TheChek News Flow

After 26 sets of results over the last 3 weeks, we review the European Media sector and wrap up the results. We remain Positive on the sector for two reasons – 1) We believe valuation is reasonable (sector at a 15% premium to the DJ Stoxx 600, below its long term average of c.20%), and 2) EPS momentum is decent, both within the sector

(average 1H EPS beat of 3% through results, 1% EPS 2016E upgrade) and relative to the market. Our work leads us to have no clear preference for cyclicals and defensives and our best ideas are balanced. Our preferred names are Havas, Moneysupermarket, Reed Elsevier, UBM and WPP. We believe that our preferences within the cyclicals are anti consensual – our sense from investors is that broadcasters are favoured over agencies.

* Broadcasters: All the broadcasters apart from RTL have reported, with the Northern

players (ITV and P7S1) posting strong and improving trends, while the pace of recovery

in France and Italy remains disappointing so far. In Spain, recovery is strong but seems

to be peaking. Investors' sentiment on the subsector is very positive, in our view. We

struggle with valuations - Broadcasters is our least favourite subsector in Media.

* Agencies: Agencies continue to post decent numbers globally but with the EU players

underperforming global peers, except Havas (who alongside WPP are yet to report).

Despite these decent overall numbers for the subsector, investors' sentiment is quite

negative, with structural concerns often mentioned in our conversations. Valuation is

well below history (4% below DJSTOXX600 on a P/E basis vs. 11% historical premium).

We view this as a buying opportunity and remain positive across the peer group.

* Publishers: The biggest surprises were 1) DMGT reporting worse trends in multiple

corners of their business, 2) Informa showing significantly better trends in Business

Intelligence, and 3) Pearson seeing further downgrades in 2016 as lost testing contracts

hit harder. Elsewhere, expectations were low for UBM and Axel Springer coming into

results and reiterated FY guidance was met positively. All was on track at Wolters - and

positive timing in 1H adds confidence to FY. Our preferred name is RELX – results were

a little better than expected (albeit not exciting), and we see a story of steady delivery at

a reasonable valuation vs defensive large caps in other sectors (17x 16E P/E).

* Internet: The biggest surprise was Schibsted where better margins drove rare

upgrades. Elsewhere, all is on track at Rightmove and AutoTrader. Both have rerated

materially and investor sentiment is positive. Moneysupermarket’s results didn’t get the

share price reaction that better results merited, in our view, likely a result of the

subsequent Martin Lewis placing. Moneysupermarket is our preferred name – 19x 16E

P/E is the best value in the peer group for the growth on offer, in our view.

* Satellites: Reduced 2015 guidance from SES was very unexpected, particularly the issues

with data pricing (attributed to a currency mismatch re their customers). The fact that

neither Eutelsat nor Intelsat had caught the SES data cold when they reported makes SES's

situation harder to understand. Eutelsat, we think unfairly, did not see share price relief from

somewhat reassuring results, given SES added uncertainty to the whole subsector.

Download media_barcap_06082015.pdf

(HSBC) CGG - Buy: There’s value under the surface TP Cut From 7.50 to 5.50

* H1 2015 undershoots on weakness in Acquisition markets and low streamer orders / Middle East delays in Sercel

* But Sercel is preserving market share, and GGR is proving to be a resilient and higher quality earnings stream

* Cut 2015/16e EBITDA by 19%/13%; TP cut to EUR5.50 (from EUR7.50); reiterate Buy on share price weakness

* Stuck in a rut, but not sunk: Over the past five months, CGG has underperformed our

sector coverage by around 15% on oil price volatility, further cutbacks in customer capital

spending, and on-going balance sheet concerns. In H1 2015, Acquisition disappointed as

pricing worsened beyond our expectations, there’s been delays to the ramp-up of the

mega-crew land contracts in the Middle East, whereas GGR again delivered a robust and

resilient performance. In aggregate for Q2 2015 results, this led to a c20% EBITDA miss

on revenues that were 14% below consensus.

* 2015 is a game of two halves for Sercel: With CGG’s marine fleet scaled back to 11

vessels (from a peak of 23), internal streamer sales have dwindled as CGG cannibalises

inventory preserved from stacked / scrapped assets (internal sales were just 6% of revenue

in Q2 vs about 20% historically). Looking into H2, the ramp-up of the Middle Eastern

mega-crew contracts should drive sequential volume improvements notwithstanding a

lacklustre offshore market. About 75% of Sercel sales are derived from onshore currently

(previously around 60%) with this mix unlikely to change until offshore markets improve

– opportunities for new business look promising, particularly in the Middle East.

* GGR a growing, and high quality portion of the P&L: GGR currently accounts for

55% of CGG’s external revenue, and despite significant pressure on discretionary seismic

spend, continues to deliver >20% margins. In our view, CGG’s library is well placed to

capitalise on upcoming licence block sales in Brazil (Round 13 in late 2015) and the US

Gulf of Mexico, where CGG has invested around USD600m on the IBALT library -

deepwater investment in mature markets has continued to be robust despite the downturn.

* Cut TP to EUR5.50 but with shares at new cycle lows, we reiterate our Buy rating.

Acquisition year to date has disappointed, despite CGG’s commendable efforts to right

size the fleet, and Sercel volumes / margins are at historical lows. We reflect this in

5%/19% lower sales / EBITDA in 2015e with further cuts of 5%/13% in 2016e. This

drives a cut in TP to EUR5.50 (from EUR7.50). However with acquisition pricing

bottoming out, a sequential recovery in Sercel in H2 likely and continued strength in

GGR, we see reduced P&L turbulence in H2 and valuation support – Buy on weakness.

Download cgg_hsbc_06082015.pdf

>>> What to look at today - 6th of August 2015

Dow-0.06% S&P+0.31% Nasdaq+0.67% Russell+0.24% VIX 12.51 (-3.77%)

US Market closed up after 3 days of -ve perf. DIS pressured the Dowthta closed behinf the S&P. TWX was also down 9% after earnings. energy space (-0.8%) finished in the red, crude oil, which settled lower by 1.4% at $45.11/bbl, volume were ahead of average with 890mil shares traded...US After Hours WTW +14.4%, HDP +12.1%, HLF +7.1%, GMCR -28.8%, SQNM -25.2%, FIT -13.2% following earnings/guidance, Ackman’s Pershing Square Builds 7.5% Stake in Mondelez... Asian equity markets were mixed, similarly to the Wednesday Wall St session where strong Services PMI was overshadowed by a fairly subdued ADP jobs report. In the early going, Japan outperformed amid ongoing weakness in JPY, with USD/JPY testing multi-week highs of 125. S&P/ASX was softer as the rout in commodities continues - Crude Oil tested below $45, metals were modestly lower, and miners struggle (ABX cut its dividend 60%)...China State Researcher Zhu saw H2 GDP around 7% - in line with recent estimates - but also warned some further slowdown could materialize in 2016 amid ongoing deflation prassure and market turbulence...Asian Movers Kirin (2503)-3.8% (H1 result), Nissan (7201)+2.0% (July China sales).

Nikkei +0.68% Hang Seng -0.38% Shanghai +0.19%

Eur$ 1.0921 JPY 124.76 GBP 1.5620 EURCHF 1.0685 RUB $63.3683 WTI $45.17 (+0.04%)

S&P-0.07% EuroStoxx -0.46% Dax -0.40% SMI -0.36%

Macro :

- Fed Still Moving Toward Sept. Rate Increase: Barclays

- Switzerland July Consumer Confidence -19 vs Est. -7

- Man Who Called Top of China Stock Rally Sees Rout Worsening

Keep an eye on :

- ADS GY : Adidas to Produce Shoes in Stores Within 2 Yrs: Handelsblatt

- ADS FY : Adidas Group Acquires All Outstanding Shares in Runtastic

- AHL1V FH : Ahlstrom 2Q Net Sales Op. Profit Grow; Raises 2015 Outlook

- BNR GY : Brenntag 2Q Oper. Ebitda EU215.4m, Est EU209.9m; Gives FY Target

- CSGN VX: CS Said Planning to Take Minority Stakes in Hedge Funds: HFMWeek

- DEXB BB : Dexia Has 2Q Profit on Swap Accounting; CET1 Ratio Rises to 15%

- DPW GY : Deutsche Post 2Q Profit Misses Est; 2015 Ebit Forecast Cut

- DTE GY : Deutsche Telekom 2Q Sales, Profit Beat Ests.; Keeps Outlook, Plans to Sell Phone Book Unit: Handelsblatt

- DUE GY : Duerr 2Q Sales 77%, EPS Up 25%, Confirms 2015 Outlook

- GBF GY : Bilfinger Said to Hire Lazard for Water Unit Sale: Reuters

- FNTN GY : Freenet 2Q Ebitda EU89.1M; Analyst Est. EU89.8m

- FUR NA : Fugro 1H Ebit Ex Items EU70.4m Beats; Sees 2H Ebit Down Y/y

- GLPG NA : Galapagos 1H Net Loss From Cont Ops EU34.2m vs Loss EU14.6m Y/y

- HAW GY : Hawesko 2Q Ebit Up 47% to 4.8m vs EU3.3m

- KD8 GY : Kabel Deutschland 1Q ARPU Rises 7.8%, Repeats FY Guidance

- KGX GY : Kion 2Q Sales, Ebit Rise 9%; Confirms 2015 Forecast

- KCO GY : Kloeckner Says 2H Recovery Won’t Offset Weaker 1H Performance

- LXS GY : Lanxess Raises 2015 Guidance After Strong 2Q

- MDG1 GY : Medigene Confirms FY 2015 Financial Forecast

- MEO GY : Metro 3Q Ebit Ex-Items Misses, Buys Classic Fine Foods for $290m

- MUV2 GY : Munich Re 2Q Net Income Rises 41%, Beats Est; Guidance Raised

- OCI NA : CF Industries, OCI Said to Near Agreement for Fertilizer Merger

- P1Z GY : Patrizia Immobilien Boosts 2015 Operating Result Forecast

- POP SM : Popular Sells Stake in Portugal Real Estate Platform: Expansion

- RNO FP : Nissan (7201)+2.0% (July China sales)

- RHM GY : Rheinmetall 1H Ebit EU79m, Sees FY Sales at Upper End of Range

- RHK GY : Rhoen-Klinikum 2Q Rev Drops 15%; Posts Profit; Sticks to Outlook

- RKET GY : Rocket Internet Plans Hello Fresh IPO This Year: Handelsblatt

- RR/ LN : Rolls-Royce’s Marine Arm Seeks Earnings Relief From Naval Deals

- RSA LN : Zurich Considers Lower Bid for RSA, 525p/Shr: Telegraph

- SFQ GY : SAF Holland 2Q Net Income Grows, Raises FY Sales, EBIT Forecast

- SBMO NA : SBM Offshore 1H Dir. Underlying Ebit Beats; Rev. Outlook Raised

- SGL GY : SGL Carbon 1H Ebitda Ex-Items +49%, Confirms 2015 Outlook

- SOI FP : Soitec Says Sale of Solar Assets to ConcenSolar Called Off

- SOP FP : Sopra Steria 1H Organic Growth 2%; Lifts 2015 Op. Margin Outlook

- SY1 GY : Symrise Confirms 2015 Outlook, Expects Demand to Remain Strong

- TEN IM : Tenaris 2Q Net $72.3m, Misses Est. $137.2m

- TIT IM : Telecom Italia, Mediaset Reach Accord on Premium Contents

- TOM2 NA : John de Mol Said to Seek Say on TomTom Future With Stake: FD

- DG FP : Vinci Signs 30-Yr, EU1.3b Contract for Canada Highway

- ZURN VX : Zurich Insurance 2Q Net Misses; GI combined ratio 98.3%

>>> Europe : Brokers Upgrades & Downgrades - 6th of August 2015

>>> Up

*DSM RAISED TO BUY VS HOLD AT BERENBERG

*FUCHS PETROLUB RAISED TO HOLD VS SELL AT BANKHAUS LAMPE

>>> Down

*AB FOODS CUT TO NEUTRAL VS BUY AT UBS

*GLANBIA CUT TO HOLD VS BUY AT JEFFERIES

>>> PT Change

>>> Initiation

*SOPHOS GROUP RATED NEW OVERWEIGHT AT PACIFIC CREST

*SOPHOS GROUP RATED NEW BUY AT UBS, PT 300P

>>> Call

>> Stock

*ACERINOX ADDED TO CONVICTION BUY LIST AT GOLDMAN (Note attached)

Download europesteel_gs_06082015.pdf

(BN) Bank of America Pulls Clients’ Money From Paulson Hedge Fund (1)

Bank of America Pulls Clients’ Money From Paulson Hedge Fund (1)
2015-08-05 21:22:35.450 GMT

(Updates with positions in fifth paragraph.)

By Katherine Burton and Hugh Son
(Bloomberg) -- Bank of America Corp. is pulling its wealthy
clients’ money from one of billionaire John Paulson’s hedge
funds and reviewing another because of concern that large
positions may be hard to sell.
The bank sent a memo to financial advisers telling them to
withdraw about $80 million from Paulson’s Advantage Fund because
of illiquid investments and elevated volatility, according to
two people familiar with the matter. It also said they shouldn’t
put any more client money into the firm’s Special Situations
Fund and put it on heightened review because of concern over
some large illiquid investments, said the people, who asked not
to be named because the funds are private.
“As part of our commitment to our clients, we provide
rigorous initial due diligence and ongoing detailed analysis of
all funds on our platform, and remain in constant dialog with
fund managers regarding changes to the funds or their
management,” said Susan McCabe, a spokeswoman at the bank.
Paulson’s Advantage Fund gained 2.2 percent this year
through June, after being up 8 percent through May. The Special
Situations Fund lost 3.8 percent this year through June.
One of the positions that concerned the bank was Extended
Stay America Inc., the people said. Paulson is one of the
largest owners with 23 percent of the hotel operator, according
to a May 28 regulatory filing. The bank also cited the fund’s
stake of about 25 percent in OneWest Bank, which was acquired by
CIT Group Inc. earlier this week. Paulson made almost $1 billion
on that transaction across two funds.
Bank of America told the advisers they could recommend
Paulson’s merger arbitrage fund as a replacement, according to
the people.
A spokesman for Paulson & Co. declined to comment. The Bank
of America memo was reported earlier Wednesday by ValueWalk.

For Related News and Information:
John Paulson Said to Make Almost $1 Billion on OneWest Sale
Paulson Said to Extend Gains Last Month at Most of His Funds
Top fund stories: TFUN <GO>
Top finance stories: TOP FIN <GO>
Hedge fund home page: HFND <GO>

To contact the reporters on this story:
Katherine Burton in New York at +1-212-617-2335 or
kburton@bloomberg.net;
Hugh Son in New York at +1-212-617-7872 or
hson1@bloomberg.net
To contact the editors responsible for this story:
Christian Baumgaertel at +1-617-210-4624 or
cbaumgaertel@bloomberg.net
Josh Friedman, Mary Romano

(BN) Man Who Called Top of China Stock Rally Sees Rout Worsening (2)

Man Who Called Top of China Stock Rally Sees Rout Worsening (2)
2015-08-06 05:11:53.310 GMT

(Updates today’s trading in eighth paragraph.)

By Adam Haigh
(Bloomberg) -- More than two decades’ experience poring
over stock charts helped Thomas Schroeder lock in profits in
April before Chinese companies in Hong Kong went into freefall.
Now he’s bearish again, betting the slump in Chinese shares
won’t stop anytime soon. The Shanghai Composite Index will
decline to as low as 3,100 in two months, Schroeder said, 16
percent below the closing level Wednesday, despite intermittent
rallies as the government steps up efforts to stabilize the
market. The Hang Seng China Enterprises Index of mainland shares
traded in Hong Kong will drop about 10 percent, he said.
To Schroeder, slowing Chinese economic growth and
collapsing commodities prices are heightening the chance that
the indexes will fall below key equity market support levels.
These are lines on charts that technical analysts say typically
mark a floor for prices. Technical analysts use past patterns to
try to predict future movements.
“For now, we’re in the bear camp,” Schroeder, founder and
managing director at Chart Partners Group Ltd., a provider of
trading strategies linked to technical analysis, said by phone
from Bangkok. “You’re not going to get to it right away. I’m
sure the Chinese government will continue to come in and try to
support the market in Shanghai. But in the next two months,
you’re going to be” reaching these levels.
The former global head of technical research for SG
Securities and Asian technical analysis chief at UBS AG is
watching the 3,400 level on the Shanghai Composite. He expects
the gauge to fall further if that’s breached. It closed
Wednesday at 3,694.57.

April Call

The H-share measure had jumped 37 percent from a low in
October when Schroeder made his call. Though it edged up a
further 5.8 percent to a peak on May 26, it then slumped more
than 25 percent, while a 32 percent rout in Shanghai shares
helped destroy about $4 trillion in mainland market value.
The chartist forecasts a smaller decline in Hong Kong-
traded Chinese equities because the relative strength indicator,
a measure of momentum, highlights the possibility of rallies on
the Hang Seng China Enterprises Index, he said. The RSI for the
H-share gauge stood at 34 on Wednesday, compared with 41.3 for
the Shanghai measure. Some traders say a figure below 30 means
shares are poised to rise.
The Shanghai Composite declined 0.3 percent as of 1:10 p.m.
in Hong Kong on Thursday, with the Hang Seng China Enterprises
Index falling 0.1 percent.
“There are some big moves coming,” said Schroeder.
“Shanghai looks bad and the global cycle is starting to look a
little weaker, and that should pressure these things.”

For Related News and Information:
Hong Kong Chartist Seeing Unlucky Number Eight as RSI Soars
All Those China Stock Bears Just Give SocGen More Reasons to Buy
China’s Great Short Seller Is Now a Bull Predicting Big Gain
Developed Market View: DMMV <GO>
Graphing: GRAPH <GO>
World Trends and Reversals: WTR <GO>
Equity screening: EQS <GO>
Top Stocks News: TOP STK <GO>

To contact the reporter on this story:
Adam Haigh in Sydney at +61-2-9777-8635 or
ahaigh1@bloomberg.net
To contact the editors responsible for this story:
Tom Redmond at +81-3-3201-3789 or
tredmond3@bloomberg.net
John McCluskey

*CF INDUSTRIES, OCI SAID TO NEAR AGREEMENT FOR FERTILIZER MERGER

*CF, OCI TALKS COULD STILL BE DELAYED OR FALL APART, PEOPLE SAID

>>> Asian Update

Asian Mid-session Update: Australia unemployment rises as labor force recovers; China considering resuming review of secondary offerings

***Economic Data***

- (AU) AUSTRALIA JULY EMPLOYMENT CHANGE: +38.5K V +10KE; UNEMPLOYMENT RATE: 6.3% (6-month high) V 6.1%E

- (JP) Japan July Tokyo Average Office Vacancies: 4.9% v 5.1% prior

- (TH) Thailand July Consumer Confidence: 73.4 v 74.4 prior

***Index Snapshot (as of 02:30 GMT)***

- Nikkei225 +0.8%, S&P/ASX -0.7%, Kospi -0.4%, Shanghai Composite +0.2%, Hang Seng -0.4%, Sept S&P500 flat at 2,092

***Commodities/Fixed Income***

- Dec gold -0.1% at $1,084/oz, Sept crude oil +0.1% at $45.18/brl, Sept copper +0.4% at $2.35/lb

- GLD: SPDR Gold Trust ETF daily holdings fall 4.8 tonnes to 667.9 tonnes; lowest since Sept 2008

- (CN) PBoC to inject CNY35B in 7-day reverse repos (13th consecutive injection); Drains net CNY5B (first drain in 3 weeks) this week v injected CNY20B prior

- (JP) Japan investors bought net ¥119.8B in foreign bonds V sold ¥21.7B in prior week; Foreign investors sold net ¥2.8B in Japan stocks v sold ¥82.1B in prior week

***Market Focal Points/FX***

- Asian equity markets were mixed, similarly to the Wednesday Wall St session where strong Services PMI was overshadowed by a fairly subdued ADP jobs report. In the early going, Japan outperformed amid ongoing weakness in JPY, with USD/JPY testing multi-week highs of 125. S&P/ASX was softer as the rout in commodities continues - Crude Oil tested below $45, metals were modestly lower, and miners struggle (ABX cut its dividend 60%).

- Australia employment data continued to show signs of recovery, reflecting more upbeat sentiment expressed by the RBA this week. Employment change was much higher than expected at 38.5K. And although the unemployment rate hit a 6-month high, participation rate rose to a 2-year high of 65.1% from 64.8% prior. AUD/USD spiked up 30pips to 0.7380 on the release but quickly pared those gains. Separately, RBA Head of Financial Stability Ellis remarked that Housing demand is boosted by population and rate cuts, also noting elevated investment demand locking out first time buyers.

- China State Researcher Zhu saw H2 GDP around 7% - in line with recent estimates - but also warned some further slowdown could materialize in 2016 amid ongoing deflation prassure and market turbulence. Also of note, CSRC was reportedly looking to resume review of secondary stock offerings, but did not provide an indication when IPO process will resume. Another Chinese press report stated the govt has started drafting property tax law, including provisions in its legislative plan to be unveiled this week.

***Equities***

US equities / ADRs:

- RAIL: Reports Q2 $0.60 v $0.41e, R$235.6M v $202Me; +11.6% afterhours

- HLF: Reports Q2 $1.24 v $1.13e, R$1.16B v $1.15Be; +7.5% afterhours

- RIG: Reports Q2 $1.11 v $0.50e, R$1.88B v $1.70Be; +4.1% afterhours

- TSO: Reports Q2 $4.62 (adj) v $4.04e, R$8.23B v $6.97Be; +2.9% afterhours

- CF: Reports Q2 $1.49 v $1.45e, R$1.31B v $1.35Be; +1.5% afterhours

- PRU: Reports Q2 $2.91 v $2.46e, R$12.5B v $11.2Be; +1.4% afterhours

- ABX: Reports Q2 $0.05 v $0.05e, R$2.23B v $2.21Be; Cuts quarterly dividend 60% to $0.02 from $0.05, implied yield 1.2%; +0.9% afterhours

- CBS: Reports Q2 $0.74 v $0.72e, R$3.22B v $3.24Be; -1.8% afterhours

- FOXA: Reports Q4 $0.39 v $0.37e, R$6.21B v $6.29Be; Announces $5B buyback plan (12.5% of shares outstanding); -3.6% afterhours

- TSLA: Reports Q2 -$0.48 v -$0.57e, R$955M v $1.16Be; -5.6% afterhours

- CTL: Reports Q2 $0.55 v $0.61e, R$4.42B v $4.44Be; -6.4% afterhours

- GDDY: Reports Q2 -$0.46 v -$0.17e, R$394.5M v $393Me; -7.5% afterhours

- FIT: Reports Q2 $0.21 v $0.08e, R$400M v $322Me (1 est); -13.0% afterhours

- GMCR: Reports Q3 $0.80 v $0.79e, R$969.5M v $1.05Be; -29.0% afterhours

Notable movers by sector:

- Consumer discretionary: Asahi Group Holdings 2502.JP +0.4% (H1 result); Kirin Holdings Co 2503.JP -3.8% (H1 result); China Automotive Engineering Research Institute Co 601965.CN -4.7% (H1 result); Guirenniao Co Ltd 603555.CN -3.3% (H1 result); Songcheng Performance Development Co 300144.CN +3.9% (H1 result); Anta Sports Products 2020.HK +5.5% (H1 result); China Yongda Automoviles Services Holdings 3669.HK +3.8% (strategic agreement with Alibaba)

- Financials: Central China Real Estate 832.HK +1.7% (July result); Everbright Securities 601788.CN -2.5% (H1 result, lowers leverage); Future Land Development Holdings 1030.HK -1.6% (July result)

- Industrials: Mitsubishi Chemical Holdings 4188.JP +1.1% (Q1 result); Nissan Motor Co 7201.JP +2.0% (July China sales); Downer EDI DOW.AU -9.4% (FY15 result); AVIC International Holding HK 232.HK +5.6% (H1 guidance); Harbin Electric Co 1133.HK -2.5% (H1 guidance); Guangzhou Automobile Group 2238.HK +0.8% (July result); CRRC Corp 1766.HK +2.3% (awarded contract)

- Technology: Talkweb Information System Co 002261.CN -3.0% (H1 result)

- Materials: Marubeni Corp 8002.JP +1.4% (Q1 result); Fortescue Metals Group FMG.AU +1.6% (investment speculation)

-Utilities: Korea Electric Power Corp 015760.KR +1.7% (Q2 result); Zhejiang Weixing New Building Materials Co 002372.CN +5.3% (H1 result)

- Energy: Beijing Haohua Energy Resource 601101.CN -0.5% (H1 result)

- Telecom: HKT Trust 6823.HK +2.9% (H1 result)

>>> US After Hours Summary: WTW +14.4%, HDP +12.1%, HLF +7.1%, G

After Hours Summary: WTW +14.4%, HDP +12.1%, HLF +7.1%, GMCR -28.8%, SQNM -25.2%, FIT -13.2% following earnings/guidance

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings: NSPR +17%, WTW +14.4%, HDP +12.1%, RAIL +12.1%, ZU +10%, POWR +7.6%, OME +7.5%, HLF +7.1%, ETE +6.2%, AAOI +6.1%, SSNI +5.9%, FUEL +5%, XPO +4.7%, RIG +4.5%, ETP +3.6%, LGCY +3.3%, TSO +2.9%, CSLT +2.7%, NLY +2.2%, SD +1.9%, PNNT +1.7%, NMRX +1.7%, PRU +1.6%, CLR +1.5%, OPK +1.5%, SEMI +1.5%, CF +1.5%, DOOR +1.3%, CBPO +1.3%, SWM +1.2%

Companies trading higher in after hours in reaction to news: NSPR +17% (entered into a partnership with Penumbra to distribute its carotid CGuard EPS through a direct commercialization team; co also reported earnings), NLY +2.2% (Board authorized $1 bln common stock share repurchase program; co and Chimera Investment Corporation (CIM) announce the internalization of Chimera's management; Chimera to purchase co's 4.4% stake in Chimera for $126.4 mln; co also reported earnings), RGLD +2.0% (announced an agreement to purchase Barrick Gold's (ABX) 60% interest in its Pueblo Viejo mine, for $610 mln), AGN +0.7% (FDA approved 28 additional styles of co's Natrelle 410 breast implants)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings: GMCR -28.8%, SQNM -25.2%, RYN -16.4%, FIT -13.2%, INOV -9.2%, HABT -8.3%, SGMO -7.4%, SGY -6.4%, CTL -6.2%, TSLA -6.3%, MELI -6%, CLNE -5.6%, ZUMZ -5.6%, GDDY -5%, FOXA -4.5%, AREX -3.9%, JAZZ -3.8%, PRXL -3.6%, ARNA -3.5%, ICPT -3.1%, ABUS -2.9%, FGL -2.4%, AERI -2.3%, JACK -2.1%, ALDR -1.9%, CBS -1.8%, COUP -1.8%, MRIN -0.9%, TCON -0.9%, PMT -0.9%

Companies trading lower in after hours in reaction to news: RYN -16.45 (entered into $550 mln of new credit facilities; co also reported earnings), IMS -3.5% (announced secondary public offering of 20 mln shares of its common stock by selling shareholders), NRZ -3.3% (rescheduled Q2 earnings release and conference call to August 10, 2015 prior to the open), COUP -1.8% (announced that Mir Aamir will resign as CFO and be appointed COO, effective once the search for a replacement CFO has concluded; co also reported earnings), SCAI -1.3% (announced a secondary public offering of 4 mln shares of common stock, by affiliates of TPG Global), SCTY -0.7% (disclosed terms of acquisition of ILIOSS; to pay $9.5 mln in cash, an additional $5 million upon the successful achievement of a battery storage deployment milestone as set forth in the Agreement, and additional cash consideration based on megawatt deployments in Mexico from the closing date through December 31, 2019), RSPP -0.3% (priced its upsized offering of $200 mln in aggregate principal amount of its 6.625% Senior Notes due 2022 in a private placement)