>>> US Gapping down

Gapping down
In reaction to disappointing earnings/guidance
: SEAC -11.4%, ARO -10.7%, EXPR -10.6%, GIL -7.6%, VRNT -3.2%, PVH -1.4%, REX -1.1%, GES -0.8%, TD -0.7%, DG -0.6%

M&A news: UTIW -12% (responds to Bloomberg article about UTi Worldwide and DSV A/S, currently no discussions)

Select Brazil related names showing weakness: SID -2.3%, CIG -2.1%, TSU -1.7%, ERJ -1.7%, VALE -0.9%

Select metals/mining stocks trading lower: AU -1.6%, SLW -1%, IAG -0.8%, GG -0.8%, GOLD -0.6%

Select oil/gas related names showing early weakness: SDRL -2.5%, PBR -2.4%, BP -2.1%, STO -1.8%, TOT -1.7%, RIG -1.5%, RDS.A -1.4%

Other news: KIN -26.4% (has re-assessed its atopic dermatitis program and the atopic dermatitis market and has decided to discontinue its AtoKin study in favor of directing resources toward other programs in its portfolio), ADC -3.3% (Agree Realty commenced underwritten public offering of 2.1 mln newly issued shares of common stock), SGY -2.3% (provided an operational update on its Cardona deep water development project; The Cardona project initial production testing started in late November and the two wells have been tested and will be closely monitored with flow rates ramping up over a four week period), MTRN -2.1% (announced that SVP, Finance and CFO John D. Grampa plans to retire from the Company prior to the end of 2015), PRO -1.6% ( announces private offering of $125 million of convertible senior notes due 2019), CLF -1.2% (announces termination with respect to tender offers for certain of its senior notes)

Analyst comments: DISH -2.6% (downgraded to Underweight from Equal Weight at Barclays), BRFS -2.5% (downgraded to Neutral from Buy at Goldman), RIO -2.1% (downgraded to Underperform from Buy at BofA/Merrill), WMT -1.1% (downgraded to Neutral from Buy at UBS), BHP -1% (downgraded to Neutral from Buy at BofA/Merrill), CIR -0.8% (downgraded to Hold from Buy at BB&T Capital Mkts), TUP -0.7% (downgraded to Underperform from Market Perform at BMO Capital Markets).