Market Update

Shares of F5 Networks Inc FFIV gained about 3.1% as the company appointed Jonathan Chadwick, Senior Vice President and Chief Financial Officer of Skype Inc, to its board of directors. Shares of W.W. Grainger Inc GWW rose about 2% after the company announced its plans to acquire Fabory Group for around $344 million. Grainger is expecting the deal to close in the current quarter. Shares of Scripps Networks Interactive Inc SNI gained about 1.4% after the company announced its plans to buy Virgin Media Inc's VMED 50% stake in UKTV for about GBP239 million. Scripps reported that it will also pay around GBP100 million to buy the outstanding preferred stock and debt owed by UKTV to Virgin Media. Hennes & Mauritz AB HNNMY reported a 6% drop in its July same-store sales. Hennes & Mauritz's total sales including value-added tax surged 3%.