Market Overview

Financial Breakfast: Morning News Summary for May 1, 2012

Tuesday, May 1, 2012

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

Benzinga's Top News

  • Reserve Bank of Australia Cuts Interest Rate To 3.75% from 4.25%
  • UK Manufacturing PMI Drops To 50.5 In April from 51.9
  • Louis Dreyfus Commodities LLC Agrees to Acquire Imperial Sugar (NASDAQ: IPSU) for $6.35/Share

Domestic Pre-Market Trading

  • U.S. Equity Markets trade higher as Dow futures trade up about 9 points.
  • U.S. Dollar trades about 0.04% lower.
To see more pre-market news, click here.

Overseas Trading

  • European markets are closed for May 1st Holiday
  • Asian stocks are closed for May 1st Holiday.
  • Reserve Bank of Australia Cuts Interest Rate To 3.75% from 4.25%
  • UK Manufacturing PMI Drops To 50.5 In April from 51.9
To see more overseas news, click here.

Upgrades/Downgrades

  • Goldman Sachs Upgrades Community Health Systems (NYSE: CYH) from Sell to Neutral, Raises PT from $19 to $27
  • Bank of America Upgrades AstraZeneca (NYSE: AZN) from Underperform to Neutral, Maintains PO at $49.2
To see more of today's upgrades, click here.

  • Deutsche Bank Downgrades VeriFone Systems (NYSE: PAY) from Hold to Sell, Lowers PT to $40
  • Deutsche Bank Downgrades Costco Wholesale (NASDAQ: COST) from Buy to Hold, Maintains PT at $89
To see more of today's downgrades, click here.

On the Economic Calendar

  • 08:55 a.m. ET - Redbook (MoM)
  • 10:00 - ISM Manufacturing Index
  • 10:00 - ISM Manufacturing Prices
  • 10:00 - Construction Spending (MoM)
  • 11:30 - 52-Week Bill Auction
  • 11:30 - 4-Week Bill Auction
  • 11:30 - Chicago Fed President Evans Speaks
  • 16:00 - Total Vehicle Sales
To see more economic news, click here

Earnings

  • Pfizer (NYSE: PFE) Reports Q1 EPS $0.58 vs $0.56 Est; Revenues $15.4B vs $15.47B Est
  • Archer-Daniels-Midland (NYSE: ADM) Reports Q3 EPS $0.78 vs $0.59 Est; Revenues $21.16B vs $21.38B Est
  • Harris (NYSE: HRS) Reports Q3 EPS $1.39 vs $1.32 Est; Revenues $1.48B vs $1.47B Est
  • Biogen Idec (NASDAQ: BIIB) Reports Q1 EPS $1.40 vs $1.48 Est; Revenues $1.3B vs $1.31B Est
To see more earnings announcements, click here.

Corporate News

To see more corporate news, click here.

Commodities

  • Precious metals are trading lower, with gold posting early losses of about 0.05%
  • Energy futures are trading lower, with crude oil posting early losses of about 0.23%
  • Natural Gas futures are trading 1.0% higher and copper is trading lower by about 0.04%
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 1408 1401 1396 1388 1382
Gold 1680 1672 1658 1650 1637
Crude 105.92 105.41 104.64 104.13 103.36
Natural Gas 2.42 2.36 2.25 2.19 2.08
EUR/USD 1.3295 1.3266 1.3236 1.3208 1.3178
US Dollar Index 79.10 78.98 78.83 78.70 78.55


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Posted-In: Bonds Earnings News Upgrades Downgrades Futures Commodities Forex Events Global Econ #s Economics Pre-Market Outlook Markets Analyst Ratings Trading Ideas General Best of Benzinga

 

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