Market Overview

Financial Breakfast: Morning News Summary for February 22, 2012

Wednesday, February 22, 2012

This is your Benzinga news summary and trader's outlook covering headlines from overnight and today's pre-market session.

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.
To see more pre-market news, click here.

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'
To see more overseas news, click here.

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
To see more of today's upgrades, click here.

  • 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
To see more of today's downgrades, click here.

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
To see more economic news, click here

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
To see more earnings announcements, click here.

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
To see more corporate news, click here.

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%
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 S&P 500 1373 1366 1361 1354 1349
Gold 1778 1770 1753 1745 1729
Crude 107.55 106.76 105.68 104.89 103.81
Natural Gas 2.70 2.67 2.62 2.58 2.54
EUR/USD 1.3333 1.3282 1.3240 1.3189 1.3147
US Dollar Index 79.55 79.36 79.13 78.94 78.71


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Posted-In: Earnings News Bonds Upgrades Downgrades Futures Technicals Commodities Best of Benzinga

 

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