Market Update

Shares of Ninetowns Internet Technology Group Limited (NASDAQ:

) gained about 0.7% after the company's Board of Directors authorized a share repurchase program, effective immediately. Shares of DryShips Inc (NASDAQ:

) fell about 1% as the company is all set to report its quarterly earnings after the closing bell. DRYS is projected to report its Q2 earnings at $0.18 per share. Shares of Universal Display Corp (NASDAQ:

) surged about 4.1% after the company entered into a technology licensing agreement with Panasonic Idemitsu OLED Lighting Co Ltd. Financial terms of the deal were not disclosed. Shares of Top Image Systems (NASDAQ:

) rose about 1% after the company repurchased an additional 10.3M outstanding Series A convertible debentures.