Financial Breakfast: Morning News Summary for May 29, 2012

Benzinga's Top News

• JPMorgan JPM Reportedly Sold $25B in Profitable Securities to Prop Up Earnings Amid London Whale Loss
• Trustmark Corporation TRMK and BancTrust Financial Group BTFG Announce Definitive Merger Agreement

Domestic Pre-Market Trading

• U.S. Equity Markets trade higher as Dow futures trade up about 78 points.
• U.S. Dollar trades about 0.25% lower.

Overseas Trading

• European markets are higher in afternoon trading. Britain's FTSE 100 added 0.10%, Germany's DAX advanced 0.71% and France's CAC 40 gained 0.39% on the session.
• Asian stocks ended the session higher as well. China's Shanghai advanced 1.18%, Japan's Nikkei 225 added 0.74%, and Hong Kong's Hang Seng gained 1.35%.

Upgrades/Downgrades

• Citigroup Upgrades ConocoPhillips COP from Neutral to Buy, Raises PT from $64.8 to $67
• JP Morgan Upgrades Spreadtrum Communications SPRD from Neutral to Overweight, Raises PT from $15 to $22

• Goldman Sachs Removes Exxon Mobil XOM from Conviction Buy List

On the Economic Calendar

• 09:00 a.m. ET - Case Shiller (YoY)
• 10:00 - CB Consumer Confidence
• 10:30 - Dallas Fed Mfg Business Index
• 11:30 - 6-Month Bill Auction
• 11:30 - 3-Month Bill Auction

Earnings

• Sanderson Farms SAFM Reports Q2 EPS $1.04 vs $0.95 Est; Revenues $595M vs $591M Est

Corporate News

• JPMorgan JPM Reportedly Sold $25B in Profitable Securities to Prop Up Earnings Amid London Whale Loss
• Trustmark Corporation TRMK and BancTrust Financial Group BTFG Announce Definitive Merger Agreement

Commodities

• Precious metals are trading higher, with gold posting early gains of about 0.33%
• Energy futures are trading higher, with crude oil posting early gains of about 0.48%
• Natural Gas futures are trading 2.5% lower and copper is trading higher by about 0.74%

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	1332	1326	1323	1318	1314
Gold	1590	1583	1578	1570	1565
Crude	92.40	91.78	91.36	90.74	90.32
Natural Gas	2.65	2.60	2.56	2.51	2.47
EUR/USD	1.2661	1.2601	1.2562	1.2501	1.2463
US Dollar Index	82.68	82.51	82.20	82.03	81.72

Subscribe Click here to subscribe to this newsletter. Receive it daily to your inbox!