Financial Breakfast: Morning News Summary for July 19, 2012

Benzinga's Top News

• Morgan Stanley MS Reports Q2 Ex-DVA EPS $0.16 vs $0.24 Est; Revs $7B vs $7.7B Est
• Southwest Airlines LUV Reports Q2 EPS $0.36 vs $0.33 Est; Revenues $4.6B vs $4.58B Est

Domestic Pre-Market Trading

• U.S. Equity Markets trade up as Dow futures trade higher about 55 points.
• U.S. Dollar trades about 0.34% lower.

Overseas Trading

• European markets are higher in afternoon trading. Britain's FTSE 100 added 0.26%, Germany's DAX advanced 0.91% and France's CAC 40 gained 0.57% on the session.
• Asian stocks ended the session higher as well. China's Shanghai added 0.73%, Japan's Nikkei 225 gained 0.79%, and the Hong Kong's Hang Seng Market advanced 1.66%.

Upgrades/Downgrades

• Citigroup Upgrades News Corp NWSA from Neutral to Buy, Raises PT from $22 to $26

• Goldman Sachs Downgrades Quanta Services PWR from Neutral to Sell

On the Economic Calendar

• 08:30 ET - Initial Jobless Claims
• 10:00 - Philadelphia Fed Manufacturing Index
• 10:00 - Existing Home Sales
• 10:00 - CB Leading Index (MoM)
• 10:30 - Natural Gas Storage

Earnings

• Morgan Stanley MS Reports Q2 Ex-DVA EPS $0.16 vs $0.24 Est; Revs $7B vs $7.7B Est
• Southwest Airlines LUV Reports Q2 EPS $0.36 vs $0.33 Est; Revenues $4.6B vs $4.58B Est
• Baxter BAX Reports Q2 EPS $1.12 vs $1.11 Est; Revs $3.57B vs $3.53B Est
• Johnson Controls JCI Reports Q3 EPS $0.64 vs $0.66 Est; Revenues $10.58B vs $10.81B Est

Corporate News

• PAREXEL PRXL And Korea Drug Development Fund Announce Alliance To Accelerate Global Drug Development And Commercializatio
• PPG Commodity Chemicals Business PPG to Merge with Georgia Gulf GGC

Commodities

• Precious metals are trading higher, with gold posting early gains of about 1.06%
• Energy futures are trading higher, with crude oil posting early gains of about 1.52%
• Natural Gas futures are trading 0.13% lower and copper is trading up by about 1.37%

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