Market Overview

Financial Breakfast: Morning News Summary for February 07, 2012

Tuesday, February 7, 2012

This is your Benzinga news summary and trader's outlook covering headlines from overnight and today's pre-market session.

In 1990 the $50 and $100 bills had security strips and microprinting added to them.

Benzinga's Top News

  • GlaxoSmithKline (NYSE: GSK) Reports Q4 EPS 28.4 Pence vs 28.3 Pence Est
  • Toyota Motor (NYSE: TM) Oct-Dec Net Profit Y80.9B; Lifts FY Net Profit Outlook To Y200B From Y180B
  • Emerson Electric (NYSE: EMR) Reports Q1 EPS $0.50 vs $0.51 Est; Revenues $5.31B vs $5.29B Est
  • BP (NYSE: BP) Reports Q4 EPS $2.41 May Not Compare vs $1.59 Est; Revenues $96.34B vs $86.23B Est

Domestic Pre-Market Trading

  • U.S. Equity Markets trade lower as Dow futures trade down about 32 points.
  • U.S. Dollar trades about 0.13% higher.
To see more pre-market news, click here.

Overseas Trading

  • European markets are lower in afternoon trading. Britain's FTSE 100 slid 0.5%, Germany's DAX lost 1.02% and France's CAC 40 fell 0.61% on the session.
  • Asian stocks ended the session lower as well. China's Shanghai lost 1.64%, Japan's Nikkei 225 fell 0.13%, and Hong Kong's Hang Seng slid 0.05%.
To see more overseas news, click here.

Upgrades/Downgrades

  • Brean Murray Carret & Co. Upgrades Urban Outfitters (NASDAQ: URBN) from Sell to Hold
  • Piper Jaffray Upgrades Corning (NYSE: GLW) to Overweight Rating; Increases PT
To see more of today's upgrades, click here.

  • Bank of America Downgrades Achillion Pharmaceuticals (NASDAQ: ACHN) from Buy to Underperform, Lowers PO from $11 to $10
  • Citigroup Downgrades Aon (NYSE: AON) from Buy to Neutral, Lowers PT from $53 to $51
To see more of today's downgrades, click here.

On the Economic Calendar

  • IBD/TIPP Economic Optimism and JOLT Job Openings are set to report at 10:00 a.m. ET
  • US Consumer Credit is due at 3:00 p.m.
To see more economic news, click here

Earnings

  • GlaxoSmithKline (NYSE: GSK) Reports Q4 EPS 28.4 Pence vs 28.3 Pence Est
  • Toyota Motor (NYSE: TM) Oct-Dec Net Profit Y80.9B; Lifts FY Net Profit Outlook To Y200B From Y180B
  • Emerson Electric (NYSE: EMR) Reports Q1 EPS $0.50 vs $0.51 Est; Revenues $5.31B vs $5.29B Est
  • BP (NYSE: BP) Reports Q4 EPS $2.41 May Not Compare vs $1.59 Est; Revenues $96.34B vs $86.23B Est
To see more earnings announcements, click here.

Corporate News

  • Bank of Commerce (NASDAQ: BOCH) Holdings Authorizes Stock Repurchase Program of up to 6% of Outstanding Shares
  • Wright Medical Group (NASDAQ: WMGI) Announces 510(k) Clearance and Limited U.S. Launch of the PROPHECY INBONE Pre-Operative Navigation Alignment Guides
To see more corporate news, click here.

Commodities

  • Precious metals are trading lower, with gold posting losses of about 0.5%
  • Energy futures are trading lower, with crude oil posting losses of about 0.80%
  • Natural Gas futures are higher by about 0.55% and copper is trading lower by about 1.62%
To see more commodities news, click here.



Benzinga's Morning Radar

Technical Levels for Futures and Forex

Name Resistance-2 Resistance-1 Mid Pivot Support-1 Support-2
E-Mini S&P 500 1346 1342 1336 1332 1326
Gold 1747 1735 1724 1711 1701
Crude 98.34 97.70 97.04 96.40 95.75
Natural Gas 2.67 2.63 2.53 2.49 2.39
EUR/USD 1.3212 1.3170 1.3100 1.3056 1.2985
US Dollar Index 79.84 79.49 79.30 78.94 78.75


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