Market Overview

Financial Breakfast: Morning News Summary for May 29, 2012

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Tuesday, May 29, 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

  • JPMorgan (NYSE: JPM) Reportedly Sold $25B in Profitable Securities to Prop Up Earnings Amid London Whale Loss
  • Trustmark Corporation (NASDAQ: TRMK) and BancTrust Financial Group (NASDAQ: BTFG) Announce Definitive Merger Agreement

Domestic Pre-Market Trading

  • U.S. Equity Markets trade higher as Dow futures trade up about 78 points.
  • U.S. Dollar trades about 0.25% lower.
To see more pre-market news, click here.

Overseas Trading

  • European markets are higher in afternoon trading. Britain's FTSE 100 added 0.10%, Germany's DAX advanced 0.71% and France's CAC 40 gained 0.39% on the session.
  • Asian stocks ended the session higher as well. China's Shanghai advanced 1.18%, Japan's Nikkei 225 added 0.74%, and Hong Kong's Hang Seng gained 1.35%.
To see more overseas news, click here.

Upgrades/Downgrades

  • Citigroup Upgrades ConocoPhillips (NYSE: COP) from Neutral to Buy, Raises PT from $64.8 to $67
  • JP Morgan Upgrades Spreadtrum Communications (NASDAQ: SPRD) from Neutral to Overweight, Raises PT from $15 to $22
To see more of today's upgrades, click here.

  • Goldman Sachs Removes Exxon Mobil (NYSE: XOM) from Conviction Buy List
To see more of today's downgrades, click here.

On the Economic Calendar

  • 09:00 a.m. ET - Case Shiller (YoY)
  • 10:00 - CB Consumer Confidence
  • 10:30 - Dallas Fed Mfg Business Index
  • 11:30 - 6-Month Bill Auction
  • 11:30 - 3-Month Bill Auction
To see more economic news, click here

Earnings

  • Sanderson Farms (NASDAQ: SAFM) Reports Q2 EPS $1.04 vs $0.95 Est; Revenues $595M vs $591M Est
To see more earnings announcements, click here.

Corporate News

  • JPMorgan (NYSE: JPM) Reportedly Sold $25B in Profitable Securities to Prop Up Earnings Amid London Whale Loss
  • Trustmark Corporation (NASDAQ: TRMK) and BancTrust Financial Group (NASDAQ: BTFG) Announce Definitive Merger Agreement
To see more corporate news, click here.

Commodities

  • Precious metals are trading higher, with gold posting early gains of about 0.33%
  • Energy futures are trading higher, with crude oil posting early gains of about 0.48%
  • Natural Gas futures are trading 2.5% lower and copper is trading higher by about 0.74%
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 1332 1326 1323 1318 1314
Gold 1590 1583 1578 1570 1565
Crude 92.40 91.78 91.36 90.74 90.32
Natural Gas 2.65 2.60 2.56 2.51 2.47
EUR/USD 1.2661 1.2601 1.2562 1.2501 1.2463
US Dollar Index 82.68 82.51 82.20 82.03 81.72


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Latest Ratings for JPM

DateFirmActionFromTo
Oct 2014Argus ResearchUpgradesHoldBuy
Oct 2014UBSDowngradesBuyNeutral
Sep 2014NomuraUpgradesNeutralBuy

View More Analyst Ratings for JPM
View the Latest Analyst Ratings

Posted-In: Earnings News Bonds Guidance Upgrades Downgrades Futures Technicals Best of Benzinga

 

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