Financial Breakfast: Morning News Summary for May 16, 2012

Benzinga's Top News

Deere & Company DE Reports Q2 EPS $2.61 vs $2.53 Est; Revenues $9.4B vs $9.70B Es

Abercrombie & Fitch ANF Reports Q1 EPS $0.03 vs $0.02 Est; Revenues $921.2M vs $951.33M Est

Facebook FB Boosts Number of Shares for Sale in IPO to 421.2M from 337.4M

Domestic Pre-Market Trading

• U.S. Equity Markets trade lower as Dow futures trade up about 4 points.
• U.S. Dollar trades about 0.23% higher.

Overseas Trading

• European markets are mixed in afternoon trading. Britain's FTSE 100 slid 0.88%, Germany's DAX fell 0.78% and France's CAC 40 advanced 0.33% on the session.
• Asian stocks ended the session lower. China's Shanghai slid 1.20%, Japan's Nikkei 225 fell 1,12%, and Hong Kong's Hang Seng tumbled 3.19%.

Upgrades/Downgrades

• JP Morgan Upgrades Weatherford International WFT from Neutral to Overweight, Maintains PT at $19
• Citigroup Upgrades Akamai Technologies AKAM from Sell to Neutral, Maintains PT at $32

• JP Morgan Downgrades Baker Hughes BHI from Overweight to Neutral, Lowers PT from $53 to $50
• Imperial Capital Downgrades Summer Infant SUMR from Outperform to In-Line, Lowers PT from $9 to $5

On the Economic Calendar

• 08:30 a.m. ET - Housing Starts
• 08:30 - Building Permits
• 09:15 - Capacity Utilization Rate
• 09:15 - Industrial Production (MoM)
• 10:30 - Crude Oil Inventories
• 10:30 - Gasoline Inventories
• 14:00 - FOMC Meeting Minutes

Earnings

• Deere & Company DE Reports Q2 EPS $2.61 vs $2.53 Est; Revenues $9.4B vs $9.70B Es
• Abercrombie & Fitch ANF Reports Q1 EPS $0.03 vs $0.02 Est; Revenues $921.2M vs $951.33M Est

Corporate News

• Facebook FB Boosts Number of Shares for Sale in IPO to 421.2M from 337.4M
• GE GE Plans To Accelerate Common Stock Buyback Starting In Q2
• Northrop Grumman NOC Increases Quarterly Dividend by 10% to $0.55 per Share

Commodities

• Precious metals are trading lower, with gold posting early losses of about 1.46%
• Energy futures are trading lower, with crude oil posting early losses of about 1.54%
• Natural Gas futures are trading 0.20% higher and copper is trading lower by about 1.52%

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	1355	1341	1333	1320	1312
Gold	1573	1558	1549	1535	1526
Crude	96.32	94.70	93.86	92.24	91.40
Natural Gas	2.60	2.55	2.48	2.44	2.37
EUR/USD	1.2919	1.2824	1.2772	1.2676	1.2625
US Dollar Index	81.98	81.70	81.16	80.88	80.34

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