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Futures indicate a sharply lower open for the mkt on renewed concerns about liquidity/credit risks. BNP Paribas has suspended withdrawals from three of its funds valued at around $2.1 bln due to an inability to fairly value their holdings on account of the turmoil in the U.S. credit mkt. Even though BNP's exposure (which is less than 1.0% of total assets) seems relatively small, the announcement serves as a clear reminder that the headline risk remains real and that the volatility in trading conditions will persist. This morning was also the release of July Retail Sales figures, which are coming in weaker than expected amid sluggish sales at teen-apparel shops. WMT, however, reported sales of 1.6% which met expectations. Dow futures are currently -180; Nasdaq futures are currently -22.5; S&P futures are currently -22.8.

Notable pre-market Calls include Upgrades: AA at Friedman Billings, MAT at Piper Jaffray, MRO at Lehman, RIG at Matrix; Downgrades: KNXA at JMP Securities and Cantor Fitzgerald, CTRN at First Albany and Avondale... On the Earnings calendar, EPEX is confirmed to report sometime during trading hours. After the close, 37 cos are confirmed to report, though none are expected to be market-moving releases... On the Economic calendar, nothing remains on the schedule for today.

Gapping down on weak earning/guidance/same store sales: AIRN -23.9%, CTRN -17.3%, OMRI -16.6%, SIRO -15.3%, INSP -12.2%, JOSB -10.3%, CELL -9.5%, NSTK -6.2%... Major financials trading down after BNP Paribas suspended withdrawals in three funds; Bernstein cut ests on the group: BSC -4.8%, GS -4.0%, MS -4.0%, MER -3.6%... Other news: RAS -14.2% (still checking for anything new), HD -6.4% (in discussions to restructure pending sale of HD Supply; could result in a reduction in the $10.325 bln purchase price).

Gapping up on strong earnings/guidance/same store sales: KNOT +11.2%, AOB +8.7%, GPS +5.2%, SDTH 5.2%... Other news: GGBM +18.8% (announced a purchase order for two WiFiber links), SUF +12.5% (commissions 30,000 bpd of crude capacity in Fujairah, UAE), ORBT +7.3% (to explore all strategic alternatives to maximize shareholder value, including the potential sale of the co; also reported earnings), NOVC +6.3% (upgraded to Outperform at Bear Stearns), SPPI +6.3% (Investigational New Drug application for SPI-1620 cleared by FDA), BBI +5.0% (BBI acquires Movielink), EXPE +1.7% (initiated with a Buy at BofA).