>>> US Gapping down

Gapping down

In reaction to disappointing earnings/guidance: HGG -15.4%, SCSS -7.7%, .

M&A news: TSU -3.1% ( Telefonica has denied reports it is considering bid for TSU Brazil).

Select Brazil related names showing weakness: OIBR -2.3%, CPL -2.3%, PBR -1.7%, RIO -1.7%, ERJ -1.6%, VALE -1.4%.

Other news: NOAH -3.8% (still checking), CAMT -3.1% (CEO steps down; board appoints Active Chairman Rafi Amit to CEO), BBY -2.8% (following HGG guidance), ONVO -1.8% (still checking), CELG -1.4% (WSJ details dispute between Celegene (CELG) and hospitals over cancer drug royalties; downgraded to Sell from Neutral at Goldman), UNXL -1.3% (following cautious Barron's mention).

Analyst comments: SRPT -7% (downgraded to Sell from Neutral at Citigroup), ATHM -6.7% (initiated with a Sell at Goldman), TWTR -5.2% ( downgraded to Underweight from Equal-Weight at Morgan Stanley), FSLR -4.1% (downgraded to Sell from Buy at Goldman), ARIA -3.5% (downgraded to Sell from Neutral at Citigroup), EBAY -1.6% (downgraded to Equal-Weight from Overweight at Morgan Stanley), HOLX -1.6% ( downgraded to Equal-Weight from Overweight at Morgan Stanley), ALXN -1.5% (downgraded to Neutral from Buy at Goldman), PETM -1.4% (downgraded to Sell from Hold at Deutsche Bank), ARRS -1.3% (downgraded to Equal Weight from Overweight at Barclays), RVBD -1.2% (downgraded to Hold from Strong Buy at Needham), AAPL -1.1% (downgraded to Sell at Standpoint Research), NMM -0.8% (downgraded to Neutral from Buy at Global Hunter Securities), PM -0.6% ( initiated with a Sell at Standpoint Research), AFL -0.4% (downgraded to Neutral from Outperform at Credit Suisse)