Financial Breakfast: Morning News Summary for July 6, 2012

Benzinga's Top News

Bank of England Leaves Rates Unchanged at 0.5%, BOE Asset Purchase Target Increased By £50B To £375B

China Cuts One Year Lending Rate 0.31 Percentage Points, Cuts One Year Deposit Rate 0.25 Percentage Points

Domestic Pre-Market Trading

• U.S. Equity Markets trade down as Dow futures trade lower about 16 points.
• U.S. Dollar trades about 0.08% higher.

Overseas Trading

• European markets are lower in afternoon trading. Britain's FTSE 100 lost 0.10%, Germany's DAX slid 0.42% and France's CAC 40 fell 0.44% on the session.
• Asian stocks ended the session mixed. China's Shanghai added 1.05%, Japan's Nikkei 225 fell 0.65%, and the Hong Kong's Hang Seng Market slid 0.04%.

Upgrades/Downgrades

• Bank of America Merrill Lynch Upgrades Sally Beauty SBH from Neutral to Buy, Raises PO from $30 to $32

• Morgan Stanley Downgrades Perrigo PRGO from Overweight to Equal-Weight, Raises PT from $110 to $125

On the Economic Calendar

• 08:30 a.m. ET - Nonfarm Payrolls
• 08:30 - Unemployment Rate
• 08:30 - Average Hourly Earnings (MoM)
• 10:30 - Natural Gas Storage

Earnings

• Yesterday, Xyratex XRTX Reported Q2 EPS $0.32 vs $0.29 Est; Revenues $322.1M vs $327.03M Est
• Yesterday, Informatica INFA Reported Preliminary Q2 $0.27-0.28 vs $0.37 Est; Revs $188-190M vs $222.6M Est

Corporate News

• Seagate STX Cuts Forecast, Sees June Shipments 66M
• Navistar NAV Announces Advanced Clean Engine Technology To Meet Emissions Regulations
• Aoxing Pharmaceutical AXN Announces CFO Resignation

Commodities

• Precious metals are trading lower, with gold posting early losses of about 0.89%
• Energy futures are trading lower, with crude oil posting early losses of about 1.74%
• Natural Gas futures are trading 1.36% higher and copper is trading lower by about 0.64%

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