Financial Breakfast: Morning News Summary for November 8, 2011

Benzinga's Top News

• Toyota (NYSE: TM) Reports Q2 Net Income 80.4B Yen vs 103.5B Yen Est; Toyota Withdraws Full Year Forecasts on Thailand Flooding
• Rumors continue to circulate that Italy's Prime Minister Berlusconi may resign or forced from his position.
• AstraZeneca (NYSE: AZN) and Targacept (NASDAQ: TRGT) announced that patients did not respond adequately in top-line results.

Domestic Pre-Market Trading

• U.S. Equity Markets trade higher with Dow Futures up over 55 points.
• U.S. Dollar trades about 0.09% lower.

Overseas Trading

• European markets are higher in afternoon trading. Britain's FTSE 100 gained 1.3%, Germany's DAX added 1.5% and France's CAC 40 gained 1.4% on the session.
• Asian stocks ended the session lower. China's Shanghai lost 0.2%, Japan's Nikkei 225 slid 1.3% and Hong Kong's Hang Seng Index was unchanged.
• Rumors continue to circulate that Italy's Prime Minister Berlusconi may resign or forced from his position.

Upgrades/Downgrades

• Citigroup upgrades Team Health Holdings (NYSE: TMH) to Buy, PT raised to $24.
• Rodman & Renshaw upgrades RAM Energy Resources (NASDAQ: RAM) to Market Outperform, $1.50 PT.

• Morgan Stanley downgrades Expedia (NASDAQ: EXPE) to Underweight, $25 PT.
• JP Morgan lowers PT on Integra LifeSciences (NASDAQ: IART) to $37 from $53.

On the Economic Calendar

• NFIB Small Business Optimism Index came in at 90.2 versus a 90.0 estimate.
• IBD/TIPP Economic Optimism Index is set to report at 10:00 a.m. ET.

Earnings

• Toyota (NYSE: TM) Reports Q2 Net Income 80.4B Yen vs 103.5B Yen Est; Toyota Withdraws Full Year Forecasts on Thailand Flooding
• Scotts Miracle-Gro (NYSE: SMG) Reports Q4 EPS $(0.46) vs $(0.44) Est; Revenues $417.2M vs $414.60M Est; Will not have EPS Guidance until February's Analyst Meeting.
• Fossil (NASDAQ: FOSL) Reports Q3 EPS $1.09 vs $1.03 Est; Revenues $642.90M vs $640.56M Est.
• Rockwell Automation (NYSE: ROK) Reports Q4 EPS $1.39 vs $1.21 Est; Sales $1.65B vs $1.55B Est.
• HollyFrontier (NYSE: HFC) Reports Q3 EPS $2.48 vs $2.38 Est; Revenues $5.17B vs $4.56B Est.

Corporate News

• AstraZeneca (NYSE: AZN) and Targacept (NASDAQ: TRGT) announced that patients did not respond adequately in top-line results from the first of four RENAISSANCE Phase 3 studies investigating the efficacy and tolerability of TC-5214 as an adjunct therapy to an antidepressant in patients with major depressive disorder.
• GigaMedia Limited (NASDAQ: GIGM) announced today that President and Chief Operating Officer Thomas Hui has tendered his resignation; his term of office will end on December 31, 2011.

Commodities

• Precious metals are trading lower, with gold posting losses of about 0.2%
• Energy futures are trading higher, with crude oil posting gains of about 0.6%
• Natural Gas futures are lower by about 0.7% and copper is trading higher by about 0.5%

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