Financial Breakfast: Morning News Summary for May 22, 2012

Benzinga's Top News

Fitch Downgrades Japan to 'A+' From 'AA'; Outlook Negative

AutoZone AZO Reports Q3 EPS $6.28 vs $6.25 Est; Revenues $2.11B vs $2.13B Est

Medtronic MDT Reports Q4 EPS $0.99 vs $0.98 Est; Revenues $4.3B vs $4.23B Est

Domestic Pre-Market Trading

• U.S. Equity Markets trade lower as Dow futures trade down about 11 points.
• U.S. Dollar trades about 0.26% higher.

Overseas Trading

• European markets are higher in afternoon trading. Britain's FTSE 100 jumped 1.01%, Germany's DAX added 0.73% and France's CAC 40 advanced 0.88% on the session.
• Asian stocks ended the session higher as well. China's Shanghai added 1.09%, Japan's Nikkei 225 advanced 1.10%, and Hong Kong's Hang Seng gained 0.62%.
• Fitch Downgrades Japan to 'A+' From 'AA'; Outlook Negative

Upgrades/Downgrades

• Needham Upgrades EnerNOC ENOC from Hold to Buy, Announces PT of $7.5
• Goldman Sachs Upgrades Manitowoc MTW from Neutral to Buy, Lowers PT from $17 to $15

• Piper Jaffray Downgrades Lowes LOW from Overweight to Neutral, Lowers PT from $41 to $28

On the Economic Calendar

• 08:55 a.m. ET - Redbook (MoM)
• 10:00 - Richmond Manufacturing Index
• 10:00 - Existing Home Sales
• 11:30 - 4-Week Bill Auction
• 13:00 - 2-Year Note Auction

Earnings

• AutoZone AZO Reports Q3 EPS $6.28 vs $6.25 Est; Revenues $2.11B vs $2.13B Est
• Medtronic MDT Reports Q4 EPS $0.99 vs $0.98 Est; Revenues $4.3B vs $4.23B Est
• DSW DSW Reports Q1 EPS $0.98 vs $0.90 Est; Revenues $558.6M vs $548.09M Est
• Williams-Sonoma WSM Reports Q1 EPS $0.34 vs $0.32 Est; Revenues $817.6M vs $811.73M Est

Corporate News

• Salesforce.com (NYSE CRM) Sees Tremendous Growth Across Europe, Increases Local Investment, to Add 750 New Jobs

Commodities

• Precious metals are trading lower, with gold posting early losses of about 0.65%
• Energy futures are trading lower, with crude oil posting early losses of about 0.32%
• Natural Gas futures are trading 0.46% higher and copper is trading lower by about 0.34%

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	1330	1323	1308	1301	1286
Gold	1606	1599	1591	1584	1577
Crude	94.25	93.57	92.97	91.99	91.09
Natural Gas	2.80	2.72	2.65	2.58	2.51
EUR/USD	1.2887	1.2851	1.2788	1.2751	1.2688
US Dollar Index	81.75	81.41	81.22	80.88	80.68

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