• Privately-held Reynolds Group announced plans to acquire hefty-bag maker, Pactiv (NYSE: PTV), for $6 billion, or $33.25 per share

• Deere (NYSE: DE) reported better-than-expected sales and earnings for fiscal third quarter. Earnings of $1.44 beat estimates of $1.24 on revenues of $6.84 billion, which beat estimates of $6.5 billion. The firm said it was experiencing slow sales in Europe

• Target (NYSE: TGT) reported inline second quarter earnings of 92 cents a share, on revenues of $15.53 billion, slightly missing consensus estimates of $15.6 billion

• BJ Wholesale (NYSE: BJ) posted worse than anticipated second quarter earnings of 67 cents a share, off estimates of 73 cents, as revenues of $2.79 billion cam in line with expectations. Guidance for 2011 was lowered to $2.40-$2.50 from $2.58-$2.68

• Goldman Sachs (NYSE: GS) downgraded Illinois Tool Works (NYSE: ITW) to "neutral" from "buy," cutting the price target from $53 to $50

• Needham maintained a "buy" rating on Marvell (NASDAQ: MRVL), but lowered the price target from $25 to $23. Morgan Keegan downgraded Netflix (NASDAQ: NFLX) to "underperform" from "outperform”