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 GRMN Q4 EPS $0.96 vs $0.66 Est; Revenues $910.00M vs $769.94M Est
  • Donaldson DCI Reports Q2 EPS $0.70 vs $0.71 Est; Revenues $580.9 vs $602.98M Est
  • Rogers Communications RCI Board authorizes repurchase of up to $1.0 billion of stock
  • Yesterday, Johnson & Johnson 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 DDR from Neutral to Buy, Raises PT from $14.5 to $15.5
  • Citigroup Upgrades Rigel Pharmaceuticals RIGL from Neutral to Buy, Maintains PT at $13
To see more of today's upgrades, click here.

  • Citigroup Downgrades Dell DELL from Buy to Neutral, Lowers PT from $20 to $19
  • JP Morgan Downgrades Rockwood Holdings 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 GRMN Q4 EPS $0.96 vs $0.66 Est; Revenues $910.00M vs $769.94M Est
  • Donaldson DCI Reports Q2 EPS $0.70 vs $0.71 Est; Revenues $580.9 vs $602.98M Est
  • Quanta Services 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 RCI Board authorizes repurchase of up to $1.0 billion of stock
  • Yesterday, Johnson & Johnson JNJ said Bill Weldon will retire in April, Gorsky will succeed as CEO
  • The United States Patent & Trademark Office has informed BioDelivery Sciences 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: EarningsNewsBondsUpgradesDowngradesFuturesTechnicalsCommoditiesForexEventsGlobalEcon #sEconomicsPre-Market OutlookMarketsAnalyst RatingsTrading Ideas
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