Financial Breakfast: Morning News Summary for October 4, 2011
This is your Benzinga news summary and traders' outlook for Tuesday, October 4, 2011, covering headlines from overnight and Tuesday's pre-market session.
Today in domestic pre-market trading, U.S equity futures are trading lower. At last check, Dow futures are down about 80 points or 0.77% and the U.S. dollar trades higher near the $80.25 level.
Earlier this morning, Citigroup upgraded Exelon (NYSE: EXC) to Buy list and Deutsche Bank upgraded SodaStream (NASDAQ: SODA) to Buy. View all of today's upgrades here.
Jefferies downgraded Capital One (NYSE: COF) to Hold and Citigroup downgraded United Continental (NYSE: UAL) to Hold. View all of today's downgrades here.
Citigroup lowered Discover Financial's (NYSE: DFS) price target to $24 from $28 and lowered Veeco Instruments (NASDAQ: VECO) price target to $27 from $40. View all other of today's analyst ratings here.
Overseas, European markets are lower in afternoon trading. Britain's FTSE 100 lost 2.7%, Germany's DAX tumbled 3.4% and France's CAC 40 slid 2.8% on the session. Asian stocks ended the session lower as well. China's Shanghai Index lost 0.25%, Japan's Nikkei 225 slid 1.1%, and Hong Kong's Hang Seng Index tumbled 3.4%.
On the economic calendar, Factory Orders is set to be reported at 10:00 a.m.
On the commodity front, gold and silver futures are mixed in pre-market trading, with gold trading slightly higher by about 0.3%. Energy futures are lower with crude oil down over 2% near the $76.05 level and gasoline futures are trading lower by about 0.7%. Natural Gas futures are flat and copper futures are trading over 1% lower this morning.
In corporate news, Apple (NASDAQ: AAPL) will unveil its long-awaited new iPhone today at 1:00 p.m. Rumors have circulated that ex-CEO Steve Jobs will make an appearance.
Yesterday, Boeing (NYSE: BA) was awarded a maximum $11.75 billion Indefinite Delivery Indefinite Quantity contract for the C-17 Globemaster III Integrated Sustainment Program.
This concludes your news summary for October 4, 2011.
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