Financial Breakfast: Morning News Summary for February 22, 2012

Benzinga's Top News

• Fitch Downgrades Greece to 'C' from 'CCC'
• Garmin Reports (NASDAQ: GRMN) Q4 EPS $0.96 vs $0.66 Est; Revenues $910.00M vs $769.94M Est
• Donaldson (NYSE: DCI) Reports Q2 EPS $0.70 vs $0.71 Est; Revenues $580.9 vs $602.98M Est
• Rogers Communications (NYSE: RCI) Board authorizes repurchase of up to $1.0 billion of stock
• Yesterday, Johnson & Johnson (NYSE: JNJ) said Bill Weldon will retire in April, Gorsky will succeed as CEO

Domestic Pre-Market Trading

• U.S. Equity Markets trade lower as Dow futures trade down about 19 points.
• U.S. Dollar trades about 0.27% higher.

Overseas Trading

• European markets are lower in afternoon trading. Britain's FTSE 100 lost 0.50%, Germany's DAX slid 1.03% and France's CAC 40 fell 0.51% on the session.
• Asian stocks ended the session higher. China's Shanghai added 0.94%, Japan's Nikkei 225 advanced 0.96%, and Hong Kong's Hang Seng gained 0.33%.
• Fitch Downgrades Greece to 'C' from 'CCC'

Upgrades/Downgrades

• Bank of America Upgrades Developers Diversified Realty (NYSE: DDR) from Neutral to Buy, Raises PT from $14.5 to $15.5
• Citigroup Upgrades Rigel Pharmaceuticals (NASDAQ: RIGL) from Neutral to Buy, Maintains PT at $13

• Citigroup Downgrades Dell (NASDAQ: DELL) from Buy to Neutral, Lowers PT from $20 to $19
• JP Morgan Downgrades Rockwood Holdings (NYSE: ROC) from Overweight to Neutral, Raises PT from $46 to $57

On the Economic Calendar

• US MBA Mortgage Applications (4.5%) vs (1.0%) Prior
• Existing Home Sales are due at 10:00 a.m. ET

Earnings

• Garmin Reports (NASDAQ: GRMN) Q4 EPS $0.96 vs $0.66 Est; Revenues $910.00M vs $769.94M Est
• Donaldson (NYSE: DCI) Reports Q2 EPS $0.70 vs $0.71 Est; Revenues $580.9 vs $602.98M Est
• Quanta Services (NYSE: PWR) Reports Q4 EPS $0.41 vs $0.34 Est; Revenues $1.51B vs $1.40B Est

Corporate News

• Rogers Communications (NYSE: RCI) Board authorizes repurchase of up to $1.0 billion of stock
• Yesterday, Johnson & Johnson (NYSE: JNJ) said Bill Weldon will retire in April, Gorsky will succeed as CEO
• The United States Patent & Trademark Office has informed BioDelivery Sciences (Nasdaq: BDSI) that it has rejected all claims by MonoSol Rx, LLC (MonoSol) in its US Patent No. 7,425,292

Commodities

• Precious metals are trading lower, with gold posting early losses of about 0.11%
• Energy futures are trading lower, with crude oil posting early losses of about 0.38%
• Natural Gas futures are lower by about 1.26% and copper is trading lower by about 0.47%

Benzinga's Morning Radar

Technical Levels for Futures and Forex

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