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Fed talk hits stocks; China stocks seeing red; Netflix loses 'Hunger Games'

Investors are likely to be happy to put August behind them after a rocky month that saw the Dow Jones Industrial Average (^DJI) fall almost 6% so far.  New suggestions about a possible Fed rate hike in September and more worries about China are sending jitters into a market that had already been hit by wild swings last week, including four sessions where the Blue Chips were up or down triple digits.

And Yahoo Finance Columnist Rick Newman feels we shouldn't expect Wall Street to be able to breathe easier anytime soon.

"I don't think there's any reason, necessarily, to think the scares from China are over," he notes. "And markets are going to be fretting over what the Fed's going to do it seems right up until the day they have that meeting a few weeks from now."

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PayPal optimism

Here are some of the stocks the Yahoo Finance team will be watching for you today.

PayPal (PYPLBarron's says the stock of the electronic payment service could soar 40% as digital wallets become more popular.  The magazine says PayPal holds a unique position in the market.

Staples (SPLS) The biggest office supply retailer and Office Depot (ODP) say they have certified additional information about their proposed merger requested by the Federal Trade Commission.  And they say they will hold off closing the deal for 45 days while they continue to work with the FTC. Staples announced the $6.3 billion purchase of its smaller rival back in February.

Eni (E) The Italian energy company says it has discovered what it calls a "supergiant" natural gas field off the coast of Egypt.  Eni believes it is the largest such find ever in the Mediterranean Sea.  And the company says it could supply Egypt's natural gas needs for decades.

Citigroup (CReuters reports the bank is planning to rebuild its equities trading operations in an effort to capitalize on current market conditions.  Reuters says Citi is looking to make the move as rivals have pulled back on their stock-trading businesses because of tougher regulations created after the financial crisis.

Twitter (TWTR) The social media site's stock is being upgraded from neutral to buy at SunTrust Robinson Humphrey.  Analyst Robert Peck says the shares have been "washed out" by negative sentiment and he sees a catalyst soon.  Peck's price target is $38.

Buffett's new oil industry play

The Oracle of Omaha may be revealing a new prediction with his latest buy. Warren Buffett’s Berkshire Hathaway (BRK-A) has taken a nearly $4.5 billion stake in oil refiner Phillips 66 (PSX). It’s a roughly 10.8% of the company's outstanding shares.

Seeking a boost in China where sales are lagging, Tesla Motors (TSLA) is urging the White House to press China on lifting auto-industry restrictions during Chinese President Xi’s state visit with President Obama next month.

Streaming service Hulu’s hungry for some hits, but is it coming at Netflix's (NFLX) expense? Hulu struck a new deal with Epix, which distributes the Hunger Games franchise, just hours after Epix’s deal with Netflix expired.

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