate to the production of MagneGas2, the processing of biomass into sterilized fertilizer and other efficiency enhancements
• Visa Inc. (V) announced continued success of Visa Checkout, the online check out service that allows shoppers to pay with their cards online and on any device. In recent months, no less than thirty-three new merchants, ranging from Best Buy and Under Armour to Barnes & Noble and Taco Bell, have signed on to offer Visa Checkout
• Electro Rent Corporation (ELRC) announced that it has been named an authorized distributor for Rohde & Schwarz test equipment throughout the US and Canada. Under terms of the agreement, Electro Rent will offer a range of Rohde & Schwarz equipment and support to customers
• Gladstone Land Corporation (LAND) announced that it has acquired two farms, consisting of 2,559 acres of farmland with 2,101 pivot-irrigated farmable acres, in Rock and Holt Counties, Nebraska, for ~$11.0 million. The Company entered into a leaseback agreement with the seller for a 3-year lease that provides for annual rent escalations. In addition, the Company announced the issuance of two $3.3 million, 3-year, interest-only bonds, each with a fixed interest rate of 2.375%. The bonds were issued under the Company's $75.0 million facility

8:11 am ChinaCache announces $6 mln share buyback program (CCIH) : This buyback program is in addition to the program previously approved and announced on December 18, 2014, of which $8.72 million remains available as of today for repurchase by the Company.

8:02 am Celator Pharma appoints Michael Dougherty as the Executive Chairman of its Board of Directors (CPXX) : Co announced the appointment of Michael R. Dougherty as Executive Chairman of its Board of Directors. Mr. Dougherty has been a director of Celator since July 2013 and has served as Chairman since September 2014.

8:02 am Epizyme FDA has accepted the company's investigational new drug (IND) application for tazemetostat for the treatment of adults and pediatric patients with INI1-negative tumors or synovial sarcoma (EPZM) : Co announced the U.S. Food and Drug Administration (:FDA) has accepted the company's investigational new drug (IND) application for tazemetostat for the treatment of adults and pediatric patients with INI1-negative tumors or synovial sarcoma. In the second half of 2015, Epizyme plans to initiate a multi-center phase 2 study in adults and a multi-center phase 1 study in children to evaluate tazemetostat in patients with relapsed or refractory INI1-negative tumors or synovial sarcoma. Epizyme will present a clinical update for the phase 1 portion of the ongoing phase 1/2 trial of tazemetostat at ESMO's European Cancer Conference on September 26, 2015. This update will include safety data from the entire cohort and efficacy data from patients with solid tumors including INI1-negative tumors.

8:02 am CrossAmerica Partners increases quarterly distribution to $0.5625/unit from $0.5475/unit (CAPL) :  

8:01 am Cardiome Pharma enters into an exclusive license and supply agreement with Eddingpharm to distribute and commercialize Aggrastat in China (CRME) : The co announced that its subsidiary, Correvio International Srl, has entered into an exclusive license and supply agreement with Eddingpharm to distribute and commercialize AGGRASTAT in China. Finanicial terms of the agreement include milestone payments and minimum annual commercial commitments. The financial terms of the agreement are not disclosed.

8:01 am Pfizer receives clearance from the FTC for its planned acquisition of Hospira (HSP); deal expected to close in early September (PFE) : The FTC's clearance is contingent upon Pfizer's commitment to divest four U.S. sterile injectable assets, including Acetylcysteine, Clindamycin, Voriconazole and Melphalan.

8:00 am Omega Protein announces new $125 mln revolving credit facility (OME) : Co announced today that it has entered into a new $125 million revolving credit agreement, which matures in August 2020. The company expects that these actions will result in interest expense savings of approximately $0.4 million to $0.6 million over the next twelve months.

8:00 am Markit to acquire DealHub; terms not disclosed (MRKT) : Co announced that it has agreed to acquire DealHub, a leading provider of trade processing and trading services to the foreign exchange market. The acquisition will enable Markit to offer customers a comprehensive solution for FX across venue connectivity, trading services, trade confirmation and management, clearing and regulatory reporting. It will also expand Markit's customer base among banks, brokers and asset managers in the FX markets. The acquisition is expected to close in the third quarter of 2015. The transaction will be funded by a combination of cash and Markit's revolving credit facility. Financial terms of the transaction were not disclosed.

8:00 am ReWalk announces that Founder, President and Chief Technology Officer, Dr. Amit Goffer, will retire effective on November 18, 2015 (RWLK) :  

8:00 am Hardinge announces exploration of strategic alternatives (shares halted) (HDNG) :

• Co announces that its Board of Directors, working together with its management team, is exploring strategic alternatives to enhance shareholder value. These alternatives could include, among other things, a possible sale, merger or other form of business combination or strategic transaction.
• There is no set time table for this process of exploring strategic alternatives.

7:58 am On the Wires (:WIRES) :

• TriVascular Technologies, Inc (TRIV) announced the first patient has been enrolled and treated in its LUCY Study (TriVascular Evaluation of FemaLes who are Underrepresented Candidates for Abdominal Aortic AneurYsm Repair)
• Navidea Biopharmaceuticals Inc (NAVB) announced that it has filed an application for registration of shares of its common stock for dual listing on the Tel-Aviv Stock Exchange
• CGI (GIB) was selected by the City of Edinburgh Council to provide outsourced ICT services to enable the Council's introduction of integrated digital services. The contract, valued at 186 million, will facilitate the Council's digital channel shift, while at the same time, delivering anticipated efficiency and cost savings of 45 million over the seven year term

7:58 am S&P futures vs fair value: -54.00. Nasdaq futures vs fair value: -183.90. (:WRAPX) :

U.S. equity futures trade sharply lower amid defensive action overseas. The S&P 500 futures trade 54 points below fair value after spending the night under heavy pressure that had futures down nearly 65 points against fair value.

The global retreat began shortly after the start of the Asian session and many pointed to the lack of a reserve requirement ratio cut in China as one the reason behind the plunge in equities.

Treasuries have rallied and they trade near their highs at this time with the 10-yr yield down eight basis points at 1.97%.

In U.S. corporate news of note:

• AGL Resources (GAS 48.34, +0.48): +1.0% after agreeing to be acquired by Southern Company (SO 46.14, +0.34) for $66/share in cash, representing a 38.0% premium to volume-weighted average price over the last 20 days.

Reviewing overnight developments:

• Asian markets ended lower. Japan's Nikkei -4.6%, Hong Kong's Hang Seng -5.2%, and China's Shanghai Composite -8.5%
  • In economic data:
    • Japan's Leading Index 106.5 (expected 107.2; prior 107.2)
    • Singapore's July CPI -0.4% year-over-year (expected -0.2%; prior -0.3%)
  • In news: 
    • Overnight safe-haven demand sent the Japanese yen to levels not seen since mid-May with the dollar/yen pair sliding roughly 200 pips to 120.00, representing the fourth consecutive daily decline for the pair

• Major European indices trade lower across the board. UK's FTSE -4.1%, Germany's DAX -4.5%, and France's CAC -4.7%. Elsewhere, Italy's MIB -4.3% and Spain's IBEX -4.2%
  • Investors did not receive any economic data
  • Among news of note:
    • The euro has rallied more than 100 pips against the dollar to 1.1520 as investors continue unwinding euro-based carry trades. Today's spike has extended the single currency's four-day rally against the greenback to nearly 500 pips

7:48 am Scorpio Bulkers announces that Scorpio Services Holding Limited bought 500K of the company's common shares last week, at an average price of $1.71/share (SALT) :  

7:37 am Overnight Treasury Summary (BONDX) :

Global De-Risking Continues

• Global equity markets are continuing to fall this morning as the natural cycle of mean reversion in volatility continues. The S&P 500 had traded within a 6.9% range until it broke below 2,040 last week, and that range would have been a record low for the S&P 500 had it held through Friday. Extremely low volatility has given way to very high volatility, and correlations between asset prices are rising as well. Commodity prices are universally lower and WTI crude touched a fresh post-crisis low of 38.69/bbl overnight. The only gains on the board this morning are in euro, yen, the Swiss franc, and government bonds. The euro and yen had been sold against the U.S. dollar as expectations for an eventual Fed rate hike grew throughout this year. Those carry trades are now being unwound very quickly. The yield curve is flattening this morning, as would be expected in a flight to quality. The curve has been in flattening mode since July 14th and one might even say that the Treasury market had forecast the recent market panic
  
• Yield Check:
  
  • 2-yr: -5 bps to 0.58%
  • 5-yr: -6 bps to 1.37%
    
  • 10-yr: -6 bps to 1.97%
    
  • 30-yr: -6 bps to 2.68%

• International News:
  
  • The Shanghai Composite lost 8.5% to 3,210, putting its loss from its June high at 38%. The index has not closed below 3,000 since Christmas Eve of 2014
    
  • Japan's Leading Indicators Index unexpectedly fell to 106.5 in June from the prior reading of 107.2

• Fed Speaker Today:
  
  • Atlanta Fed President Lockhart speaks on "Pensions and Economy" (15:55 ET)

7:35 am Globe-Tech Appliances Inc's Special Committee retains financial and legal advisors to evaluate potential transactions, including the previously announced 'going private' offer (GAI) :  

7:31 am AGL Resources: Southern Company (SO) to acquire AGL Resources (GAS) for $66 in cash (38% premium), a $12 bln transaction (GAS) :

• The boards of directors of both companies have approved a definitive merger agreement to create America's leading U.S. electric and gas utility company.
• AGL Resources' shareholders will be entitled to receive $66 in cash for each share of AGL Resources common stock, with an enterprise value of ~ $12 billion, including a total equity value of ~ $8 billion. This represents a premium of 36.3 percent to the volume-weighted average stock price of AGL Resources over the last 20 trading days ended Aug. 21, 2015.
• The merger will better position the companies to provide necessary natural gas infrastructure to meet customers' growing energy needs, and will create the second-largest utility company in the U.S. by customer base with eleven regulated electric and natural gas distribution companies providing service to ~ nine million customers with a projected regulated rate base of ~ $50 billion
• Transaction is anticipated to:
  • Be accretive to EPS in the first full year following the close of the transaction;
  • Accelerate expected long-term EPS growth to 4-5 percent;
  • Preserve its strong financial profile and further support investment in the company's diversified energy platform
  • Enhance the ability to increase the growth rate of its dividend, subject to board of directors' approval.

7:31 am Action Semi will purchase up to 48 mln of its ADS ordinary shares through a dutch auction tender offer, between $1.80 and $2.10 per share; offer expiration occurs on Sept. 22, 2015 (ACTS) :  

7:30 am TASER: Wichita Police Department deploys 429 Axon Flex cameras with Evidence.com from TASER (TASR) :

• Wichita Police Department (KS): 429 Axon Flex cameras with five years of Evidence.com and TASER Assurance Plan (TAP)
• Brownsville Police Department (TX): 140 Axon Body cameras with five years of Evidence.com and TAP
• Parker Police Department (CO): 59 Axon Body cameras with five years of Evidence.com and TAP
• White Plains Police Department (NY): 50 Axon Body cameras with five years of Evidence.com and TAP, add-on order
• Elkton Police Department (MD): 38 Axon Flex cameras with five years of Evidence.com and TAP
• Lincolnton Police Department (NC): 32 Axon Flex cameras with five years of Evidence.com and TAP
• Barberton Police Department (:OH): 32 Axon Body cameras with five years of Evidence.com and TAP
• Takoma Park Police Department (:ND): 30 Axon Body cameras with five years of Evidence.com on the Officer Safety Plan

7:20 am On the Wires (:WIRES) :

• RR Media (RRM) announced a partnership with community marketing platform, joiz, that will see all of of RR Media's content management, channel playout and smart global distribution network capabilities integrated with joiz's platform
• Summit Materials, Inc. (SUM) announced that it has completed the acquisition of LeGrand Johnson Construction Company, a vertically integrated construction materials company based in Utah and servicing the northern and central Utah, western Wyoming and southern Idaho markets. LeGrand operates five sand & gravel pits along with four ready mix concrete plants and five asphalt plants
• Kratos Defense & Security Solutions (KTOS) announced that Yonah Adelman has been appointed as President of its Microwave Electronics Division
• Cellceutix Corporation (CTIX) announced that it is requesting a meeting with the FDA, to discuss the advancement of the Company's anti-cancer drug candidate Kevetrin for the treatment of pediatric retinoblastoma. Co feels that there are many development options available in the indication, including accelerated programs such as a Pediatric Disease Priority Review Voucher, which it intends to discuss with the FDA based on the properties of Kevetrin

7:16 am Crawford: CEO Jeffrey Bowman is stepping down; the Board of Crawford has appointed Board member Harsha Agadi interim CEO while it conducts a search for a permanent CEO (CRD.A) :

Jeffrey Bowman is stepping down after nearly eight years as president and CEO and after more than 24 years of service with Crawford & Company.

• The Board of Crawford has appointed Board member Harsha V. Agadi interim CEO while it conducts a search for a permanent CEO. The search will be led by the Board's Executive Committee and is expected to take several months.

7:15 am Kratos Defense and Security completes previously announced sale of the U.S. and U.K. operations of its Electronic Products Division, will initiate a repurchase process for up to $175 mln of its 7% Senior Secured Notes (KTOS) :  

7:07 am Galena Biopharma announces that the Independent Data Monitoring Committee has recommended to GALE that it can reduce the cardiac toxicity monitoring for patients in its NeuVax Phase 3 PRESENT clinical trial (GALE) :

Following its most recent IDMC meeting in June 2015, the IDMC recommended routine cardiac monitoring could be reduced in the PRESENT trial and that such a reduction is justified and consistent with the pre-specified Cardiac Toxicity Monitoring Stopping Rules defined in the study protocol. The IDMC concluded that cardiac toxicity monitoring by echocardiogram or multiple-gated acquisition scans could be reduced.

• The IDMC had no other suggestions and recommended the trial continue as planned. The trial is being run under a Special Protocol Assessment approved by the U.S. Food and Drug Administration.

7:02 am Collegium Pharmaceutical announces the publication of results from its Phase 3 clinical trial of Xtampza ER, showing that the trial met its primary endpoint (COLL) :

The study is titled "A phase 3, multi-center, randomized, double-blind, placebo-controlled, safety, tolerability, and efficacy study of Xtampza ER in patients with moderate-to-severe chronic low back pain" and was published online in the August issue of the peer-reviewed journal PAIN.

• The study met its primary endpoint which showed a statistically significant difference in average pain intensity from Randomization Baseline to Week 12 between the Xtampza ER and placebo groups. All sensitivity analyses of the primary endpoint were also statistically significant. Xtampza ER had an adverse event profile consistent with other opioids, was well tolerated, and no new safety concerns were identified.

7:02 am Hubbell (HUB.B/HUB.A) announces plan to create single class of common stock and increases share repurchase authorization by $250 mln to $400 mln (HUB.B) :

• Hubbell (HUBA, HUBB) announces a plan to reclassify the Company's common stock to eliminate its existing two-class structure. The proposed reclassification has been approved by the Company's Board of Directors.
• Hubbell has entered into a definitive agreement providing for the proposed reclassification with Bessemer Trust Company, N.A., the trustee for the Louie E. Roche Trust and the Harvey Hubbell Trust, which collectively own 3,488,460 shares of the Company's Class A common stock, representing ~ 49% of Class A common stock outstanding.
• Under the terms of the proposed reclassification, holders of Class A common stock will receive a cash payment of $28.00 for each share of Class A common stock held, and each share of Class A common stock and each share of Class B common stock will be reclassified into one share of Common Stock of the Company. The aggregate cash consideration to be paid to holders of Class A common stock equates to ~ $200 million.
• Each share of Common Stock into which the Class A common stock and the Class B common stock will be reclassified in the proposed transaction will be entitled to one vote per share on all matters brought to the Company's shareholders. 
• Board of Directors has also authorized the repurchase of an additional $250 million of Common Stock, bringing the overall available share repurchase authorization to ~$400 million. The Company intends to acquire $250 million of Common Stock as soon as practicable following the completion of the proposed reclassification.

7:01 am Biomarin Pharm: Medivation (MDVN) to acquire all worldwide rights to talazoparib from BioMarin for $410 mln upfront, up to $160 mln in milestones and royalties (BMRN) :

Medivation (MDVN) and BMRN announced that they have entered into an asset purchase agreement under which Medivation will acquire all worldwide rights to talazoparib (formerly referred to as BMN 673), a highly-potent, orally-available poly ADP ribose polymerase (:PARP) inhibitor currently in a Phase 3 study for the treatment of patients with deleterious germline BRCA 1 or BRCA 2 mutations and locally advanced and/or metastatic breast cancer.

• Medivation will pay BioMarin $410 mln upfront, up to an additional $160 mln upon the achievement of regulatory and sales-based milestones and mid-single digit royalties for talazoparib.
• At the closing of the transaction, Medivation will assume all financial obligations associated with the development and commercialization of talazoparib.

7:01 am Cobalt International Energy to sell its 40% participating interest in Blocks 21/09 and 20/11 offshore Angola for $1.75 bln to Empresa Pblica (CIE) : The Sale and Purchase Agreement provides for a transition to a new operator and underscores the parties' commitment to attain the final investment decision for the Cameia development in Block 21/09 by year end 2015 in order to deliver first oil from Cameia in 2018. Notwithstanding Cobalt's continuing as operator for an interim period, all costs going forward will be borne by Sonangol.

7:00 am Westlake Chemical announces 10% increase in quarterly dividend (WLK) :

• Co declared on Friday, August 21, 2015, a dividend of $0.1815/share, an increase of 10% from the $0.165/share paid in the second quarter of 2015. The dividend will be payable on September 22, 2015, to stockholders of record on September 4, 2015.

6:49 am Asian Markets Close: Japan's Nikkei -4.6%; Hong Kong's Hang Seng -5.2%; China's Shanghai Composite -8.5% (:SUMRX) :

Markets in the Asia-Pacific region were down big in a continuation of Friday's selling on Wall Street and on continued concerns about an economic slowdown in China. Notably, Chinese authorities did not announce any new, direct monetary stimulus for the Chinese market over the weekend, although the pension funds of local governments were authorized to invest in the stock market for the first time ever. That didn't make any difference as the Shanghai Composite (-8.5%) suffered its worst single-day loss since 2007, sliding into negative territory for the year after being up more than 50% for the year as recently as June.

Economic data

• Japan
  • Leading Index 106.5 (expected 107.2; prior 107.2)
• Singapore
  • July CPI -0.4% year-over-year (expected -0.2%; prior -0.3%)

Equity Markets

• Japan's Nikkei declined 4.6%, feeling the drag of China's weakness and the strength of the yen on Japanese exporters. The downturn was paced by the financials (-7.8%), consumer discretionary (-5.6%), health care (-5.6%), and materials (-5.2%) sectors. Central Japan Railways (-8.7%), Nippon Light Metal Holdings Co (-8.7%), and Sumitomo Realty & Development Co (-8.4%) were the biggest losers. Out of the 225 index members, Sapporo Holdings (+2.7%) was the only stock to gain ground on Monday.
• Hong Kong's Hang Seng declined 5.2%, taking its lead from the mainland market. Kunlun Energy (-18.0%), Tingyi Cayman Islands Holding (-10.9%), and CNOOC (-8.2%) led the way lower. Out of the 50 index members, CITIC Ltd. (+0.3%) was the only stock to finish with a gain. China's Shanghai Composite plunged 8.5%, suffering its biggest single-day loss since 2007. The selloff occurred in spite of authorities giving the okay for pension funds of local governments to invest in the stock market for the first time. The Shanghai Composite, which had been up 54.6% for the year in June, is now down 4.2% for the year.
• India's Sensex declined 6.0% in a rout that saw its materials and utilities sectors sink 15.4% and 13.8%, respectively. Every sector though, including the influential financials (-6.5%) sector, was down for the day. Vedanta (-14.3%), GAIL India (-13.9%), and Tata Steel (-13.8%) were the worst-performing stocks. There were no winners out of the 30 index members. Hindustan Unilever (-2.7%) was the best-performing issue.
• Australia's S&P/ASX 200 declined 4.1%, pulled lower by many of the same sectors that have been a drag all year: energy (-6.2%), resources (-5.4%), and metals & mining (-5.0%). Out of the 200 index members, 6 ended higher, 193 finished lower, and 1 was unchanged.
• Regional advancers: None
• Regional decliners: South Korea -2.5%, Taiwan -4.8%, Malaysia -2.7%, Indonesia -4.0%, Singapore -4.3%, Thailand -5.1%, Vietnam -5.3%, Philippines -6.7%

FX

• USD/CNY +0.2% at 6.4041
• USD/INR +1.3% at 66.7175
• USD/JPY -1.5% at 120.23

6:29 am On the Wires (:WIRES) :

• The Ensign Group, Inc. (ENSG) announced that Cornerstone Healthcare, Inc., Ensign's home health and hospice portfolio subsidiary, had acquired Apismellis Homecare, a Medicare and Medicaid certified home health agency serving the communities of Lake Havasu City, Bullhead City, and Parker, Arizona, and Big River, California. The acquisition was effective August 15, 2015. Cornertsone expects the operations to be accretive to earnings in 2015.
  
• Southwest Gas Corporation (SWX) announced that James P. Kane plans to retire as President and CEO of its Centuri Construction Group, Inc. on December 31, 2015
  
• OncoSec Medical Incorporated (ONCS) announced it has promoted Sheela Mohan-Peterson, JD, MS, to Chief Legal and Compliance Officer, effective August 24, 2015. Sheela was most recently a Senior Patent Counsel at Merck & Co., Inc

6:13 am DaVita acquires Colorado-based Renal Ventures Limited for $415 mln (DVA) : Co announced that it has entered into an agreement to acquire Colorado-based Renal Ventures Limited, LLC- including a 100 percent interest in all dialysis centers owned by Renal Ventures- for $415 million. Renal Ventures operates 36 dialysis clinics in six states. Multispecialty Physician Partners and Physician Venture Partners, divisions of Renal Ventures, operate infusion and vascular centers, respectively, in three states.

6:11 am Sparton Corporation signs settlement agreement to pay L-3 Communications (LLL) $2.5 mln (SPA) :

On September 24, 2013, L-3 Communications Corporation (LLL), doing business as L-3 Linkabit, filed a complaint in the United States District Court for the Middle District of Florida, Orlando Division, against Sparton Corporation and Sparton Electronics.

• On August 20, 2015, Sparton and L-3 signed a mutual accord resolving the dispute. The agreement requires payment from Sparton to L-3 on or before October 1, 2015 in consideration for dismissal of the litigation. Neither party admitted to any mistakes, damage or fault.

6:10 am Exelon announces that the Oyster Creek, Quad Cities and Three Mile Island nuclear power plants did not clear in the PJM capacity auction for the 2018-19 planning year (EXC) :

The auction is held annually by grid operator PJM to ensure enough power generation resources are available to meet demand in its region covering all or part of 13 states and the District of Columbia. This auction was the first held under new "capacity performance" reforms designed to spur investment in power plants that will improve their performance and strengthen electric grid reliability. The nuclear plants that did not clear in the auction will not receive capacity revenue from this auction. Although capacity revenue in a single year is an important consideration in a plant's long-term viability, it is just one of several factors Exelon will use to make decisions about its plants' future operations. Exelon is obligated to inform PJM this fall if any of its nuclear plants will not be participating in the auction next year.

• Over the next few weeks, PJM will hold two transitional auctions to supplement PJM's prior capacity purchases for the 2016-17 and 2017-18 planning years with the new capacity performance product.

6:06 am S&P futures vs fair value: -37.40. Nasdaq futures vs fair value: -138.90. :

6:05 am European Markets : FTSE...6044.97...-142.70...-2.30%.  DAX...9881.00...-243.50...-2.40%.

6:05 am Asian Markets : Nikkei...18540.68...-895.20...-4.60%.  Hang Seng...21251.57...-1158.10...-5.20%.

5:17 am Scorpio Tankers provides updates on buyback, Q3 revs and fleet (STNG) :

Co provides the following updates for Q3

• $250 Million Securities Repurchase Program - Since the Company's previous announcement on August 12, 2015, the Company has purchased 1,850,000 of its common shares in the open market at an average price of $9.49 per share.
  • The Company has $210.0 million remaining under its securities buyback program as of the date of this press release.
• Third Quarter Revenues -- About 66% of the Company's third quarter of 2015 voyage days have been contracted at approximately:
  • $38,500 for LR2s
  • $28,500 for LR1s
  • $26,500 for MRs
  • $21,500 for Handymaxes 

• Newbuilding Program
  The Company has amended its agreement with Hyundai Mipo Dockyard Co. Ltd. of South Korea to construct MR and Handymax product tankers. The Company has contracted for four MR product tankers to be built at HMD for ~$34.5 million and has options to construct up to 10 more MR product tankers with fixed delivery dates and at fixed prices. The four vessels are scheduled for delivery in the first and second quarter of 2017.
• Fleet - The Company recently took delivery of an MR product tanker that was built in 2014 at SPP Shipbuilding, STI Memphis. Upon delivery, this vessel began operating in the Scorpio MR Pool.
  

5:12 am On The Wires (:WIRES) :

• Warehouse and shipping workers at Google (GOOG) Express Services voted today by a strong majority in favor of representation by Teamsters Local 853 in San Leandro, CA. The 151 workers at Google Express in Palo Alto, employed through contractor Adecco, sought out the Teamsters for help with improving working conditions and treatment on the job. 
• Toshiba (TOSBF) will provide high performance propulsion systems for new Series 40000 trains that Seibu Railway Co, will bring into service on lines serving Tokyo and its suburbs in spring of 2017. The propulsion systems comprise totally enclosed permanent magnet synchronous motors and 4-in-1 variable-voltage, variable-frequency traction inverters.

4:51 am bwin.party digital: GVC Board expects to be in a position to resubmit its proposal to the bwin.party (PYGMF) :

GVC Holdings announces that since the August 7 update 2015, significant progress has been made and the GVC Board expects to be in a position to resubmit its Proposal to the bwin.party Board in the near future and on the same terms as set out in the 7 August 2015 announcement, having resolved the remaining open issues to both parties' satisfaction. The Company will update shareholders accordingly.

• The Proposal values bwin.party at ~124p per bwin.party share based on the closing GVC mid-market price on 21 August 2015 of 427p.

4:42 am Anglo American divests its Norte copper business for $300 mln (AAUKY) :

Anglo American announces that it has reached agreement for the sale of its interest in Anglo American Norte S.A. to an investor consortium led by Audley Capital Advisors LLP, with Orion Mine Finance as the principal co-investor, for an up-front cash consideration of $300 million, with potential upside to up to $500 million. Norte consists of the Mantoverde and Mantos Blancos copper mines located in northern Chile.

• The total consideration payable to Anglo American consists of $300 million in cash payable at closing and a number of additional future payments totalling up to $200 million, contingent upon factors including the average LME copper price performance and any future decision to pursue the sulphide life extension of the Mantoverde mine.

4:16 am Five Prime Therapeutics to present initial data from GlaxoSmithKline (GSK) ongoing Phase 1b Trial of FP-1039/GSK3052230 (FPRX) :

Five Prime Therapeutics (FPRX) announced that initial data from GlaxoSmithKline's (GSK) ongoing Phase 1b trial of FP-1039/GSK3052230, an FGF ligand trap, in patients with squamous non small cell lung cancer and mesothelioma will be featured in an oral presentation by study investigators during the upcoming World Conference on Lung Cancer 2015 in Denver (September 6-9, 2015).

• The Phase 1B trial being conducted by GSK is evaluating the safety and efficacy of FP-1039/GSK3052230 weekly infusion in combination with paclitaxel + carboplatin in previously untreated FGFR1 gene amplified metastatic squamous NSCLC, in combination with docetaxel in FGFR1 gene amplified metastatic squamous NSCLC that has progressed after at least 1 line of chemotherapy (Arm B), or in combination with pemetrexed + cisplatin in patients with untreated and unresectable malignant pleural mesothelioma (Arm C).
• GSK continues to enroll patients in the study. Arm A and Arm C have advanced into the expansion phase and dose escalation is ongoing for Arm B.
• Five Prime licensed development and commercialization rights for FP-1039/GSK3052230 in the U.S., Europe and Canada to GSK, which funds clinical development.
• Five Prime retains rights outside of these regions as well as an option to co-promote FP-1039/GSK3052230 in the U.S.

3:51 am Gazit-Globe appoints Adi Jemini as Chief Financial Officer (GZT) :

Co announced that Adi Jemini has been appointed as the Company's Chief Financial Officer and as a member of its Executive Committee, effective as of April 1, 2016, following a transition process.

• Jemini will succeed Gil Kotler, who is stepping down as the Company's EVP and CFO after 18 years of service.
• Jemini served for almost three years as Regional Controller of Equity One, the Company's U.S. subsidiary.

3:49 am Peregrine Pharma and AstraZeneca (AZN) form collaboration to focus on on immuno-oncology combination clinical trial (PPHM) :

AstraZeneca (AZN) and Peregrine Pharmaceuticals (PPHM) announced that they have entered into a cancer immunotherapy clinical trial collaboration. The collaboration will evaluate Peregrine's investigational phosphatidylserine-signaling pathway inhibitor, bavituximab, in combination with AstraZeneca's investigational anti-PD-L1 immune checkpoint inhibitor, durvalumab.

• The planned Phase I/Ib trial will evaluate the safety and efficacy of bavituximab in combination with durvalumab in multiple solid tumors.
• Peregrine and AstraZeneca will collaborate on a non-exclusive basis, to evaluate the combination of bavituximab and durvalumab with chemotherapy as a potential treatment in various solid tumors.
• The Phase I part of the trial is expected to establish a recommended dose regimen for the combination and the Phase Ib part of the trial will assess the safety and efficacy of the investigational combination.
• Under the terms of the agreement, the initial trial will be conducted by Peregrine.

2:46 am On The Wires (:WIRES) :

• ALCATEL ONETOUCH (ALU)  announced a new multi-year partnership with the five-time MLS Cup champions, LA Galaxy, and their home stadium, StubHub Center, becoming the Official Smartphone and Tablet Partner of both the team and the multiple-use sports stadium
• LafargeHolcim (HCMLY) completed its Tuban project in Indonesia with the official opening of the second kiln line at the cement plant. The plant's coastal location and jetty provides the Group with the flexibility to ship products to other important interisland markets including Sumatra, Kalimantan and Sulawesi.

2:22 am On The Wires (:WIRES) :

• Stearns Holdings, parent company of Stearns Lending, announced today that funds managed by the private equity group of Blackstone (BX) will acquire a majority stake in the company. This partnership with Blackstone will provide Stearns with the necessary resources to accelerate its growth and fuel its efforts to capture even greater market share.
• Boeing (BA) and Nok Air announced the airline's first direct-purchased Next-Generation 737-800. The delivery marks the first of seven Next-Generation 737-800s the airline has on order with Boeing. 
• Walt Disney Records (DIS) releases the final four installments to The Legacy Collection series. Walt Disney Records The Legacy Collection Lady and The Tramp, Pocahontas, The Aristocats, and Disneyland complete the 12-set series that launched with The Lion King in June 2014.

1:19 am Con-way freight employees reject representation by the International Brotherhood of Teamsters (CNW) :

In an election conducted today by the National Labor Relations Board at Con-way Freight's Portland, OR maintenance facility, employees voted to reject representation by the International Brotherhood of Teamsters.

• Con-way Freight currently does not have a contract with a union at any of its nearly 300 locations in the U.S.
  

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