>>>. US Gapping Down

Gapping down In reaction to disappointing earnings/guidance: RATE -15.2%, JBL -7.5%, ORCL -6.2%, RAD -5.5%, OIS -5.4%

Other news: ONVO -8.7% (proposed secondary offering), SPCB -4.5% (proposed public offering of ordinary shares, size not disclosed), CA -3.7% (following ORCL results), ISLE -3.7% (Chief Development Officer John Wilson disclosed sale of 10k shares at average price of ~$19.89, transaction date 6/16/15), MNK -1.6% (discloses update to previously announced investigation related to Questcor's 2013 acquisition of rights to develop and commercialize Synacthen Depot), CTRP -0.8% (announces proposed offering of $1 billion convertible senior notes), SAP -0.8% (in symp with ORCL)

Analyst comments: LUV -1.7% (downgraded to Underweight from Overweight at Barclays), SAVE -1.3% (downgraded to Neutral from Outperform at Credit Suisse)

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Portfolio Ticker Matches:  SCANX

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>>> US Gapping Up

Gapping up In reaction to strong earnings/guidance: PIR +7%, OPGN +1.8%

M&A news: LMNS +13% (will be acquired by XIO Group for $14.00/share in cash ), SYT +2.7% (cont M&A spec), AXS +2.6% (Arch Capital (ACGL) considering $65/share bid for AXS, according to FT), QIHU +1.6% (Bloomberg real M&A column discusses that Chairman's buyout proposal of $77/share might be the best offer the company will receive), GM +0.7% (General Motors and Fiat (FCAU) have hired bankers to advise on merger related considerations, according to Reuters)

Select metals/mining stocks trading higher (Gold and Silver futures ~+2% in pre-mkt): BHP +2.2%, AG +1.9%, RIO +1.8%, AUY +1.8%, GOLD +1.7%, GG +1.6%, SLW +1.6%, AEM +1.4%, GFI +1.3%, NEM +1.2%, FCX +1.2%, MT +1.2%, SLV +1%, PAAS +0.9%, VALE +0.9%

Select oil/gas related names showing strength (Crude ~+1% in pre-mkt): CNX +2.4%, SNP +0.9%, RIG +0.8%, CHK +0.8%, SDRL +0.8%

Other news: JOEZ +24.5% (cont strength), FREE +15% (cont strength), CRDS +14.4% (Announces Patent Litigation Update Including Results of Markman Hearing; A Federal Court in the Western District of Texas entered an order in which the Court determined the meaning of 17 disputed claim terms in the patents-in-suit), RDUS +6.3% (reports Positive top-line data from ACTIVExtend Trial including combined 25 month results), BMRN +6% (announces positive results of a Phase 2 proof-of-concept and dose finding study of BMN 111, an analog of C-type Natriuretic Peptide, in children with achondroplasia), ERN +5.6% (Commences Production From the Oyo-7 Well; Production from Oyo field expected to double), PARN +2.9% (announces positive top-line pivotal trial results for its Zydax therapeutic), NBG +2.7% (cont volatility in Greece negotiations), NOR +2.4% (to evaluate strategic alternatives; Board of Directors engages Morgan Stanley; co also suspends dividend and seeks reverse stock split), DEO +2% (still checking), ADVS +1.3% (reports U.S. Department of Justice Clears SS&C's (SSNC) Acquisition of Advent), ALKS +0.8% (favorable commentary on Thursday's Mad Money)

Analyst comments: DGLY +5.5% (initiated with a Buy at H.C. Wainwright (Rodman & Renshaw); tgt $24), JNPR +1.3% (upgraded to Outperform from Neutral at Wedbush), SAN +1.1% (upgraded to Overweight from Neutral at JP Morgan), ALK +0.8% (upgraded to Outperform from Neutral at Credit Suisse), MRVL +0.7% (upgraded to Neutral from Sell at Goldman -- Removed from Americas Sell List), SNH +0.5% (upgraded to Neutral from Sell at UBS)

European Commission and ECB processed draft declaration on debt relief

European Commission and ECB processed draft declaration on debt relief

BRUSSELS - RESPONSE. While the finance ministers of the Eurozone have gathered in Luxembourg for another Eurogroup that the expectations of any progress in the Greek issue is very limited, discussions focus on who and when there could be a further debate which will bring the solution the stalemate that has been created in recent months.

According to a senior European official said the scenario is considered and the more likely this time is to convene an emergency summit of eurozone members Thursday evening (25.06) after the end of the deliberations of the Summit scheduled on that day and has very heavy agenda. The aim is the Greek issue not overshadow this way the other serious issues to discuss as the Grexit and immigration policy. At the same time it will have spent one week from today's Eurogroup meeting without another thus putting further pressure on the Greek side.

According to him a high-ranking European official, this time from European Commission and European Central Bank edit text that refers to the debt issue in the event of agreement. A re-statement for debt relief won the Greek side of the Eurogroup of November 2012 when he was the Minister C. Stournaras.

At the same time, according to the same source, the imposition of capital controls on banks will be only if the output rise dangerously in the coming days.

>>> SXAP - Sector Trading on support - 14.5% correction since highs

SXAP still +18.75 YTD, 14.5% from highs, trading on low support of the range..see some sellers for tje last few days...China slowdow on the car sector has been a catalyst...still a gap open (589.1/591.3)...200d ma is 6.4% lower...same level that 50% retracememnt from 2014 lows to 2015 highs...1% of underperfomance to go versus SX5E to trade on lowest level of the year relative to SX5E.