Shanghai Composite dropped 3.4% with the bulk of its loss being logged in the final two hours of trading. There was no specific news catalyst for the late selloff, which invited concerns about forced selling to meet margin calls and panic selling by investors unnerved by the market's volatility and signs of slowing growth. The CSI 300 Index declined 3.2%. Major European indices trade lower across the board with Italy's MIB (-1.3%) showing the largest decline. On a separate note, the third Greek bailout remains on track as the European Stability Mechanism board approved the first tranche of funds for the country. Furthermore, Greece has reportedly made a EUR3.40 billion payment to the European Central Bank that was due today. Participants received several data points: UK's July Retail Sales +0.1% month-over-month (expected 0.4%; prior -0.1%); +4.2% year-over-year (consensus 4.4%; last 4.2%). Also of note, Core Retail Sales +0.4% month-over-month, as expected (prior -0.3%); +4.3% year-over-year, as expected (last 4.1%). Lastly, August CBI Industrial Trends Orders improved to -1 from -10 (expected -10) Germany's July PPI 0.0% month-over-month (consensus -0.1%; prior -0.1%); -1.3% year-over-year (expected -1.4%; last -1.4%) Swiss July trade surplus expanded to EUR3.74 billion from EUR3.51 billion (expected surplus of EUR2.60 billion) ------ UK's FTSE is lower by 0.3% with consumer names among the laggards. British American Tobacco, Taylor Wimpey, and InterContinental Hotels are down between 2.0% and 2.3%. On the upside, miners outperform with Anglo American, Antofagasta, Fresnillo, Glencore, and Randgold Resources up between 2.6% and 5.4%. Germany's DAX trades down 0.5% with all but four components in the red. Continental is the weakest performer, down 2.5%, while financials Commerzbank and Deutsche Bank trade with respective losses of 1.9% and 1.5%. In France, the CAC has given up 1.0% amid broad weakness. Consumer names have paced the retreat with Accor, L'Oreal, and LVMH down between 1.7% and 2.6%. On the upside, steelmaker ArcelorMittal has climbed 0.5%. Italy's MIB is down 1.3% with BMPS, Mediobanca, Intesa Sanpaolo, and UBI Banca showing losses between 1.2% and 2.4%. 8:55 am On the Wires (:WIRES) : Merck (MRK) announced that new analyses from the investigational IMPROVE-IT study of Vytorin, the TECOS cardiovascular safety trial of Januvia (sitagliptin), and real-world data from the Dyslipidemia International Study will be presented at the upcoming European Society of Cardiology Congress 2015Marathon Patent Group, Inc. (MARA) announced that Reed Elsevier has taken a license to Marathon subsidiary Selene Communication Technologies' portfolio. Considerations were not disclosedPhotoMedex, Inc. (PHMD) announced that its no!no! hair removal product continues to break sales records, following the launch of the new MICRO no!no! product. On August 16, home shopping consumers in the UK purchased more than 10,000 pieces of the latest generation of no!no! hair removal technology, generating over 1.1 millionAmarantus BioScience Holdings (AMBS) announced that the USPTO issued U.S. Patent No. 9,115,208 entitled, "Dopaminergic Neuronal Survival-Promoting Factors and Uses Thereof." 8:46 am Caesarstone releases a statement on recent movement in its stock price; considers the recent short-report to be 'generally misleading' and 'includes inaccuracies and tendentiously false conclusions' (CSTE) : Co issued a statement to address what it considers to be a generally misleading report that includes inaccuracies and tendentiously false conclusions. Co stated: "We stand by all of our previous public statements, regulatory filings and presentations. This includes those statements that a recent 'short report' seeks to call into question. We are proud of the honesty and integrity with which we have operated our business and categorically reject any suggestion to the contrary." 8:46 am Marvell has postponed its Q2 earnings release and conference call, originally scheduled for this afternoon, to allow for more time to finalize its quarterly financial results (MRVL) : Marvell intends to issue a press release subsequently about its rescheduled earnings date. 8:35 am Toro beats by $0.03, reports revs in-line; raises 2015 guidance (TTC) : Reports Q3 (Jul) earnings of $0.94 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.91; revenues rose 7.4% year/year to $609.6 mln vs the $613.24 mln consensus. Revenue increase was driven by increased demand for professional segment products. Co raises guidance for FY15Co raises EPS outlook to $3.50 vs. $3.45 Capital IQ Consensus Estimate, from $3.35-3.45; raises FY15 revs growth to 10%, which equates to ~$2.39 bln vs. $2.38 bln Capital IQ Consensus Estimate, up from +8-10% growth, which equates to ~$2.35-2.39 bln 8:33 am PPG Industries to acquire the remaining interest in Chemfil Canada Limited, it JV with Madinal Enterprises; terms not disclosed (PPG) : 8:32 am CGI Group wins a $124 mln, five year contract with the US Army TRADOC Directorate for program management and technical support of its core training functions (GIB) : 8:32 am Oracle to acquire Maxymiser; terms not disclosed (ORCL) : Maxymiser is a provider of cloud-based software that enables marketers to test, target and personalize what a customer sees on a Web page or mobile app, substantially increasing engagement and revenue. 8:31 am S&P futures vs fair value: -16.70. Nasdaq futures vs fair value: -34.30. (:WRAPX) : The S&P 500 futures trade 17 points below fair value. The latest weekly initial jobless claims count totaled 277,000 while the Briefing.com consensus expected a reading of 272,000. Today's tally was above the revised prior week count of 273,000 (from 274,000). As for continuing claims, they fell to 2.254 million from 2.278 million. 8:31 am Amedica receives 180-day extension by NASDAQ to regain compliance with its minimum bid price rule (AMDA) : 8:31 am Omnicell appoints Peter Kuipers as CFO (OMCL) : Co announced that Peter Kuipers has joined the company as Chief Financial Officer. As announced in February, current CFO Rob Seim now completes the transition to his new role as Executive Vice President, International and Global Quality & Manufacturing.Prior to joining Omnicell, Mr. Kuipers served as Senior Vice President and Chief Financial Officer at Quantcast 8:31 am Market View: Sep. eMini stock-index futures are off earlier lows but remain trading below fair values following the 8:30 am ET economic data points (:TECHX) : ESu5 now @ 2059.50 -13.25NQu5 now @ 4474.75 -29.00YMu5 now @ 17166 -119 8:30 am EVERTEC names Peter Smith as CFO on September 1, 2015; reports that current CFO, Juan Jos Romn Jimnez will be leaving to pursue other opportunities (EVTC) : Prior to his appointment as CFO, Smith most recently served as Chief Accounting Officer and Corporate Senior Vice President of Fidelity National Information Services 8:29 am WTI Oct crude oil futures squeezing higher and just briefly pushed into positive territory for the first time today; Oct crude is now $41.19, down $0.08 (:COMDX) : 8:28 am On the Wires (:WIRES) : GE (GE) announced it will provide Coachella Energy Storage Partnerswith a 30-MW battery energy storage system as part of CESP's supply contract with the Imperial Irrigation DistrictInVivo Therapeutics Holdings Corp (NVIV) announced that a fourth patient has been enrolled in the company's ongoing pilot trial of its investigational Neuro-Spinal Scaffold in patients with acute thoracic spinal cord injury at the UC Davis Medical Center in Sacramento, CA.New Relic (NEWR) announced new promotions, whereby Jim Gochee has been named Chief Product Officer, a newly created position reporting directly to CEO and Founder Lew Cirne. In addition, Erica Schultz has been promoted to EVP, Commercial and EnterpriseInstantly and Viggle (VGGL) announced that Instantly will leverage Viggle's registered user base of 10 million people to measure the impact of mobile advertising within the Viggle appChanticleer Holdings, Inc. (HOTR) announced that the Company will provide a review of its operations and growth strategy at 11:00 a.m. Tuesday, August 25, 2015Dipexium Pharmaceuticals, Inc. (DPRX) announced that its OneStep-1 Phase 3 clinical trial has passed the 50% enrollment milestone. The Company anticipates completing enrollment and filing a New Drug Application for FDA approval in 2016Pershing Gold Corporation (PGLC) announced that the Winnemucca District, Humboldt River Field Office of the U.S. BLM has initiated a 30-day public scoping period to seek public comments on Pershing Gold's proposed Plan of Operations Modification related to an expansion of the Relief Canyon MineCorporation (CNC) announced that its Washington subsidiary, Coordinated Care of Washington, has been selected by the Washington State Health Care Authority as the Successful Bidder for the Apple Health Foster Care contract. The new contract is expected to commence in November 2015 8:28 am Digital Ally receives orders for 46 DVM in-car video systems, VuLink and FirstVu HD body-worn video cameras from the Wayne County, North Carolina Sheriff's Office (DGLY) : 8:27 am European Markets Update: FTSE -0.5%, DAX -0.9%, CAC -1.3%, MIB -1.6% (:SUMRX) : Major European indices trade lower across the board with Italy's MIB (-1.6%) showing the largest decline. On a separate note, the third Greek bailout remains on track as the European Stability Mechanism board approved the first tranche of funds for the country. Furthermore, Greece has reportedly made a EUR3.40 billion payment to the European Central Bank that was due today. Participants received several data points: UK's July Retail Sales +0.1% month-over-month (expected 0.4%; prior -0.1%); +4.2% year-over-year (consensus 4.4%; last 4.2%). Also of note, Core Retail Sales +0.4% month-over-month, as expected (prior -0.3%); +4.3% year-over-year, as expected (last 4.1%). Lastly, August CBI Industrial Trends Orders improved to -1 from -10 (expected -10) Germany's July PPI 0.0% month-over-month (consensus -0.1%; prior -0.1%); -1.3% year-over-year (expected -1.4%; last -1.4%) Swiss July trade surplus expanded to EUR3.74 billion from EUR3.51 billion (expected surplus of EUR2.60 billion) ------ UK's FTSE is lower by 0.5% with consumer names among the laggards. British American Tobacco, Taylor Wimpey, and InterContinental Hotels are down between 2.0% and 2.5%. On the upside, miners outperform with Anglo American, Antofagasta, Fresnillo, Glencore, and Randgold Resources up between 2.6% and 5.4%. Germany's DAX trades down 0.9% with all but four components in the red. Continental is the weakest performer, down 2.5%, while financials Commerzbank and Deutsche Bank trade with respective losses of 1.9% and 1.5%. In France, the CAC has given up 1.3% amid broad weakness. Consumer names have paced the retreat with Accor, L'Oreal, and LVMH down between 1.7% and 2.6%. On the upside, steelmaker ArcelorMittal has climbed 0.5%. Italy's MIB is down 1.6% with BMPS, Mediobanca, Intesa Sanpaolo, and UBI Banca showing losses between 1.7% and 2.6%. 8:16 am European Yields (BONDX) : Sovereign Yields Decline After FOMC Minutes European government debt prices rose on Thursday in sympathy with Wednesday afternoon's Treasury rally. The rally was set off by the release of the minutes from the July FOMC meeting which sent the market-implied probability of a September rate hike from 48% to 38%, according to IGGreece made its 3.4 bln euro payment to the European Central Bank after the European Stability Mechanism disbursed 13 bln euro to the crisis-ridden countrySpeculation is mounting that Greek Prime Minister Alexis Tsipras will call snap elections. He will give a TV address tonightIn the U.K., Retail Sales rose 0.1% m/m in July, worse than expected but better than the 0.1% decline in JuneGermany's Producer Price Index showed no change in July after a 0.1% fall in June. The market had been expecting another declineYield Check:France, 10-yr OAT: -4 bps to 0.93%Germany, 10-yr Bund: -3 bps to 0.58%Greece, 10-yr note: +8 bps to 9.25%Italy, 10-yr BTP: -4 bps to 1.77%Portugal, 10-yr note: +2 bps to 2.49%Spain, 10-yr ODE: -6 bps to 1.94%U.K., 10-yr Gilt: -8 bps to 1.78% 8:14 am Allergan's resubmission of its Supplemental Biologics License Application for BOTOX for the treatment of adults with lower limb spasticity in adults accepted by the FDA (AGN) : A six-month review period has been assigned for the sBLA. The Prescription Drug User Fee Act date is expected to be in the first quarter of 2016. 8:14 am Gapping down (:SCANX) : Gapping down In reaction to disappointing earnings/guidance: JMEI -9.7%, RENN -7.3%, PLKI -6.1%, WUBA -4.1%, MOMO -3.8%, SMTC -3.2%, LB -2.7%, YOKU -0.8%, KIRK -0.7%, EHIC -0.5% Select financial related names showing weakness: NBG -5.7%, ING -1.7%, C -1.1%, BAC -1%, JPM -0.9%, HSBC -0.9% Other news: SVM -8.9% (co to voluntarily withdraw its common shares from listing on the New York Stock Exchange), PSTR -4.9% (co received a notice of non-compliance from Nasdaq, for not maintaining $10 mln in equity; co intends to be delisted and trade OTC), BITA -3.4% (Chinese mkt down over 3% last night), INFY -2.8% (India mkts down over 1% overnight), TTM -2.8% (India mkts down over 1% overnight), TM -2% (traded lower in Japan after dg yestday), WD -1.7% (announced that it has originated 28 loans worth ~$465 mln, secured by a portfolio of properties acquired by New Senior Investment Group), GPRO -1.7% (weak with overall mkt), TWTR -1.3% (cont weakness), TSLA -1.3% (weak with overall mkt), NFLX -1.3% (weak with overall mkt), PYPL -1% (cont vol in pre-mkt) Analyst comments: MU -2.3% (downgraded to Neutral at Robert W. Baird), DIS -2% (downgraded to Mkt Perform from Outperform at Bernstein), TFM -1.8% (downgraded to Underperform from Neutral at BofA/Merrill), UNP -1% (downgraded to Neutral from Outperform at Macquarie) 8:10 am Tarena International announces a $20 mln share repurchase program; expecting to fund the plan from its existing cash balance (TEDU) : 8:10 am Guess? founder Georges Marciano files lawsuit against GES for breach of contract and infringement of intellectual property rights (GES) : Georges Marciano detailed that: "Although he was the founder of Guess?, Georges Marciano transferred his shares to his brothers Armand, Maurice and Paul Marciano in 1993, at which time the licence to use the Georges Marciano brand, previously granted to Guess? in 1983, was revoked. All Georges Marciano trademarks then held by Guess? should have been transferred to Georges Marciano, but Guess? failed to transfer the brands in the Dominican Republic and Singapore.""Moreover, following the departure of Georges Marciano, the Marciano brothers and Guess? agreed in 1994 that Georges Marciano could use his name and brand as he saw fit. However, in violation of the agreement, in 2013 Guess? objected to the registration of the Royal Navy brand in Canada by Georges Marciano.""In this lawsuit, Georges Marciano seeks compensation for damages sustained as a result of the 1993 and 1994 breaches of contract by Guess? and expects the Court to confirm that Guess? may not impede the use of his name and his brand and specify the rights of use of the Marciano family name in light of the contract concluded in 1994, which states that each Marciano brother may use the Marciano name with his own first name." 8:10 am Gapping up (:SCANX) : Gapping up In reaction to strong earnings/guidance: KEYS +9%, NTAP +7.3%, GFI +6.9%, PERY +6.5%, MSG +2.8%, JKS +2.2%, UNFI +1.9%, KGJI +1.3%, IMMU +1.1% M&A news: VRX +0.5% (to acquire Sprout Pharmaceuticals for ~$1 bln, confirming WSJ reports the two were near a deal) Select metals/mining stocks trading higher: AU +7.4%, SBGL +7.3%, DRD +5%, SAND +3.4%, GOLD +2.7%, AUY +2.6%, ABX +2.2%, MUX +1.6%, GG +1.5%, RIO +1.5%, MT +1.4%, AEM +1.4%, GDX +1.3%, NEM +1.2%, SLV +1% Other news: CLTX +43.9% (Celsus Therapeutics and Volution Immuno Pharmaceuticals announce $75 mln private placement),OHGI +27% (signs cooperation agreement with YTO Express to commence a trial of the Aishuo VoIP platform in Jiangsu province; also reported earnings),AGTC +9.6% (co's previously announced collaboration with Biogen (BIIB) is now effective; Biogen's equity investment in AGTC has closed),MILL +5% (discloses agreement in principle with the staff of the Enforcement Division of the SEC to settle the civil action under which it will pay $5 mln over ~three years),PANL +4.8% (extended its Contract of Affreightment with a major aluminum producer through 2026; sees potential revenue of up to $350 mln over the ten year term),LLY +3% (announces positive top-line results for Jardiance, reporting that the EMPA-REG outcome trial met its primary endpoint),PLUS +2.7% (to replace Sovran Self Storage (SSS) in the S&P SmallCap 600), RCAP +1.6% (closes its $37.5 mln preferred stock issuance, and announces corporate governance initiatives),GDP +0.9% (announced that CFO Jan Schott has resigned to join another company) Analyst comments: LL +6.6% (upgraded to Buy from Hold at Cantor Fitzgerald),LF +5.3% (initiated with an Outperform at Oppenheimer) 8:09 am Fluor and China National Offshore Oil Corporation form a new joint venture to own, operate and manage the Zhuhai Fabrication Yard in China's Guangdong province (FLR) : Co announced today that it has agreed with Offshore Oil Engineering Co, a subsidiary of China National Offshore Oil Corporation, to form a new joint venture, COOEC Fluor Heavy Industries Co, through which the two companies will own, operate and manage the Zhuhai Fabrication Yard in China's Guangdong province. As part of the joint venture, Fluor will make two stages of investments: an initial cash investment of $350 million after all regulatory approvals are received, which is targeted for late 2015, and a $139 million investment in the third quarter of 2016. Fluor will hold 49 percent ownership in the joint venture, with COOEC holding 51 percent. Fluor's investment in the joint venture does not impact the company's $1 billion share repurchase program, which the company expects to complete as planned by the end of 2015. 8:09 am TIER REIT announces prelim results of modified dutch auction tender offer; ~10.8 mln shares of Common Stock were properly tendered at final purchase price of $19/share (TIER) : Based on this preliminary count, the 10,825,565 shares of Common Stock properly tendered and not properly withdrawn at the final purchase price of $19.00 per share represent approximately 21.6% of the Company's currently issued and outstanding shares of Common Stock. Due to the oversubscription of the tender offer, based on the preliminary count described above, TIER REIT will accept for purchase on a pro rata basis approximately 20.7% of the shares of Common Stock properly tendered and not properly withdrawn at the purchase price of $19.00 per share by each tendering stockholder (other than "odd lot" holders, whose shares of Common Stock will be purchased on a priority basis). 8:03 am LKQ completes acquisition of The Coast Distribution System (CRV) (LKQ) : 8:03 am Energy Focus announces that it has signed an agreement with the Cleveland Clinic Foundation to supply its 'Buy American' tubular LEDs for all of the clinic's facilities (EFOI) : The initial phase of this LED retrofit project covers the Cleveland Clinic's main campus near downtown Cleveland and is expected to require ~250,000 TLEDs and take 18 to 24 months to complete 8:03 am VBL Therapeutics announces first patient dosed in pivotal phase 3 trial of VB-111 in recurrent glioblastoma (VBLT) : Co announces that the first patient has been dosed in the company's GLOBE Study, a pivotal Phase 3 trial of VB-111, an intravenously-administered, gene-therapy biological agent for the specific inhibition of tumor vascular growth, in recurrent glioblastoma (rGBM). The trial is proceeding under a special protocol assessment granted by the FDA. 8:01 am Chemours cuts TiO2 production -- expected to result in a $45 mln annual net cost reduction (CC) : Co announced today two decisions that are elements of the company's five-point transformation plan. The co will close its Edge Moor manufacturing site located outside Wilmington, Delaware, which produces titanium dioxide (TiO2) and will shut down a TiO2 line (line 3) at its Johnsonville plant in New Johnsonville, Tennessee. Together... More