Market sources: hedge fund Millennium Management is targeting a record $20 billion in a new fundraising round.

JP Morgan raised its PT on PayPal (PYPL.O) to $65 from $46.

Frank Benzimra, head of Asia equity strategy at Societe Generale in Hong Kong, says equities are extremely crowded and are undergoing liquidation. The largest falls are in the most leveraged names — notably single-stock leveraged ETFs that swelled in May–June and peaked at end-June — and the market has been deleveraging since; he says it is unclear when the sell-off will end and that, for now, this is not a trade they want to engage in.