Financial Breakfast: Morning News Summary for November 21, 2011

The first stock ticker was invented by Edward A. Calahan in 1867.

Benzinga's Top News

• Equity futures trade lower as U.S. lawmakers cannot come to terms on deficit reduction plan and continued risks of global contagion.
• Gilead Sciences (Nasdaq: GILD) and Pharmasset (Nasdaq: VRUS) announced that the companies have signed a definitive agreement under which Gilead will acquire Pharmasset for $137 per share in cash, or $11 billion.
• Alleghany Corporation (NYSE: Y) and Transatlantic Holdings (NYSE: TRH) announced that the companies have entered into a definitive agreement under which Transatlantic will combine with Alleghany, at $59.79 per share in stock and cash, or approximately $3.4 billion.

Domestic Pre-Market Trading

• U.S. Equity Markets trade lower with Dow Futures down about 160 points.
• U.S. Dollar trades about 0.5% higher.

Overseas Trading

• European markets are lower in afternoon trading. Britain's FTSE 100 lost 2.1%, Germany's DAX slid 2.6% and France's CAC 40 fell 2.7% on the session.
• Asian stocks ended the session lower as well. China's Shanghai fell 0.03%, Japan's Nikkei 225 lost 0.32% and Hong Kong's Hang Seng Index slid 1.4%.
• Equity futures trade lower as U.S. lawmakers cannot come to terms on deficit reduction plan and continued risks of global contagion.

Upgrades/Downgrades

• Bank of America upgrades Regeneron Pharma (NASDAQ: REGN) to Neutral, PO raised to $64.
• Deutsche Bank upgrades Bally Technologies (NYSE: BYI) to Buy, PT raised to $45.

• Morgan Stanley downgrades Walgreens (NYSE: WAL) to Underweight, PT lowered to $29.
• JP Morgan downgrades Target (NYSE: TGT) to Neutral, $58 PT.

On the Economic Calendar

• Chicago Fed Activity Index to be reported at 8:30 a.m. ET.
• Existing Home Sales is set to report at 10:00 a.m.

Earnings

• Tech Data (NASDAQ: TECD) reports Q3 EPS $1.26 vs $1.27 Est; Revenues $6.59B vs $6.74B Est
• Tyson Foods (NYSE: TSN) reports Q4 EPS $0.26 vs $0.32 Est; Revenues $8.40B vs $8.20B Est

Corporate News

• Gilead Sciences (Nasdaq: GILD) and Pharmasset (Nasdaq: VRUS) announced that the companies have signed a definitive agreement under which Gilead will acquire Pharmasset for $137 per share in cash, or $11 billion.
• Alleghany Corporation (NYSE: Y) and Transatlantic Holdings (NYSE: TRH) announced that the companies have entered into a definitive agreement under which Transatlantic will combine with Alleghany. The stockholders of Transatlantic will receive aggregate consideration currently valued at $59.79 per share in stock and cash, or approximately $3.4 billion.
• Mylan (Nasdaq: MYL) announced that it has settled a patent litigation lawsuit with Novartis Pharmaceuticals related to Vivelle-Dot.
• The Special Committee of the Board of Directors of Fushi Copperweld (Nasdaq: FSIN) today announced that it has received a revised proposal from its Chairman and Co-Chief Executive Officer, for $9.25 per share.

Commodities

• Precious metals are trading lower, with gold posting losses of about 1.2%
• Energy futures are trading lower, with crude oil posting losses of about 1.3%
• Natural Gas futures are lower by about 0.8% and copper is trading lower by about 2.5%

Benzinga's Morning Radar

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