Financial Breakfast: Morning News Summary for May 11, 2012

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Friday, May 11, 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

  • Yesterday, JPMorgan Chase & Co JPM revealed a trading loss of $2 billion in its synthetic credit portfolio.
  • Yesterday, FDA Panel Votes 18-4-1 That Available Data Demonstrate Potential Benefits of Arena Pharmaceutical's ARNA Lorcaserin Outweigh Potential Risks
  • Domestic Pre-Market Trading

    • U.S. Equity Markets trade lower as Dow futures trade down about 73 points.
    • U.S. Dollar trades about 0.17% higher.
    To see more pre-market news, click here.

    Overseas Trading

    • European markets are lower in afternoon trading. Britain's FTSE 100 slid 0.66%, Germany's DAX fell 0.61% and France's CAC 40 dropped 1.1% on the session.
    • Asian stocks ended the session lower as well. China's Shanghai slid 0.62%, Japan's Nikkei 225 fell 0.63%, and Hong Kong's Hang Seng dropped 1.3%.
    To see more overseas news, click here.

    Upgrades/Downgrades

    • Credit Suisse Upgrades Bed Bath & Beyond BBBY from Neutral to Buy, Raises PT from $75 to $91
    • Credit Suisse Upgrades Verizon Communications VZ from Neutral to Outperform, Raises PT from $38 to $45
    To see more of today's upgrades, click here.

    • Credit Suisse Downgrades Best Buy BBY from Outperform to Neutral, Lowers PT from $32 to $20
    • Citigroup Downgrades Windstream WIN from Buy to Neutral, Lowers PT from $15 to $11
    To see more of today's downgrades, click here.

    On the Economic Calendar

    • 08:30 a.m. ET - PPI (MoM)
    • 08:30 - Core PPI (MoM)
    • 09:55 - Michigan Consumer Sentiment
    To see more economic news, click here

    Earnings

    • ReneSola SOL Reports Q1 EPS $-0.23 vs $-0.31 Est; Revenues $211.5M vs $177.60M Est
    To see more earnings announcements, click here.

    Corporate News

    • Yesterday, JPMorgan Chase & Co JPM revealed a trading loss of $2 billion in its synthetic credit portfolio.
    • Yesterday, FDA Panel Votes 18-4-1 That Available Data Demonstrate Potential Benefits of Arena Pharmaceutical's ARNA Lorcaserin Outweigh Potential Risks
    To see more corporate news, click here.

    Commodities

    • Precious metals are trading lower, with gold posting early losses of about 0.9%
    • Energy futures are trading lower, with crude oil posting early losses of about 1.12%
    • Natural Gas futures are trading 0.04% higher and copper is trading lower by about 1.84%
    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 1372 1364 1356 1349 1340
    Gold 1610 1602 1593 1584 1576
    Crude 98.38 97.47 96.77 95.90 95.16
    Natural Gas 2.57 2.52 2.46 2.41 2.35
    EUR/USD 1.3000 1.2967 1.2945 1.2912 1.2891
    US Dollar Index 80.50 80.42 80.24 80.15 79.99

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    Posted In: EarningsNewsBondsUpgradesDowngradesFuturesTechnicalsCommoditiesForexLegalEventsGlobalEcon #sEconomicsPre-Market OutlookMarketsAnalyst RatingsTrading IdeasGeneral
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