Financial Breakfast: Morning News Summary for December 9, 2011
Posted in: Earnings, News, Guidance, Upgrades, Downgrades, Technicals, M&A, Events, Global, Econ #s, Economics, Pre-Market Outlook, Analyst Ratings, Trading Ideas, General, Best of Benzinga
Friday, December 9, 2011
This is your Benzinga news summary and trader's outlook covering headlines from overnight and today's pre-market session.
• Brokers joined the New York Stock Exchange by purchasing seats up until December 31, 2005, when the system switched to annual trading licenses. Before the switch, the highest amount paid for a seat was $4 million on December 1, 2005.
Benzinga's Top News
- Blue Coat Systems (NASDAQ: BCSI) announced that it has entered into a definitive agreement to be acquired by a private equity investment firm Thoma Bravo, in a transaction valued at approximately $1.3 billion or $25.81/share.
- Chinese industrial production for November surged 12.4% y/y, below economists' estimates and versus October's 13.2% rise.
- Toyota Motor Corp (NYSE: TM) lowered its net profit forecast by 54% for this fiscal year.
Domestic Pre-Market Trading
- U.S. Equity Markets trade higher as Dow futures trade about 100 points higher.
- U.S. Dollar trades about 0.43% lower.
To see more pre-market news, click here.
Overseas Trading
- European markets are higher in afternoon trading. Britain's FTSE 100 added 0.8%, Germany's DAX gained 1.6% and France's CAC 40 added 1.8% on the session.
- Asian stocks ended the session lower. China's Shanghai lost 0.62%, Japan's Nikkei 225 slid 1.5% and Hong Kong's Hang Seng Index lost 2.7%.
To see more overseas news, click here.
Upgrades/Downgrades
- Credit Suisse upgrades Pepco Holdings (NYSE: POM) to Outperform
To see more of today's upgrades, click here.
- Piper Jaffray downgrades Exact Sciences (NASDAQ: EXAS) to Neutral, Lowers PT to $8
- Susquehanna downgrades Costco (NASDAQ: COST) to Negative from Neutral
To see more of today's downgrades, click here.
On the Economic Calendar
- Chinese industrial production for November surged 12.4% y/y, below economists' estimates and versus October's 13.2% rise.
- U.S. Trade Balance is due at 8:30 a.m. ET
- University of Michigan Confidence Index is set to report at 9:55 a.m.
To see more economic news, click here
Earnings
- Titan Machinery Reports Q3 EPS $0.61 vs $0.50 Est; Revenues $423M vs $383.90M Est
To see more earnings announcements, click here.
Corporate News
- Panasonic (NYSE: PC) announced that it will expand its smartphone business to the European market in March 2012.
- Blue Coat Systems (NASDAQ: BCSI) announced that it has entered into a definitive agreement to be acquired by a private equity investment firm Thoma Bravo, in a transaction valued at approximately $1.3 billion or $25.81/share.
- Toyota Motor Corp (NYSE: TM) lowered its net profit forecast by 54% for this fiscal year.
To see more corporate news, click here.
Commodities
- Precious metals are trading higher, with gold posting gains of about 0.62%
- Energy futures are trading higher, with crude oil posting gains of about 0.52%
- Natural Gas futures are lower by about 1% and copper is trading higher by about 1.4%
To see more commodities news, click here.
Benzinga's Morning Radar
Technical Levels for Futures and Forex
| Name | Resistance-2 | Resistance-1 | Mid Pivot | Support-1 | Support-2 |
| E-Mini Dow | 12355 | 12149 | 12019 | 11813 | 11683 |
| E-Mini S&P 500 | 1281 | 1255 | 1240 | 1214 | 1198 |
| Gold | 1778 | 1744 | 1725 | 1691 | 1673 |
| Crude | 103.16 | 100.58 | 99.14 | 96.56 | 95.12 |
| Natural Gas | 3.60 | 3.52 | 3.46 | 3.38 | 3.32 |
| EUR/USD | 1.3532 | 1.3436 | 1.3362 | 1.3265 | 1.3191 |
| USD/JPY | 78.17 | 77.90 | 77.51 | 77.23 | 76.84 |
| US Dollar Index | 79.66 | 79.29 | 78.72 | 78.35 | 77.78 |
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