Financial Breakfast: Morning News Summary for November 16, 2011

Benzinga's Top News

• Target (NYSE: TGT) Reports Q3 EPS $0.87 vs $0.74 Est; Revenues $16.40B vs $16.27B Est.
• Tyco International (NYSE: TYC) Reports Q4 EPS $0.92 vs $0.86 Est; Revenues $4.69B vs $4.51B Est.
• Abercrombie & Fitch (NYSE: ANF) Reports Q3 EPS $0.57 vs $0.71 Est; Revenues $1.08B vs $1.07B Est.
• Nu Skin Enterprises (NYSE: NUS) increased its fourth quarter and fiscal 2012 guidance.
• Yesterday, Apple (NASDAQ: AAPL) named Arthur D. Levinson as the company's new Chairman of the Board and also announced that Robert A. Iger, President and Chief Executive Officer of The Walt Disney (NYSE: DIS), will join Apple's board and will serve on the audit committee.

Domestic Pre-Market Trading

• U.S. Equity Markets trade lower with Dow Futures down about 40 points.
• U.S. Dollar trades about 0.25% higher.

Overseas Trading

• European markets are lower in afternoon trading. Britain's FTSE 100 lost 0.8%, Germany's DAX slid 1.1% and France's CAC 40 fell 0.14% on the session.
• Asian stocks ended the session lower as well. China's Shanghai fell 2.45%, Japan's Nikkei 225 lost 0.9% and Hong Kong's Hang Seng Index slid 2%.
• At 5:30 a.m. ET., the Bank of England said that there will be no change in key interest rates until the third quarter of 2013, based on the assumption of no change in QE until the end of 2014.
• Mario Monti Appointed Finance Minister of New Italian Government

Upgrades/Downgrades

• Goldman Sachs upgrades Research in Motion (NASDAQ: RIMM) to Neutral, removes from Sell List.

• Wunderlich downgrades Chimera Investment (NYSE: CIM) to Sell, PT lowered to $2.50.
• JP Morgan downgrades Geron (NASDAQ: GERN) to Neutral from Overweight.

On the Economic Calendar

• MBA Mortgage Applications came in at -10.0% versus prior reading of 10.3%.
• The Consumer Price Index is set to report at 8:30 a.m. ET.
• Total and Long-term TIC Flows are to report at 9:00 a.m.
• Industrial Production and Capacity Utilization is due at 9:15 a.m. and NAHB Housing Market Index is due at 10:00 a.m.

Earnings

• Tyco International (NYSE: TYC) Reports Q4 EPS $0.92 vs $0.86 Est; Revenues $4.69B vs $4.51B Est
• Target (NYSE: TGT) Reports Q3 EPS $0.87 vs $0.74 Est; Revenues $16.40B vs $16.27B Est
• Abercrombie & Fitch (NYSE: ANF) Reports Q3 EPS $0.57 vs $0.71 Est; Revenues $1.08B vs $1.07B Est
• Sally Beauty (NYSE: SBH) Reports Q4 EPS $0.29 vs $0.27 Est; Revenues $837M vs $827.07M Est
• E-Commerce China Dangdang (NASDAQ: DANG) Reports Q3 EPS $(0.15) May Not Compare vs $(0.07) Est; Revenues $142.5M vs $143.44M Est

Corporate News

• Netflix Inc. (Nasdaq: NFLX) and Miramax announced a new multi-year digital licensing agreement that will bring a broad range of acclaimed Miramax films to Netflix members in the UK and Ireland.
• Nu Skin Enterprises (NYSE: NUS) increased its fourth quarter revenue guidance to $475 to $485 million, and earnings per share by $0.02 to $0.68 to $0.72. The company also increased 2012 revenue guidance to $1.80 to $1.83 billion with earnings per share of $2.82 to $2.92.
• FiberTower announced it missed its interest payment on 9.00% convertible senior secured notes due 2012, resignation of directors, impairment charges, and inability to file its 10-Q.
• Yesterday, Apple (NASDAQ: AAPL) named Arthur D. Levinson as the company's new Chairman of the Board and also announced that Robert A. Iger, President and Chief Executive Officer of The Walt Disney (NYSE: DIS), will join Apple's board and will serve on the audit committee.

Commodities

• Precious metals are trading lower, with gold posting losses of about 0.12%
• Energy futures are trading slightly higher, with crude oil posting gains of about 0.06%
• Natural Gas futures are higher by about 0.5% and copper is trading lower by about 1.4%

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