>>> US Gapping down

Gapping down

In reaction to disappointing earnings/guidance: SRPT -49.7% (also announces FDA Considers NDA Filing for Eteplirsen Premature in Light of Recent Competitive Drug Failure and Recent DMD Natural History Data; FDA Questions Dystrophin as a Biomarker Due to Failed Studies of Other Investigational Drugs for DMD, downgraded to Underweight from Overweight at Piper Jaffray ), HSOL -11.1%, HOLX -10.5%, DGLY -9.2%, BIOL -8.6%, RAX -8.5%, YGE -7.8%, CRAY -6.8%, (light volume), DNDN -5.2%, LEE -5.2%, (reports continued digial growth, achieves plan of reorganization two years early ), DF -4.1%, LXRX -3.9%, (light volume), NTI -3.2%, ESE -2.5%, GSVC -2.4%, NWSA -2.1%, NWS -2.1%, VIPS -0.6%, BID -0.6%.

Financial related names showing weakness: RBS -2.8% (downgraded to Neutral from Buy at Goldman), NBG -2.6%, BCS -1.9%, LYG -1.4%, HBC -1.3%, SAN -0.5%.

Metals/mining stocks trading lower: GOLD -2.4% (downgraded to Sector Perform from Outperform at RBC ), AU -1.8%, GFI -1.8%, MT -1.5%, BHP -1.1%, BBL -1.1%, GLD -0.3%, .

Select oil/gas related names showing early weakness: SDRL -1.8%, STO -1.7%, BP -0.2%.

Solar names lower: SOL -7.1% JKS -6.6% JASO -2.9%, SUNE -1.8%

Other news: BAH -3.1% ( announces secondary offering of 10 mln shares of common stock by affiliate of the Carlyle Group), TMUS -2.6% (announces 66.15 mln share public offering of common stock), APTS -2.6% ( announces proposed public offering of ~3.226 mln shares of common stock), TTM -2.2%, NOK -1.8% (still checking), BUD -1.5% (still checking), QUIK -1.4% (intends to offer newly issued shares of common stock in an underwritten public offering), RCL -1.3% (still checking), ALSN -0.8% ( announces sale of 15 mln shares of common stock by selling stockholders), EBAY -0.6% (eBay lower following ChannelAdvisor Same Store Sales update).

Analyst comments: GSK -1.9% (downgraded to Hold from Buy at Panmure), VECO -1.3% (resumed with a Sell at Canaccord Genuity), FDX -0.5% ( downgraded to Market Perform at Cowen), INTC -0.3% (attributed to analyst downgrade)

>>> US Gapping up

Gapping up

In reaction to strong earnings/guidance: GTXI +23.4%, (light volume), FTEK +18.9%, (light volume), CGA +9.6%, PERI +8.7%, UNIS +6.3%, (light volume), SLTM +5.5%, CIMT +5.4%, DISH +4.4%, ANFI +2%, VSAT +1.4%, AGO +1.3%, SPRD +1.1%, VOD +1.1%, YONG +0.6%, (light volume).

Other news: LLEN +6.1% (light volume, L&L Energy management provides full rebuttal and supporting documentation to special committee), NQ +5.3% (following Toro stake disclosure), HTLD +4.7% (acquires Gordon Trucking), VISN +4.4% (continued strength), ELX +2.5% (announces new three-part initiative to improve profitability and enhance shareholder value; initiative includes a $200 mln capital return plan, a new cost savings program and board transformation; to offer up to $125 mln aggregate principal amount of Convertible Senior Notes due 2018 in a private offering, upgraded to Overweight from Neutral at Piper Jaffray), ARNA +2.3% (still checking), OREX +2% (Orexigen Therapeutics and Takeda announce multiple Contrave data presentations at the ObesityWeek meeting in Atlanta), SNE +1.1% (Bloomberg discusses that SNE plans to meet analyst estimates of 3 mln PS4s sold), DDD +0.8% (continued strength), RIG +0.1% (Barron's profiles positive view on Transocean ).

Analyst comments: LF +2.4% (upgraded to Outperform from Market Perform at BMO Capital) YELP +1% (Yelp tgt to $80 from $50 at Jefferies), SEAS +0.6% (upgraded to Buy from Neutral at Citig), QCOM +0.4% ( initiated with a Buy at Jefferies)

>>> Shire/Viropharma

ViroPharma Incorporated analysis of Pivotal Study Data Showed Routine Prevention of Hereditary Angioedema (HAE) Attacks with Cinryze® (C1 esterase inhibitor [human]) Resulted in Improved Health-Related Quality of Life Outcomes Compared to Acute Therapy with C1 Inhibitor While On Placebo

>>> US Early premarket gappers

Early premarket gappers

Gapping up: FTEK +18.9%, UNIS +6.3%, SLTM +5.5%, NQ +5.3%, HTLD +4.7%, DDD +2.9%, ELX +2.5%, ARNA +2.3%, OREX +2%, ANFI +2%, VSAT +1.4%, AGO +1.3%, SNE +1.1%, SPRD +1.1%, VOD +1.1%, VIPS +0.6%

Gapping down: HOLX -10.5%, DGLY -9.2%, BIOL -8.6%, RAX -8.5%, NTI -7.1%, LEE -5.2%, LXRX -3.9%, GOLD -3.2%, BAH -3.1%, TMUS -2.6%, APTS -2.6%, ESE -2.5%, GSVC -2.4%, CRAY -2.3%, NWSA -2.1%, NWS -2.1%, BCS -1.9%, SDRL -1.8%, AU -1.8%, NOK -1.8%, MT -1.5%, BUD -1.5%, QUIK -1.4%, RCL -1.3%, ALSN -0.8%

>>> US Early premarket gappers

Early premarket gappers

Gapping up: FTEK +18.9%, UNIS +6.3%, SLTM +5.5%, NQ +5.3%, HTLD +4.7%, DDD +2.9%, ELX +2.5%, ARNA +2.3%, OREX +2%, ANFI +2%, VSAT +1.4%, AGO +1.3%, SNE +1.1%, SPRD +1.1%, VOD +1.1%, VIPS +0.6%

Gapping down: HOLX -10.5%, DGLY -9.2%, BIOL -8.6%, RAX -8.5%, NTI -7.1%, LEE -5.2%, LXRX -3.9%, GOLD -3.2%, BAH -3.1%, TMUS -2.6%, APTS -2.6%, ESE -2.5%, GSVC -2.4%, CRAY -2.3%, NWSA -2.1%, NWS -2.1%, BCS -1.9%, SDRL -1.8%, AU -1.8%, NOK -1.8%, MT -1.5%, BUD -1.5%, QUIK -1.4%, RCL -1.3%, ALSN -0.8%

FT : IEA warns of future oil supply crunch

The International Energy Agency has sounded the alarm about a potential oil supply crunch and higher prices as key Gulf producers delay investment in the face of surging US shale output. In a strident warning against complacency in the oil market, the developed world’s energy body said key Gulf producers have been adopting a “wait and see approach” to investment, because of the perception that the US shale revolution would produce an “abundance of oil.”

“I am really worried that we are giving the wrong signals to the Middle East, which may end up with us not having investment in a timely manner,” said Fatih Birol, chief economist at the IEA. “The wait and see behaviour is definitely not in the interest of consumers or global oil markets because it may mean significantly higher prices in the future,” he added. Mr Birol was speaking as the Paris-based IEA unveiled its annual outlook for the energy market. Its 2012 forecast that the US would be an net oil exporter by 2030 helped bring shale oil production to global attention. But this year the organisation downplayed the significance of US production growth, with Mr Birol calling shale, “a surge, rather than revolution.” The IEA still expects US oil output to reduce the world’s dependence on Middle Eastern oil in the near term: it now forecasts that the US will displace Saudi Arabia as the world’s biggest oil producer in 2015, two years earlier than it had estimated just 12 months ago. But it expects US light tight oil production, which includes shale, to peak in 2020 and decline thereafter, even as global demand continues to grow to 101m barrels a day by 2035, from around 90m b/d today. Outside the US, light tight oil production is only expected to contribute 1.5m b/d of supplies by 2035, as countries such as Russia and China make limited progress towards unlocking their shale reserves. That will leave the market once more dependent on crude from the Opec oil cartel, of which Gulf producers are key members. Saudi Arabia, the United Arab Emirates and Kuwait have already been producing at record levels this year, to make up for shortfalls from other Opec members from Libya to Nigeria. But the IEA expects domestic demand in the Middle East to hit 10m b/d by 2035 – equal to China’s current consumption – thanks to subsidies for petrol and electricity, even as foreign demand for Gulf oil increases. Mr Birol said the Gulf states needed to invest significantly now to meet rising demand after 2020, because projects take several years to begin producing. But he said he was concerned Gulf countries were misinterpreting the impact of rising US shale production. “When you look at projects in the Middle East, I do not see a great deal of appetite,” Mr Birol said. Gulf producers have taken a cautious approach to investment in recent years, in the face of fast growing US output. Saudi Arabia does not plan to increase its oil production capacity in the next 30 years, as new sources of supply, from US shale to Canadian oil sands, fill the demand gap. The UAE is reported to have pushed back its target for raising production capacity to 3.5m b/d to 2020 from 2017, while Kuwait is struggling to overcome rapid decline rates from its existing fields. Tuesday’s report from the IEA also said that India would replace China as the primary motor of oil demand growth after 2020. Mr Birol also said he expected regional differences in natural gas prices to remain. Cheap shale gas in the US is encouraging energy-intensive industries to relocate there, IEA forecast the European Union and Japan will lose a third of their share of exports of energy intensive goods.

>>> ECB's Asmussen (Germany): Reiterates forward guidance: ECB has not yet reach

ECB's Asmussen (Germany): Reiterates forward guidance: ECB has not yet reached the limit on what it can do on interest rates depending on inflation developments - press - Would be careful about moving to negative deposit rate, but would not rule it out - Might be possible to drop minimum ECB reserve requirement for bank (would increase liquidity) - Doesn't question whether ther was a need for the ECB to act on interest rates to ensure price stability