Financial Breakfast: Morning News Summary for November 3, 2011

Benzinga's Top News

• According to a Greek party official, Prime Minister Papandreou may withdraw referendum proposal.
• CVS Caremark Corp (NYSE CVS) Reported Q3 EPS $0.70 vs $0.67 Est; Revenues $26.7B vs $26.77B Est.
• Eastman Kodak (NYSE EK) Reported Q3 EPS $(0.83) May Not Compare vs $(0.44) Est; Revenues $1.46B vs $1.65B Est.

Domestic Pre-Market Trading

• U.S. Equity Markets trade slightly higher with Dow Futures up 50 points.
• U.S. Dollar trades about 0.24% lower.

Overseas Trading

• European markets are higher in afternoon trading. Britain's FTSE 100 added 0.1%, Germany's DAX gained 1.3% and France's CAC 40 added 1% on the session.
• Asian stocks ended the session mixed. China's Shanghai added 0.16%, Japan's Nikkei 225 slid 2.2% and Hong Kong's Hang Seng Index lost 2.5%.
• According to a Greek party official, Prime Minister Papandreou may withdraw referendum proposal.

Upgrades/Downgrades

• Morgan Stanley upgraded Teva Pharma (NASDAQ: TEVA) to Overweight.
• Barclays upgraded OpenTable (NASDAQ: OPEN) to Equal Weight.

• Goldman Sachs downgraded Dendreon (NASDAQ: DNDN) to Neutral.
• Citigroup downgraded ON Semiconductor (NASDAQ: ONNN) to Neutral.

On the Economic Calendar

• Nonfarm Productivity, Unit Labor Costs, Initial and Continuing Jobless Claims are due at 8:30 a.m. ET.
• ISM Non-Manufacturing Index and Factory Orders are set to report at 10:00 a.m.

Earnings

• CVS Caremark Corp (NYSE CVS) Reported Q3 EPS $0.70 vs $0.67 Est; Revenues $26.7B vs $26.77B Est.
• Duke Energy (NYSE: DUK) Reported Q3 EPS $0.50 vs $0.46 Est; Revenues $3.96B vs $4.06B Est.
• Western Refining (NYSE: WNR) Reported Q3 EPS $1.37 vs $1.33 Est; Revenues $2.4B vs $2.16B Est.
• Eastman Kodak (NYSE EK) Reported Q3 EPS $(0.83) May Not Compare vs $(0.44) Est; Revenues $1.46B vs $1.65B Est.
• Booz Allen Hamilton (NYSE: BAH) Reported Q2 EPS $0.36 vs $0.36 Est; Revenues $1.43B vs $1.44B Est.
• Agrium (NYSE: AGU) Reported Q3 EPS $1.85 May Not Compare vs $1.91 Est; Revenues $3.14B vs $3.06B Es.

Corporate News

• The Estée Lauder Companies (NYSE: EL) announced a 40% dividend increase and a two-for-one stock split.
• HP (NYSE: HPQ) today announced the HP Slate 2 Tablet PC with expanded capabilities, providing added flexibility to mobile business users.
• Medivation, Inc. (NASDAQ: MDVN) and Astellas Pharma announced that the Independent Data Monitoring Committee has announced positive results from a planned interim analysis of the Phase 3 AFFIRM trial of MDV3100 in men with advanced prostate cancer previously treated with chemotherapy.

Commodities

• Precious metals are trading higher, with gold posting gains of about 0.77%
• Energy futures are trading higher, with crude oil posting gains of about 0.5%
• Natural Gas futures are higher by about 1% and copper is trading lower by about 0.75%

Benzinga's Morning Radar

Technical Levels for Futures and Forex