Financial Breakfast: Morning News Summary for May 31, 2012

Benzinga's Top News

• Joy Global JOY Reports Q2 EPS $1.98 vs $1.95 Est; Revenues $1.54B vs $1.43B Est
• Joy Global JOY Cuts FY Guidance, Sees EPS to $7.15-7.45 from $7.40-7.80; Revs to $5.5-5.7B from $5.6-5.8B

Domestic Pre-Market Trading

• U.S. Equity Markets trade higher as Dow futures trade up about 48 points.
• U.S. Dollar trades about 0.16% lower.

Overseas Trading

• European markets are higher in afternoon trading. Britain's FTSE 100 added 0.84%, Germany's DAX gained 0.35% and France's CAC 40 advanced 0.80% on the session.
• Asian stocks ended the session lower. China's Shanghai slid 0.49%, Japan's Nikkei 225 declined 1.05%, and Hong Kong's Hang Seng fell 0.32%.

Upgrades/Downgrades

• Morgan Stanley Upgrades Altera ALTR from Equal-weight to Overweight, Announces PT of $40
• Canaccord Upgrades Coinstar CSTR from Hold to Buy, Raises PT from $70 to $71

• Bank of America Downgrades Cliffs Natural Resources CLF from Buy to Neutral, Lowers PO from $84 to $60
• Sterne Agee Downgrades Finish Line FINL from Buy to Neutral, Announces PT of $25

On the Economic Calendar

• 08:15 a.m. ET - ADP Nonfarm Employment Change
• 08:30 - GDP (QoQ)
• 08:30 - Continuing Jobless Claims
• 08:30 - Initial Jobless Claims
• 08:30 - GDP Price Index (QoQ)
• 09:45 - Chicago PMI
• 10:30 - Natural Gas Storage
• 11:00 - Gasoline Inventories
• 11:00 - Crude Oil Inventories

Earnings

• Joy Global JOY Reports Q2 EPS $1.98 vs $1.95 Est; Revenues $1.54B vs $1.43B Est
• Joy Global JOY Cuts FY Guidance, Sees EPS to $7.15-7.45 from $7.40-7.80; Revs to $5.5-5.7B from $5.6-5.8B
• Ciena CIEN Reports Q2 EPS $0.04 vs $-0.02 Est; Revenues $477.6M vs $447.37M Est

Corporate News

• Pier 1 Imports PIR Announces First Quarter Sales +7.2%, Expects EPS $0.16 vs $0.16 Est

Commodities

• Precious metals are trading lower, with gold posting early losses of about 0.02%
• Energy futures are trading higher, with crude oil posting early gains of about 0.23%
• Natural Gas futures are trading 1.16% lower and copper is trading lower by about 0.06%

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	1338	1323	1315	1300	1292
Gold	1594	1579	1555	1540	1516
Crude	91.51	89.48	88.38	86.35	85.25
Natural Gas	2.56	2.50	2.44	2.39	2.33
EUR/USD	1.2521	1.2443	1.2400	1.2324	1.2283
US Dollar Index	83.55	83.36	82.95	82.78	82.40

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