Financial Breakfast: Morning News Summary for April 23, 2012

Benzinga's Top News

• Xerox XRX Reports Q1 EPS $0.23 vs $0.23 Est; Revenues $5.5B vs $5.45B Est
• Eaton ETN Reports Q1 EPS $0.92 vs $0.9 Est; Revenues $4.0B vs $4.01B Est
• SunTrust Banks STI Reports Q1 EPS $0.46 vs $0.33 Est; Revenues $2.22B vs $2.09B Est

Domestic Pre-Market Trading

• U.S. Equity Markets trade lower as Dow futures trade down about 125 points.
• U.S. Dollar trades about 0.37% higher.

Overseas Trading

• European markets are lower in afternoon trading. Britain's FTSE 100 lost 1.73%, Germany's DAX slid 2.74% and France's CAC 40 dropped 2.27% on the session.
• Asian stocks ended the session lower. China's Shanghai slid 0.72%, Japan's Nikkei 225 fell 0.20%, and Hong Kong's Hang Seng dropped 1.84%.
• Futures are under pressure after Chinese and European manufacturing showed continued contraction, the Dutch government split over austerity, and French President Sarkozy did not win the first round of the French presidential election.

Upgrades/Downgrades

• Bank of America Upgrades Royal Bank Of Canada RY from Neutral to Buy, Raises PO from $59 to $65

• Citigroup Downgrades Progressive PGR from Buy to Neutral, Maintains PT at $22

On the Economic Calendar

No Major Economic Events Today

Earnings

• Xerox XRX Reports Q1 EPS $0.23 vs $0.23 Est; Revenues $5.5B vs $5.45B Est
• Eaton ETN Reports Q1 EPS $0.92 vs $0.9 Est; Revenues $4.0B vs $4.01B Est
• SunTrust Banks STI Reports Q1 EPS $0.46 vs $0.33 Est; Revenues $2.22B vs $2.09B Est
• Hasbro HAS Reports Q1 EPS $0.04 vs $0.08 Est; Revenues $648.9M vs $666.5M Est

Corporate News

• Nestle To Buy Pfizer PFE Nutrition Unit For $11.85B
• AstraZeneca AZN To Acquire Ardea Biosciences RDEA For $32/Share
• Kellogg K Adjusts 2012 Full-Year Guidance as the Result of Weaker-Than-Expected Q1 Performance

Commodities

• Precious metals are trading lower, with gold posting early losses of about 0.67%
• Energy futures are trading lower, with crude oil posting early losses of about 0.79%
• Natural Gas futures are trading 0.05% higher and copper is trading lower by about 1.6%

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	1388	1381	1376	1369	1364
Gold	1653	1648	1643	1638	1633
Crude	105.65	104.84	103.88	103.05	102.11
Natural Gas	1.95	1.94	1.92	1.91	1.88
EUR/USD	1.3288	1.3252	1.3190	1.3154	1.3092
US Dollar Index	79.91	79.60	79.40	79.08	78.90

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