Morning News Summary For May 11, 2011

U.S. stock indexes are lower this morning, as the market is getting ready for tech giant Cisco's earnings announcement and signs that the world's second-largest economy, China, might be cooling with inflation being eased. Meanwhile, Asian markets had a modest trading day posting small gains. Pre-market activity has been busy with Rovi Corporation (NASDAWY: ROVI), Amtech Systems (NASDAW: ASYS), ZAGG Incorporated (NASDAQ: ZAGG) and Halozyme Therapeutics (NASDAQ: HALO) all showing more than a 4% increase before the bell. Read more here.Major U.S banks will be under the spotlight today as WSJ has reported that they are willing to pay up to $5 billion to officials for the improper mortgage foreclosure practices. The Bank of England raised its medium-term inflation forecast to just shy of 2 percent causing a spike in sterling against the dollar and the euro. Along with Cisco (NASDAQ: CSCO), Symantec (NASDAQ: SYMC) and Macy's (NYSE: M) are releasing quarterly results, with Macy's doing so this morning. Toyota Motor Corporation (NYSE: TM) announced its 4th quarter earnings results Wednesday, and stated net income fell by more than 70% year-over-year because of the devastating Japanese earthquake and tsunami. Read more here.U.S trading numbers are out this morning with the most impressive being exports reaching record levels. Read more here.