Financial Breakfast: Morning News Summary for November 9, 2011

Benzinga's Top News

• General Motors (NYSE: GM) Reports Q3 EPS $1.03 vs $0.96 Est; Revenues $36.7B vs $36.66B Est
• Italian 2-Year, 3-Year, 5-Year, and 10-Year are all Above the Dangerous 7%.
• Mylan Inc. (Nasdaq: MYL) announced that it has entered into an agreement with Pfizer (NYSE: PFE) for the exclusive worldwide rights to develop, manufacture and commercialize Pfizer's generic equivalent to GlaxoSmithKline's Advair Diskus and Seretide Diskus.

Domestic Pre-Market Trading

• U.S. Equity Markets trade lower with Dow Futures down over 215 points.
• U.S. Dollar trades about 1.24% higher.

Overseas Trading

• European markets are lower in afternoon trading. Britain's FTSE 100 lost 1.8%, Germany's DAX tumbled 2.7% and France's CAC 40 slid 2.5% on the session.
• Asian stocks ended the session higher. China's Shanghai gained 0.8%, Japan's Nikkei 225 added 1.2% and Hong Kong's Hang Seng Index jumped 1.7%.
• Italian 2-Year, 3-Year, 5-Year, and 10-Year are all Above the Dangerous 7%.

Upgrades/Downgrades

• Goldman Sachs Removes AmerisourceBergen (NYSE ABC) from CL-Buy, Adds McKesson (NYSE: MCK).
• Credit Suisse Upgrades Rite Aid (NYSE: RAD) to Outperform, PT Raised to $1.50.

• Credit Suisse Downgrades Walgreen Company (NYSE: WAG) to Neutral, PT Lowered to $31.
• Bank of America Downgrades Autodesk (NASDAQ: ADSK) to Neutral, $38 PO.

On the Economic Calendar

• MBA Mortgage Applications came in at 10.3% from 0.2% prior reading.
• September Wholesale Inventories is set to report at 10:00 a.m. ET.

Earnings

• General Motors (NYSE: GM) Reports Q3 EPS $1.03 vs $0.96 Est; Revenues $36.7B vs $36.66B Est
• Yongye International (NASDAQ: YONG) Reports Q3 EPS $0.70 vs $0.37 YoY; Revenues $140.6M vs $80.35M Est; Yongye Intl Raises 2011 Revenue View $390M-$400M vs $306M Est
• A123 Systems (NASDAQ: AONE) Reports Q3 EPS $(0.51) vs $(0.38) Est; Revenues $64.3M vs $66.32M Est; Company Expects to Reduce Cash Burn.
• Lions Gate Entertainment (NYSE: LGF) Reports Q2 EPS $(0.18) May Not Compare vs $(0.13) Est; Revenues $358.1M vs $421.45M Est.

Corporate News

• Mylan Inc. (Nasdaq: MYL) today announced that it has entered into an agreement with Pfizer (NYSE: PFE) for the exclusive worldwide rights to develop, manufacture and commercialize Pfizer's generic equivalent to GlaxoSmithKline's Advair Diskus and Seretide Diskus.
• Alkermes plc (NASDAQ: ALKS) presented positive results from a long-term study of VIVITROL (naltrexone for extended-release injectable suspension).
• Silvercorp Metals (NYSE: SVM) today announced that its Board of Directors has increased the amount of its quarterly dividend by 25%.

Commodities

• Precious metals are trading lower, with gold posting losses of about 0.4%
• Energy futures are trading lower, with crude oil posting losses of about 1.5%
• Natural Gas futures are lower by about 0.3% and copper is trading lower by about 1.5%

Benzinga's Morning Radar

Technical Levels for Futures and Forex