Financial Breakfast: Morning News Summary for July 13, 2012

Benzinga's Top News

JPMorgan JPM Restates Q1, Restatement Will Reduce Firm's Reported Net Income for 2012 Q1 by $459M; $4.4B Pretax Loss, Or $0.69/Shr From CIO Trading Losses

Last Night, Moody's Downgrades Italy's Government Bond Rating To Baa2 From A3, Maintains Negative Outlook

Domestic Pre-Market Trading

• U.S. Equity Markets trade up as Dow futures trade higher about 47 points.
• U.S. Dollar trades about 0.04% lower.

Overseas Trading

• European markets are higher in afternoon trading. Britain's FTSE 100 added 0.62%, Germany's DAX advanced 1.05% and France's CAC 40 gained 0.53% on the session.
• Asian stocks ended the session higher as well. China's Shanghai added 0.01%, Japan's Nikkei 225 advanced 0.05%, and the Hong Kong's Hang Seng Market gained 0.35%.
• Last Night, Moody's Downgrades Italy's Government Bond Rating To Baa2 From A3, Maintains Negative Outlook

Upgrades/Downgrades

• ISI Group Upgrades Marriott International MAR from Hold to Buy, Lowers PT from $43 to $41

• Barclays Downgrades Total System Services TSS from Overweight to Equal-weight

On the Economic Calendar

• 08:30 ET - PPI (MoM)
• 09:55 - Michigan Consumer Sentiment

Earnings

• JPMorgan JPM Reports Q2 EPS $1.21 vs $0.72 Est; Revenues $22.9B vs $21.93B Est
• iGate IGTE Reports Q2 EPS $0.28 vs $0.29 Est; Revenues $268M vs $268.64M Est

Corporate News

• JPMorgan JPM Restates Q1, Restatement Will Reduce Firm's Reported Net Income for 2012 Q1 by $459M; $4.4B Pretax Loss, Or $0.69/Shr From CIO Trading Losses

Commodities

• Precious metals are trading higher, with gold posting early gains of about 1.15%
• Energy futures are trading higher, with crude oil posting early gains of about 1.10%
• Natural Gas futures are trading 0.49% lower and copper is trading up by about 1.76%

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