Market Update

Shares of Ninetowns Internet Technology Group Limited (NASDAQ: NINE) gained about 0.7% after the company's Board of Directors authorized a share repurchase program, effective immediately.

Shares of DryShips Inc (NASDAQ: DRYS) 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: PANL) 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: TISA) rose about 1% after the company repurchased an additional 10.3M outstanding Series A convertible debentures.