Financial Breakfast: Morning News Summary for November 11, 2011

Benzinga's Top News

• Citigroup (NYSE: C) announced its plan to sell EMI Music to Universal for $1.9B, according to the Wall Street Journal.
• Italian Senate Approves Budget Law; Chamber Will Vote Tomorrow
• DR Horton (NYSE: DHI) Reports Q4 EPS $0.11 vs $0.14 Est; Revenues $1.07B vs $1.08B Est

Domestic Pre-Market Trading

• U.S. Equity Markets trade higher with Dow Futures up about 75 points.
• U.S. Dollar trades about 0.38% lower.

Overseas Trading

• European markets are higher in afternoon trading. Britain's FTSE 100 gained 0.4%, Germany's DAX added 0.9% and France's CAC 40 gained 0.5% on the session.
• Asian stocks ended the session higher as well. China's Shanghai added 0.03%, Japan's Nikkei 225 gained 0.16% and Hong Kong's Hang Seng Index added 0.91%.
• Italian Senate Approves Budget Law; Chamber Will Vote Tomorrow
• S&P Clarifies Erroneous Message on Republic of France Rating; Credit Ratings Remain Unchanged.

Upgrades/Downgrades

• Citigroup Upgrades Genworth Financial (NYSE: GNW) to Neutral, PT Raised to $8.
• Jefferies Upgrades Lattice Semiconductor (NASDAQ: LSCC) to Buy, PT Raised to $8.

• Deutsche Bank Downgrades Pioneer Natural Resources (NYSE: PXD) to Hold, PT raised to $100.
• Deutsche Bank Downgrades Concho Resources (NYSE: CXO) to Hold, $105 PT.

On the Economic Calendar

• The University of Michigan Confidence Index is due at 9:55 a.m. ET.

Earnings

• DR Horton (NYSE: DHI) Reports Q4 EPS $0.11 vs $0.14 Est; Revenues $1.07B vs $1.08B Est
• Yesterday, Walt Disney (NYSE: DIS) Reported Q4 EPS $0.59 vs $0.54 Est; Revenues $10.42B vs $10.36B Est
• Yesterday, NVIDIA (NASDAQ: NVDA) Reported Q3 EPS $0.35 vs $0.26 Est; Revenues $1.07B vs $1.06B Est
• Yesterday, Nordstrom (NYSE: JWN) Reported Q3 EPS $0.59 vs $0.58 Est; Revenues $2.48B vs $2.37B Est
• Yesterday, Molycorp (NYSE: MCP) Reported Q3 EPS $0.67 vs $0.70 Est; Revenues $138.10M vs $161.57M Est

Corporate News

• Citigroup (NYSE: C) announced its plan to sell EMI Music to Universal for $1.9B, according to the Wall Street Journal.
• Virgin Media (NASDAQ: VMED) announced it has completed a $250 million stock repurchase program previously announced on 8 September 2011 and has initiated a new $300 million stock repurchase program.
• NewLink Genetics Corporation (Nasdaq:NLNK) announced today the initial public offering of 6,200,000 shares of its common stock at a price of $7.00 per share.

Commodities

• Precious metals are trading higher, with gold posting gains of about 0.4%
• Energy futures are trading higher, with crude oil posting gains of about 0.25%
• Natural Gas futures are lower by about 1.1% and copper is trading lower by about 0.05%

Benzinga's Morning Radar

Technical Levels for Futures and Forex