Financial Breakfast: Morning News Summary for November 7, 2011
Posted in: Earnings, Long Ideas, News, Futures, Guidance, Short Ideas, Upgrades, Commodities, Downgrades, Forex, Technicals, Contracts, M&A, Events, Global, Econ #s, Economics, Pre-Market Outlook, Markets, Analyst Ratings, Trading Ideas, General, Best of Benzinga
Monday, November 7, 2011
This is your Benzinga news summary and trader's outlook covering headlines from overnight and today's pre-market session.
Benzinga's Top News
- BP (NYSE: BP) plans to sell its stake in Argentina's Pan American Energy to China's Cnooc (NYSE: CEO) for $7.1 billion collapsed this weekend.
- Rumors circulate that Italy's Prime Minister Berlusconi may resign.
- Dish Network (NASDAQ: DISH) Reported Q3 EPS $0.71 vs $0.73 Est; Revenues $3.60B vs $3.65B Est
- American Dental Partners (NASDAQ: ADPI) agreed to be bought by private-equity firm JLL Partners Inc for $19 per share in cash.
Domestic Pre-Market Trading
- U.S. Equity Markets trade lower with Dow Futures down over 65 points.
- U.S. Dollar trades about 0.16% higher.
To see more pre-market news, click here.
Overseas Trading
- European markets are lower in afternoon trading. Britain's FTSE 100 lost 0.6%, Germany's DAX slid 0.5% and France's CAC 40 lost 0.7% on the session.
- Asian stocks ended the session lower as well. China's Shanghai lost 0.7%, Japan's Nikkei 225 slid 0.4% and Hong Kong's Hang Seng Index lost 0.8%.
- Rumors circulate that Italy's Prime Minister Berlusconi may resign.
To see more overseas news, click here.
Upgrades/Downgrades
- Jefferies upgraded Dragonwave (NASDAQ: DRWI) to Buy, PT raised to $10.
- Goldman Sachs upgraded Lumber Liquidators (NYSE: LL) to Buy, $19 PT.
To see more of today's upgrades, click here.
- Deutsche Bank downgraded Frontline (NYSE: FRO) to Hold, PT lowered to $5.
- Jefferies downgraded NextEra Energy (NYSE: NEE) to Hold, PT lowered to $57.
To see more of today's downgrades, click here.
On the Economic Calendar
- September Consumer Credit is set to report at 3:00 p.m. ET; Survey is for $5.2B.
To see more economic news, click here
Earnings
- Dish Network (NASDAQ: DISH) Reported Q3 EPS $0.71 vs $0.73 Est; Revenues $3.60B vs $3.65B Est
- Houston Wire & Company (NASDAQ: HWCC) Reported Q3 EPS $0.28 vs $0.31 Est; Revenues $105.80M vs $107.53M Est.
- EnerNOC (NASDAQ: ENOC) Reported Q3 EPS $1.96 vs $1.73 Est; Revenues $169.2M vs $161.46M Est.
To see more earnings announcements, click here.
Corporate News
- Disney (NYSE: DIS) Interactive and YouTube (NASDAQ: GOOG) are joining forces to bring family-friendly video entertainment to the web.
- Best Buy (NYSE: BBY) said today that it has reached an agreement to acquire mindSHIFT Technologies, a managed service provider for small and mid-sized businesses, for $167 million.
- General Dynamics (NYSE: GD) and Force Protection (NASDAQ: FRPT) today announced that they have entered into a definitive merger agreement under which General Dynamics will acquire Force Protection for a price of $5.52 per share of common stock, or approximately $360 million.
- Netflix Inc. (Nasdaq: NFLX) and Metro-Goldwyn-Mayer Studios announced a new multi-year licensing agreement that will make Netflix the exclusive subscription streaming service in the UK and Ireland for most first-run feature films from MGM.
- BP (NYSE: BP) plans to sell its stake in Argentina's Pan American Energy to China's Cnooc (NYSE: CEO) for $7.1 billion collapsed this weekend.
- American Dental Partners (NASDAQ: ADPI) agreed to be bought by private-equity firm JLL Partners Inc for $19 per share in cash.
To see more corporate news, click here.
Commodities
- Precious metals are trading higher, with gold posting gains of about 1%
- Energy futures are trading higher, with crude oil posting gains of about 0.4%
- Natural Gas futures are lower by about 1.2% and copper is trading lower by about 0.5%
To see more commodities news, click here.
Benzinga's Morning Radar
Technical Levels for Futures and Forex
| Name | Resistance-2 | Resistance-1 | Mid Pivot | Support-1 | Support-2 |
| E-Mini Dow | 12132 | 12039 | 11914 | 11821 | 11696 |
| E-Mini S&P500 | 1272 | 1261 | 1248 | 1237 | 1223 |
| Gold | 1772 | 1764 | 1756 | 1748 | 1741 |
| Crude | 96.13 | 95.28 | 94.07 | 93.22 | 92.01 |
| Natural Gas | 3.88 | 3.84 | 3.80 | 3.76 | 3.72 |
| EUR/USD | 1.3945 | 1.3867 | 1.3788 | 1.3710 | 1.3631 |
| USD/JPY | 78.42 | 78.32 | 78.15 | 78.05 | 77.89 |
| US Dollar Index | 77.85 | 77.48 | 77.12 | 76.75 | 76.39 |
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