Financial Breakfast: Morning News Summary for June 1, 2012

Benzinga's Top News

China's Official PMI Data 50.4 in May vs 52.2 Est and 53.3 in April

Euro-Zone Manufacturing PMI declined to 45.1 in May, versus 45.9 in April.

Yesterday, Sara Lee SLE Approves Special $3 Dividend, Reverse 1-for-5 Stock Split

Yesterday, Omnivision Technologies OVTI Reports Q4 EPS $0.20 vs $0.22 Est; Revenues $218.5M vs $205.39M Est; Guides Lower

Domestic Pre-Market Trading

• U.S. Equity Markets trade lower as Dow futures trade lower about 100 points.
• U.S. Dollar trades about 0.30% higher.

Overseas Trading

• European markets are lower in afternoon trading. Britain's FTSE 100 fell 0.73%, Germany's DAX declined 2.41% and France's CAC 40 slid 1.4% on the session.
• Asian stocks ended the session mixed. China's Shanghai added 0.09%, Japan's Nikkei 225 declined 1.2%, and Hong Kong's Hang Seng fell 0.38%.
• China's Official PMI Data 50.4 in May vs 52.2 Est and 53.3 in April
• Euro-Zone Manufacturing PMI declined to 45.1 in May, versus 45.9 in April.

Upgrades/Downgrades

• Goldman Sachs Upgrades Blackstone Group BX from Buy to CL-Buy, Announces PT of $16
• Citigroup Upgrades Clorox CLX from Neutral to Buy, Raises PT from $72 to $78

• Goldman Sachs Downgrades Apollo Global Management APO from Buy to Neutral, Announces PT of $14
• BMO Capital Markets Downgrades Leap Wireless LEAP from Market Perform to Underperform, Lowers PT from $7 to $5

On the Economic Calendar

• 08:30 a.m. ET - Personal Income (MoM)
• 08:30 - Personal Spending (MoM)
• 08:30 - Unemployment Rate
• 08:30 - Nonfarm Payrolls
• 08:30 - Core PCE Price Index (MoM)
• 10:00 - Construction Spending (MoM)
• 10:00 - ISM Manufacturing Index
• 16:00 - Total Vehicle Sales

Earnings

• Yesterday, Omnivision Technologies OVTI Reports Q4 EPS $0.2 vs $0.22 Est; Revenues $218.5M vs $205.39M Est; Guides Lower
• Yesterday, Vera Bradley VRA Reports Q1 EPS $0.31 vs $0.29 Est; Revenues $117.2M vs $116.83M Est

Corporate News

• Yesterday, Sara Lee SLE Approves Special $3 Dividend, Reverse 1-for-5 Stock Split
• GameStop GME and Sony SNE Computer Entertainment Europe Announce Downloadable Content Initiative

Commodities

• Precious metals are trading lower, with gold posting early losses of about 0.59%
• Energy futures are trading lower, with crude oil posting early losses of about 2.17%
• Natural Gas futures are trading 2.68% lower and copper is trading lower by about 1.08%

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	1329	1317	1307	1295	1285
Gold	1584	1572	1562	1551	1541
Crude	89.30	87.90	86.88	85.48	84.48
Natural Gas	2.54	2.47	2.42	2.35	2.30
EUR/USD	1.2467	1.2416	1.2376	1.2324	1.2284
US Dollar Index	83.57	83.36	83.08	82.87	82.59

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