End-of-Day Market Summary for November 1, 2011

This is your Benzinga news summary and traders' summary for Tuesday, November 1, 2011, covering headlines from Tuesday's trading session.

Today at market close, the Dow Jones Index traded down about 297.05 points or 2.48%, the S&P 500 traded 2.79% lower, the Nasdaq Composite Index traded down 2.89%, and the U.S. dollar trades slightly higher near the $77.50 level.

Earlier today, Rodman & Renshaw upgraded Cavium Networks (NASDAQ: CAVM) to Market Outperform and Credit Suisse upgraded Citigroup (NYSE: C) to Outperform. View all of today's upgrades here.

Piper Jaffray downgraded Exelis (NASDAQ: EXEL) to Neutral and Jefferies downgraded Tanger Factory Outlet Centers (NYSE: SKT) to Hold. View all of today's downgrades here.

Overseas, European markets ended their trading session lower. Britain's FTSE 100 decreased by 2.21%, Germany's DAX lost 5% and France's CAC 40 declined by 5.38% on the session. Asian stocks ended their session mixed. China's Shanghai Index gained 0.07%, Japan's Nikkei 225 slid by 1.7%, and the Hang Seng index decreased by 2.49%.

On the economic calendar, Construction Spending MoM came in at 0.2% versus an estimate of 0.3%, ISM Manufacturing came in at 50.8 versus an estimate of 52, and ISM Prices Paid came in at 41 versus an estimate of 55. On the commodity front, gold and silver futures traded slightly lower today, with gold trading about 0.25% lower today. Energy futures are lower, with crude oil down over 2% near the $93.20 level and gasoline futures are trading lower by about .7%. Natural Gas futures are lower by about 3.8% and copper futures are trading over 3.4% lower.

On the earnings front this afternoon, Pitney Bowes (NYSE: PBI) Reports Q3 EPS $0.69 vs $0.54 Est; Revenues $1.30B vs $1.33B Est; TranSwitch Corp (NASDAQ: TRMB) Reports Q3 EPS $0.52 vs $0.50 Est; Revenues $417.4M vs $409.35M Est; Jazz Pharmaceuticals (NASDAQ: JAZZ) Reports Q3 EPS $0.94 vs $0.94 Est; Revenues $73.3M vs $ 72.03M Est.

In corporate news, ATK (NYSE: ATK) announced that it was awarded a $54.4 million contract by the Navy to develop Anti-Radiation Guided Missiles.

CSC Holdings (NYSE: CVC) announced that it has planned a debt offering worth $500 million. The company plans to use the proceeds for general "corporate activities."

AIG (NYSE: AIG) announced that it has paid down $972 million to the Department of Treasury. The funds left to pay amount to approximately $8 billion now.

This concludes your news summary for November 1, 2011.