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Stocks sink worldwide; Weather Channel sale?; $1B for 'Female Viagra' maker

U.S. stocks (^GSPC) are under pressure today, joining a global market selloff caused by a triple whammy--  China fears, falling oil prices and confusion about when the Fed may raise interest rates.

Yahoo Finance Senior Columnist Michael Santoli says it's still unclear how much of those jitters will spill over to Wall Street.

"It's definitely a storm, it definitely looks as if it's going to hurt a little bit--  'prolonged' is really the question," he notes. "All these things have kind of filtered into our markets. But really we've just sagged down to that lower end of the trading range, so U.S. stocks have been a little bit of a ballast in the world markets."

Santoli adds another reason for fear rippling through global markets is the devaluation of numerous emerging market currencies.

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Sears turnaround continues

Here are some of the stocks the Yahoo Finance team will be watching for you today and once again, retail is in focus. 

Sears Holdings (SHLD) The company's turnaround plan appears to be on track, with Sears reporting a second quarter loss below what analysts had been expecting...and revenue topped forecasts. The company says while sales were down, it cut costs and added cash through selling property to a new real estate trust.

L Brands (LB) The company behind brands such as Victoria Secret and PINK met quarterly earnings estimates, but revenue came in lower. L Brands says net sales were up 3%...however, the strong dollar cut into its results.  And while the company is boosting its full year earnings forecast, its expectations for the current quarter are below what analysts had been looking for.

Popeye's Louisiana Kitchen (PLKI) The southern fried chicken chain met quarterly profit estimates but fell short on revenue. Sales at stores open at least a year rose 7.5%...and the company is raising its full year sales and earnings forecast. However, analysts were looking for even more, sending the stock lower.

The Madison Square Garden Company (MSG) The owner of the New York Knicks, Rangers and the "World's Most Famous Arena" reporting a big earnings beat in its fiscal fourth quarter...and revenue topped forecasts as well.  MSG getting a boost from increases in its entertainment and sports divisions, although it notes playoff revenue fell as the Knicks stumbled during the past season and the Rangers failed to reach the Stanley Cup finals.

Lumber Liquidators (LL) Some good news for a change for the embattled flooring company.  Cantor Fitzgerald is boosting its price target on the stock to $18 from $15 previously...and now calls it a buy instead of a hold. Of course, Lumber Liquidators and its stock have taken a big hit after a CBS News (CBS) "60 Minutes" report in March suggested its laminated flooring from China had high levels of cancer-causing formaldehyde.  The company denies the charge but has pulled the products from its stores.

"Female Viagra" firm sold

When the moment is right, big pharma is ready. Breaking this morning, Valeant Pharmaceuticals (VRX) is buying women’s libido drug maker Sprout Pharmaceuticals, a privately held company. Sprout had just received FDA approval to sell what many are ] now the "pink pill" this week.

Now to more deal talk - this time in the world of media. Several reports claim The Weather Channel is up for sale. Comcast’s (CMCSA) NBCUniversal and its private equity partners are said to have hired bankers to explore a deal. NBCUniversal and its partners paid $3.8 billion for the Weather Channel back in 2008.

Call it the Breakfast Effect. Bloomberg reports that in a presentation to franchisees, McDonald's (MCD) revealed serving Egg McMuffins and other breakfast items all day would boost sales as much as 2.5% a year, creating $31,000 a year more in profit at each location.

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