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From Briefing.com: Monday began with an overnight slide in the futures market after the Greek referendum produced 61.3% 'no' votes, rejecting the bailout terms previously proposed by eurozone creditors. The results of the referendum allowed Greece's Syriza party to stay in power, but Finance Minister Yanis Varoufakis stepped down with Oxford-educated Euclid Tsakalotos assuming Mr. Varoufakis' place.

Domestically, the S&P 500 (-0.4%) began the session sharply lower, but an aggressive bid lifted the index back to its flat line about an hour after the opening bell. However, that rebound was short-lived, and faded into the afternoon.

Similar to the rest of the market, the S&P information technology index (-0.5%) had a rather choppy session to begin the week. To add some perspective to today's lack of definitive movement, none of the sector's constituents gained or lost more than 4% on the day. Micron Technologies (MU 18.32, -0.75, -3.9%) was the worst performer as it continues to plummet following disappointing earnings results.

Notable news items from sector components included the following:

Apple (AAPL 126.00, -0.44, -0.4%): Digitimes article reported that iPhone 6 sales may be slowing.

Western Union (WU 18.95,-0.04, -0.2%): Announced in collaboration with the MTN Group (MTNOY 18.19, -1.17, -6%) the launch of a new mobile money transfer service in Rwanda and Ivory Coast. The new service allows MTN customers in both countries to receive a Western Union Money Transfer transaction in their mobile wallet.

Elsewhere in the technology space:

Alliance Fiber Optic (AFOP 20.15, +1.59, +8.6%): Issued guidance for the upcoming quarter, forecasting Q2 revenues of $25 million, up from prior guidance of $22.5-24.5 million. The company also noted that it sees record quarterly gross margin and operating profits as well.

GoPro (GPRO 50.94, -0.81, -1.6%): Announced the launch of HERO4 Session -- 50% smaller and 40% lighter than GoPro's best-selling HERO4 Black and Silver cameras. HERO4 Session packs GoPro's image quality and performance into an exciting new low-profile form factor. HERO4 Session is compatible with existing GoPro mounts and will retail for $399.99 MSRP at authorized GoPro retailers around the world and on GoPro.com beginning July 12, 2015.

Mesa Laboratories, Inc (MLAB 90.47, -0.17, -0.2%): Announced it has acquired Infitrak for ~$21.6 million. Under the terms of the transaction, the company has acquired all of the outstanding shares of common stock of Infitrak, whose business involves providing consulting, packaging and measuring solutions for cold chain applications. The acquisition price for Infitrak consisted of cash consideration of $12,000,000 CDN (approximately $9,600,000 USD) which is subject to a minor working capital adjustment, and a future contingent payment of up to $15,000,000 CDN (approximately $12,000,000 USD), based on the growth of Infitrak's cold chain business during the first two years following the acquisition. The acquisition of Infitrak is expected to add approximately $5,500,000 to Mesa's revenues and to be accretive to diluted net income per share during the first twelve months.

Analyst Action:
Cognizant Tech (CTSH 59.96, -0.57, -0.9%): Upgraded to Buy from Outperform at Credit Agricole

Canon (CAJ 32.42, +0.46, +1.4%): Upgraded to Neutral from Sell at Goldman

Allot Comms (ALLT 6.00, -1.08, -15.3%): Downgraded to Hold from Buy at Wunderlich; price target lowered to $6.50 from $12

Netsuite (N 88.35, -3.31, -3.6%): Downgraded to Underweight from Neutral at Piper Jaffray

VMWare (VMW 83.06, -2.14, -2.5%): Downgraded to Market Perform from Outperform at FBR Capital; price target lowered to $90 from $96

InterXion (INXN 28.21, +0.26, +0.9%): Initiated with a Buy at BofA/Merrill; price target $31

GoPro (GPRO 50.94, -0.81, -1.6%): Initiated with a Neutral at Goldman; price target $60

FEI (FEIC 82.82, +0.09, +0.1%): Price target raised to $96 from $90 at Stifel; Buy

WNS (WNS 27.23, -0.19, -0.7%): Price target raised to $34 from $31 at Maxim Group; Buy

4:15 pm : Monday was a busy day for equities across the globe, beginning with an overnight slide in the futures market after the Greek referendum produced 61.3% 'no' votes, rejecting the bailout terms previously proposed by eurozone creditors. The results of the referendum allowed Greece's Syriza party to stay in power, but Finance Minister Yanis Varoufakis stepped down with Oxford-educated Euclid Tsakalotos assuming Mr. Varoufakis' place.

With the referendum in the rear-view mirror, the focus now shifts to July 20, when Greece will have to make a EUR3.50 billion payment to the European Central Bank. Meanwhile, the European Central Bank adjusted haircuts on Greek collateral for Emergency Liquidity Assistance, but the details were not revealed in the press release. The continued uncertainty about Greece's future in the eurozone pressured European markets with Germany's DAX and Italy's MIB losing 1.5% and 4.0%, respectively.

Domestically, the S&P 500 (-0.4%) began the session just above its 200-day moving average (2,055), but an aggressive bid lifted the index back to its flat line about an hour after the opening bell. However, that rebound was short-lived, fading into the afternoon.

Nine of ten sectors ended the day in negative territory with the energy sector (-1.3%) spending the day behind other cyclical groups. The growth-sensitive group finished among the laggards while crude oil plunged into the pit close, settling lower by 7.8% at $52.48/bbl.

Elsewhere among cyclical sectors, financials (-0.4%) and technology (-0.4%) spent the day in negative territory, which kept the market under pressure. High-beta chipmakers contributed to the losses in technology with the PHLX Semiconductor Index falling 1.6% as 28 of its 30 components registered losses while Altera (ALTR 51.40, +0.06) eked out a slight gain while Qualcomm (QCOM 63.11, 0.00) ended flat.

Things looked a bit better on the countercyclical side with consumer staples (-0.1%) and utilities (+0.4%) ending ahead of the broader market while the telecom services sector (-1.1%) struggled. For its part, health care (unch) finished ahead of the broader market after biotechnology displayed some intraday strength. The iShares Nasdaq Biotechnology ETF (IBB 372.36, +2.01) advanced 0.5% after being up 1.5%.

Today's session was relatively quiet on the corporate front, but Humana (HUM 188.96, +1.46) rose 0.8% after agreeing to be acquired by Aetna (AET 117.43, -8.08) as part of a transaction valued at $230/share.

Treasuries held gains throughout the day, settling not far below their overnight highs with the 10-yr yield down nine basis points at 2.29%.

Monday's trading volume surpassed recent averages with more than 910 million shares changing hands at the NYSE floor.

Although today's main focus was on Greece, it is also worth noting that China's Shanghai Composite gained 2.4%, but that was after the index opened with an 8.0% advance in reaction to news that the People's Bank of China extended a lifeline to equity brokers through China Finance Securities in an attempt to stem the recent slide.

Economic data was limited to the June ISM Services Index, which increased to 56.0 in June from 55.7 in May while the Briefing.com consensus expected the index an increase to 56.3. Business activities accelerated as the related index increased to 61.5 in June from 59.5 in May.

Tomorrow, May Trade Balance (Briefing.com consensus -$42.00 billion) will be released at 8:30 ET while the May Job Openings and Labor Turnover Survey will cross the wires at 10:00 ET. The day's data will be topped off with the 15:00 ET release of the Consumer Credit report for May (consensus $17.60 billion).


Nasdaq Composite +5.1% YTD
Russell 2000 +3.4% YTD
S&P 500 +0.5% YTD
Dow Jones Industrial Average -0.8% YTD

DJ30 -46.53 NASDAQ -17.27 SP500 -8.02 NASDAQ Adv/Vol/Dec 1201/1.61 bln/1749 NYSE Adv/Vol/Dec 1142/914.6 mln/1960
3:40 pm :

WTI crude oil, heating oil and RBOB futures all collapse following Greece/China concerns and ahead of the Iran nuclear deadline tomorrow
Aug crude oil futures shed 7.8% today to $52.48/barrel, heating oil futures dropped -7.1% and RBOB fell -5.1%
Aug natural gas futures, meanwhile, lost $0.06 to $2.76/MMBtu
Copper futures lost 3.4% today (or 9 cents) to $2.54/lb, which also got hit on Greece/China concerns
Precious metals gained today with Aug gold rising +$9.80 to $1173.20/oz and Sept silver climbing +$0.21 to $15.77/oz

4:49 pm TerraForm Power signs definitive agreement to acquire net ownership of 930 megawatt of wind power plants from Invenergy Wind for $2 bln; raises 2016 dividend target (TERP) : TerraForm Power intends to acquire net ownership of 460 MW of the wind power plants from Invenergy with the remaining 470 MW to be acquired by a new warehouse facility, for a combined $2.0 billion in aggregate consideration. Average unlevered CAFD of the acquired portfolio is anticipated to be $141 million annually over the next 10 years, generating a levered cash-on-cash return of approximately 8.4 percent.


Concurrent with today's announcement, TerraForm Power is raising its prior 2016 dividend target of $1.53 to 2016 dividend per share (DPS) guidance of $1.70, a 26 percent year-over-year increase compared to 2015 annual guidance. TerraForm Power is also updating its long-term DPS growth target to a 20 percent CAGR from its current first quarter dividend, driven by the increased visibility and growth provided by this transaction. The acquired portfolio is comprised of seven contracted wind farms located in the United States and Canada. The assets have a weighted average remaining contract life of 19 years and an average counterparty credit rating of AA. Invenergy will retain a 9.9 percent stake in the U.S. assets and will provide certain operation and maintenance services for these power plants.TerraForm expects to finance the direct acquisition of the 460 MW through a combination of cash on hand and new bond financing. TerraForm Power will also assume approximately $450 million in non-recourse project debt. These initial drop downs are expected to provide average CAFD of $71 million annually over the next 10 years.
4:22 pm Advanced Micro (halted, will resume at 16:35) lowers Q2 guidance, citing to weaker than expected consumer PC deamnd (AMD) : Co issues downside guidance for Q2 (Jun), lowers Q2 (Jun) revs to -8% QoQ to ~$947.6 mln (from -6% to flat) vs. $999.59 mln Capital IQ Consensus.

The sequential decrease is primarily due to weaker than expected consumer PC demand impacting the company's Original Equipment Manufacturer (:OEM) APU sales. The company expects second quarter channel sales and channel inventory reduction efforts to be in-line with the company's plans. The co anticipates non-GAAP gross margin to be ~28%, compared to the previous non-GAAP guidance of ~32% primarily due to a higher mix of Enterprise, Embedded and Semi-Custom segment sales and lower than anticipated Computing and Graphics segment APU unit volumes due to weaker than expected OEM PC product demand. AMD will report second quarter 2015 results after market close on Thursday, July 16, 2015.

4:16 pm Advanced Micro lowers Q2 rev to -8% QoQ from -6% to flat QoQ (AMD) :

4:15 pm Advanced Micro (halted) lowers Q2 rev guidance (AMD) :

11:37 am Stocks/ETFs that traded to new 52 week highs/lows this session - New lows (317) outpacing new highs (50) (:SCANX) : Stocks that traded to 52 week highs: AAC, ABCW, AFMD, ALDW, ALJ, ALRM, AMCX, ANAC, ASBB, BOFI, CATB, CFMS, CMRX, CNTY, COLB, CSTE, CTRV, DIS, DY, ESNT, GIII, GIL, GTT, HRTG, JAKK, LJPC, MIDD, MIG, MKL, MPC, MTD, NAT, NBHC, NBIX, NJ, NMR, NVEE, OMG, PRGS, RDUS, SFBS, SP, SPB, STRN, THG, TPX, USPH, VGR, VLO, WRB

Stocks that traded to 52 week lows: AA, ABAC, ACAS, ACTG, ACTX, ACV, AEGR, AHC, AHGP, AIQ, AIT, AKS, ALLT, AMBC, AMBR, AMID, AMKR, ANDE, APIC, AR, ARP, ASTI, ATL, ATW, AUDC, AUY, AVH, AVP, AXE, BBEP, BBG, BCEI, BCX, BEN, BGR, BHP, BIOS, BLIN, BLJ, BLT, BOXC, BSI, BXLT, CAMT, CAPX, CAR, CBD, CBT, CENX, CGG, CH, CHK, CIDM, CLD, CLDN, CLF, CNAT, CNW, COP, CPA, CPN, CREE, CRK, CSAL, CSG, CSTM, CTCM, CTL, CTRL, CVE, CVR, CVX, CYAD, CZZ, DD, DEX, DHRM, DNN, DNR, DO, DPG, DTLK, EC, ECR, EDD, EGY, EMES, ENLK, ENPH, ERIC, ETSY, EXXI, FAM, FBP, FDML, FELE, FELP, FGB, FHCO, FIF, FMC, FSC, FSFR, FSTR, FTEK, FTR, FUEL, GCH, GCI, GDP, GEF, GER, GGB, GLF, GLRE, GMCR, GNL, GOL, GPT, GRMN, GROW, GRPN, GULTU, GWR, HART, HCLP, HEB, HERO, HK, HKTV, HLX, HMY, HOV, HPJ, HTGC, HTLD, HTZ, HWAY, HZN, IAF, IDE, IEP, IF, IFAS, IGD, IGT, IHD, IIIN, INF, INVE, IRR, ISIG, ITRI, JASN, JOY, KATE, KEM, KLIC, KNDI, KODK, KRO, KYE, LC, LECO, LFL, LGCY, LMIA, LMRK, LOR, LPL, LPTN, MDU, MEI, MEP, MGRC, MHG, MIND, MNTX, MOBL, MOD, MOLG, MSI, MSM, MT, MTR, MUR, MYJ, NATH, NAV, NBL, NFJ, NJV, NOA, NOV, NPO, NRF, NRP, NRT, NSPH, OFG, OHRP, OI, OII, OIS, OKE, OKS, ORIG, OTEX, OUT, PDLI, PDVW, PGH, PGN, PHG, PICO, PJC, PKE, PLG, PLTM, PLUG, PNF, PPT, PSCE, PSUN, PVA, QEP, QRHC, QUAD, RBCN, RCPI, RDS.A, RDS.B, RGDX, RGSE, RIO, RMT, RNN, RSO, RTK, RXN, SD, SDLP, SDPI, SE, SFY, SGI, SGY, SHG, SID, SKM, SLH, SMM, SMRT, SNDK, SONS, SPEX, SRSC, SRV, STX, SVLC, SWC, SWN, SXC, SXCP, SYNL, SZC, TAC, TAL, TBPH, TC, TCK, TDC, TDOC, TEO, TGB, TGP, THM, THW, TIVO, TKR, TROX, TRP, TRUE, TS, TSI, TTF, TTM, TTP, TYC, UNIS, UNXL, UPL, USEG, VCO, VECO, VEDL, VJET, VMEM, VRS, VSH, WAVX, WDAY, WG, WHLR, WHZ, WIN, WLB, WLT, WRES, WRLD, WTS, X, XONE, XRX, YLCO, YZC, ZINC

ETFs that traded to 52 week highs: none

ETFs that traded to 52 week lows: AFK, DBB, ECH, EGPT, EWA, EWC, FXA, JO, KOL, PPLT, REMX, SLX, THD, URA, XME

9:04 am Silicom Limited sees Q2 and Q3 revenue below consensus (SILC) :

Co issues downside guidance for Q2 (Jun), sees Q2 (Jun) revs of $16.8-17.2 mln vs. $19.95 mln Capital IQ Consensus Estimate. Co issues downside guidance for Q3 (Sep), sees Q3 (Sep) revs of $18-19 mln vs. $21.77 mln Capital IQ Consensus Estimate. "Our shortfall for the second quarter reflects a softening of demand from some of our customers, due to longer-than-expected decision making processes together with the slower market deployment of our high-potential design wins and our new solutions for upcoming industry trends. We expect that the second quarter will be the low-point of our revenues.

"MagnaChip Semiconductor (MX) announced that it has started the co-development of an automotive MCU process with ABOV Semiconductor, Automotive Electronic Systems and Semiconductors Lab. of UNIST and Analog & Mixed Signal Integrated Circuit Lab. of SNU using MagnaChip's 0.18 micron automotive process.